Reform 2.0 versus reality; a child’s taxes; tailoring EITC education; and other highlights from our favorite tax bloggers.
The simple life
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): How to report taxes at the end of year on a 1099, how to cover all tax bases when working from home and other reform questions of a common taxpayer.
- Taxbuzz (https://www.taxbuzz.com/blog): What Reform 2.0 means (not to mention claims) and what real financial and tax experts have to say is certainly worth a closer look. First on the firing line: the postcard’s claims of simplicity.
- Tax Girl (http://blogs.forbes.com/kellyphillipserb): Reform is nearly a year old but the IRS still struggles to figure out how to assist taxpayers with their withholding under the new law. The push from Congress to make things “simple” means that many taxpayers might not be withholding enough — and that may not change any time soon.
- Taxable Talk (http://www.taxabletalk.com/): Let Us Entertain You Not Dept.: The Tax Cuts and Jobs Act changed quite a few things for the better for most taxpayers, including often lower rates and new deductions or credits. Some changes, however, went the other way, with entertainment expenses leading the way.
- Intuit Proconnect (http://taxprocenter.proconnect.intuit.com/): How the TCJA did ease the bite of the dreaded Alternative Minimum Tax.
- TaxProf (http://taxprof.typepad.com/taxprof_blog/): Estimates of profit shifting by multinational companies have indicated substantial revenue costs to the U.S. government, likely in excess of $100 billion per year. The TCJA changed the climate for profit shifting in several important ways.
- Procedurally Taxing (http://procedurallytaxing.com): Guest blogger Carlton Smith highlights a possible cause of confusion for taxpayers, the IRS and the courts, involving the Tax Court’s new passport-related jurisdiction over “seriously delinquent” tax debt.
ITINs of the father
- Houston Tax Attorney (http://www.irstaxtrouble.com/category/tax-blog/): If a minor child earns income, is the income taxable to the parent or the child? Ray v. Commissioner provides an opportunity to consider the question.
- Turbotax (https://blog.turbotax.intuit.com): Five reasons to give them for starting next year’s tax planning right now.
- National Taxpayer Advocate (https://taxpayeradvocate.irs.gov/about/nta-blog): The IRS offers taxpayers “with Earned Income Tax Related-related inquiries multiple options for obtaining assistance.” These options are, in fact, good tools — but to truly assist taxpayers claiming the EITC, the IRS must tailor its services to the needs of the typical taxpayer claiming the EITC. For starters, research shows that low-income taxpayers, the population of taxpayers eligible for the EITC, are less likely to even have broadband in their homes.
- Taxjar (http://blog.taxjar.com/): The state-by-state examination of nexus laws continues with South Carolina.