Dismal Data Book; another state to collect remote sales tax; new polish for old scams; and other highlights from our favorite tax bloggers.
What is Uncle Sam’s cut?
- Turbotax (https://blog.turbotax.intuit.com/): In honor of National Children’s Day just passed, a look ahead at what having a child means for taxes.
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): A look at a recent paper on “Ending Special Tax Treatment For The Very Wealthy.”
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): One recent week was good for gamblers — and for tax collectors. Not only did a 66-year-old North Carolina retiree come forward to claim the $344.6 million Powerball drawing, but a lottery player in San Diego held the lone winning Mega Millions ticket. Plus James Holzhauer, a professional gambler from Nevada, pocketed almost $2.5 million in 33 appearances on “Jeopardy.” So how much will this skilled/lucky trio actually take home?
Words from on high
- Procedurally Taxing (https://procedurallytaxing.com): In Palmolive Building Investors LLC v. Commissioner, the Tax Court addressed one of the issues presented by the language of IRC Sec. 6751 regarding the initial determination of a penalty. The petitioner had excellent counsel and pursued the case without distractions but still the taxpayer lost in their effort to knock out the penalty for IRS’s failing to follow the statute.
- Tax Vox (https://www.taxpolicycenter.org/): Shrinking staff, fewer audits and less customer service: A failing corporate retail chain or the tale of woe from the latest IRS Data Book? Take a guess.
- National Taxpayer Advocate (https://taxpayeradvocate.irs.gov/about/nta-blog): The policy justification for the Flora rule, why that justification has faded and why the theoretical ability to petition other courts does not provide real access to judicial review for some taxpayers.
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): Though not a tax crimes issue, transfer pricing is a hot topic in tax law. The tax world anxiously awaited the recent decision by the Ninth Circuit’s reconstituted panel in Altera Corp. v. Commissioner.
- Avalara (https://www.avalara.com/us/en/blog.html): Illinois joins the collectors’ bandwagon for remote sales tax starting next New Year’s Day.
- Taxjar (http://blog.taxjar.com/): June’s sales-tax due dates.
Back at ya
- Boyum & Barenscheer (https://myboyum.com/blog/): Kickbacks return a portion of the money exchanged in a business transaction as compensation for favorable treatment. They’re illegal in the United States and many other countries. But because kickbacks are often disguised as gifts, travel and entertainment, they can be hard to identify. A look at specifics.
- Wolters Kluwer (http://news.cchgroup.com/): A look at a recent expert panel discussion on successful peer reviews. Among the issues: understanding internal controls.
- Tax Girl (https://www.forbes.com/sites/kellyphillipserb/ ): Fungus Is As Fungus Does Dept.: As if some people just never have enough to do, new variations on old tax scams have recently mushroomed. The IRS encourages taxpayers to be on the lookout for a “surge of evolving phishing emails and telephone scams,” one targeting personal ID information related to Social Security numbers, and another threatening people with a fake tax bill.
- Taxbuzz (https://www.taxbuzz.com/blog): Though some professionals get overwhelmed at the speed of technological advancement now demanded by clients, many recognize the value of these tools and embrace the opportunity to modernize their practice. From a recent chat, “a diverse group of tax professionals” discuss how technology is disrupting the accounting and tax industry.
- The Income Tax School (https://www.theincometaxschool.com/blog/): The how, why, when and where of this year’s IRS Tax Forums. (Early Bird registration ends June 15.)
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