In blogs: Possibility of improvement

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What’s wrong with the IRS? ; the lessons of the court; a new blog; and other highlights from our favorite tax bloggers.

Room for improvement

  • Taxbuzz (https://www.taxbuzz.com/blog): It’s no secret that the IRS has been underfunded – not to say understaffed – for a while. All of this seemed to come to a head earlier in 2021, when unprecedented delays and huge arrears prevented millions of people from getting critical refunds. So the only question is permanent: what is going on at the IRS?
  • Procedural taxation (https://procedurallytaxing.com): Following a TIGTA report on the “room for improvement” of earned income tax credit verification procedures in the IRS communications and education strategy, guest blogger Anna Gooch puts highlight the ongoing discussions on the IRS communication and education strategy between TIGTA, IRS and stakeholder groups. .
  • Still roughed up (http://mauledagain.blogspot.com/: The last lesson offered by sleezeballsville? In addition to being careful in choosing a tax preparer, be equally careful when obtaining tax advice from someone who is not a tax professional.
  • Parametric (https://www.parametricportfolio.com/blog): How tax loss recovery can also be applied to separately managed fixed income accounts.
  • Taxpro Center (https://proconnect.intuit.com/taxprocenter/): Mapping your consulting workflow is key to recognizing gaps and opportunities for automation and customer collaboration. Your mileage may vary, but the goal is to standardize the process.
  • Strategic advisor (https://strategicadvisor.liveplan.com/): Value-based pricing for consulting services has grown from a buzzword to an important (and profitable) strategy for accountants. But moving from an hourly or fixed pricing model to value-based pricing can be a challenge. Two industry veterans help explore the benefits of value-based pricing and address the challenges throughout the transition.
  • CPA growth trends (https://www.cpagrowthtrends.com/): Zooming in to see a lead now won’t cut them off in many cases. This has led to an increased demand for tools to help ease the sales cycle. Here are a few that savvy companies and business development managers use to increase their efficiency.
  • Tax matters (https://www.drakesoftware.com/blog): The months leading up to the reporting season are tasked with studying changes in tax legislation, learning about software updates, training seasonal staff and, of course, vacations. It’s easy to forget one of the most important ingredients for a tax business: an up-to-date data security plan. This webinar will help you sprinkle this I review.
  • Tax time (https://www.thetaxtime.com): FinCEN has published a draft regulation implementing the beneficial ownership information reporting provisions of the Business Transparency Act. They specify, among other things, who should report beneficial ownership information, when it should be reported and what it should include.
  • TaxPro Blog (http://taxprof.typepad.com/taxprof_blog/): A chronological list of all “Lessons from the Tax Court” posted in 2021.

The game is on

Forks on the road

  • Eide Bailly (https://www.eidebailly.com/taxblog): This ‘put a fork in it’ roundup examines the latest developments on the Build Back Better bill.
  • Sovos (https://sovos.com/blog/?region=united-states): The Massachusetts legislature quickly (and surprisingly) passed new legislation easing the tax compliance burden of sales and use of their new “prepayment” requirement that was imposed on some large taxpayers.
  • Rubin on tax (http://rubinontax.floridatax.com/): In 2000, the blogger wrote about a case where a taxpayer failed to report multiple foreign accounts on an FBAR. The question for the court was whether the $ 10,000 penalty for involuntary failure to file meant $ 10,000 per return not filed or $ 10,000 per account not reported in the return. The court ruled that the penalty was based on a declaration by declaration, not filed. The 5th Circuit appeals court overturned the trial court’s judgment and allowed the penalty to be imposed by account – and significantly increased the penalties for the taxpayer.
  • TaxConnex (https://www.taxconnex.com/blog-): Monthly summary of sales tax news.
  • Sikich (https://www.sikich.com/insights/): State tax entity election updates for year-end, with a focus on Illinois.
  • Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): Topics to remind them as deposit season approaches already include minimum distributions required and alphabet soup of available credits.

New to us

  • Institute of Taxation and Economic Policy (https://itep.org/category/blog/): This non-profit, non-partisan organization conducts analyzes of tax and economic proposals and recommends “how to shape fair and sustainable tax systems.” Recent blog entries cover the Child Tax Credit and EITC provisions before Congress, the state’s list of nasty or nice taxes, and how pandemic policies show the government can fight against income inequalities if they wish. Welcome!


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