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In the blogs: Smart advice

Fantasy fantasies; troubles with the US-Maltese treaty; the future of contactless preparation; and other highlights of our favorite tax bloggers.

A fair warning

  • Taxable conversation (http://www.taxabletalk.com/): This post “35,300,000” refers to a recent semi-annual report by the National Taxpayer Advocate to Congress, which offers “the true state of tax returns in the IRS. A fair warning, that’s not a pretty picture.”
  • Tax Vox (https://www.taxpolicycenter.org/): The perfect department of no plan: President Biden and a bipartisan group of senators agreed on a plan to increase infrastructure spending by about $ 579 billion. On top of the already planned spending on roads, bridges, transit, water and broadband, it would amount to a whopping $ 1 trillion. And they agreed to pay for it mostly … pixie dust.
  • The Tax Times (https://www.thetaxtimes.com): The IRS is hiring thousands of new auditors as it prepares for potentially massive law enforcement efforts if Congress approves $ 40 billion to expand the audit of the rich.
  • Ruby on taxes (http://rubinontax.floridatax.com/): Things to Dream About: The Maltese Retirement Plan is a U.S. taxpayer planning device that will use the U.S.-Maltese tax treaty to achieve tax deferral and tax avoidance benefits similar to the Roth IRA, but without many restrictions. Except the Tax Administration has added the arrangement to its 2021 fraud list, at least as far as the transfer of valued assets to the plan is concerned.
  • Tax Foundation (https://taxfoundation.org/blog): After weekly deliberations, Arizona Gov. Doug Ducey signed a budget law for fiscal year 2022 that cuts individual state income tax rates and consolidates parentheses, a plan to help restore Arizona’s reputation as a low-tax alternative to California. What the final bill looked like.
  • John R. Dundon II EA (http://johnrdundon.com/): Lump Maintenance: Is Coal Dead in Colorado? This is one of many issues arising from recent combined laws that have expanded tax breaks for working families and small businesses but harmed the coal industry.
  • Allison Christians (https://www.allisonchristians.com/blog): The OECD says 130 countries have agreed in principle to build a world in which a number of large multinational companies face a minimum income tax rate based on income that will be roughly adjusted in some way. “As always, the devil will be in the details and there will be a lot of devils.” A few quick illustrations of key parts of the consensus, “just so all the big pictures are correct.”
  • National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): Part III “Submission of seasonal unevenness on the road”.
  • Mauled again (http://mauledagain.blogspot.com/): Is it simple enough to warn taxpayers to be vigilant for suspicious behavior and suspicious marketing techniques by trainees? Of course not, as a recent case in Illinois shows.

Smart advice

  • Subjects of taxation (https://www.drakesoftware.com/blog): A recent survey of more than 3,800 tax professionals across the country wanted to learn how they decided to offer contactless preparation – and whether it will continue to do so after a pandemic.
  • Sikich (https://www.sikich.com/insights/): Although SEO and PPC can work well together, both are two very different digital marketing strategies. What’s the difference? Look at each strategy separately and which could be better for your practice.
  • Canopy (https://www.canopytax.com/blog): A recent webinar explores how to develop a firm using accounting and consulting services for clients.
  • National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Call the Call” shows an American corporation that employs employees from the Dominican Republic who want to be paid in U.S. dollars. Payments are made directly to those employees who provide services to an American corporation in the Dominican Republic. Is there a federal requirement to withhold income tax for wages paid?
  • Procedural taxation (https://procedurallytaxing.com): First guest blogger Jennifer Burdick, a community law attorney from Philadelphia who focuses on Social Security benefits, explains the rights to notices and complaints commonly applied in public benefit programs and why they are crucial for clients accessing benefits.
  • Tax Center (https://proconnect.intuit.com/taxprocenter/): As the next generation of financial and tax professionals rises through the ranks and begins to build and run their own practices and firms, why expect major changes – especially in the balance between services offered and advisory services.
  • Income Tax School (http://www.theincometaxschool.com/blog/): Why diversify your business? The biggest reason: less risk.
  • Wolters Kluwer (http://news.cchgroup.com/): The construction industry was one of the hardest hit during the COVID lockout. To help keep their doors open and retain many of their employees, general and independent contractors have taken out loans under the Salary Protection Program, but loan forgiveness seems difficult for construction companies. This problem may be getting easier.
  • Turbotax (https://blog.turbotax.intuit.com): Why your affected clients may want to waive child taxes.

Feelings of wonder

  • Bloomberg tax (https://pro.bloombergtax.com/news-insights/): Proving that Trump’s longtime CFO Allen Weisselberg deliberately evaded taxes on nearly $ 1.8 million in useless benefits will be crucial for New York prosecutors to keep criminal charges away, legal experts say.
  • Federal tax crime (http://federaltaxcrimes.blogspot.com/): Some preliminary comments on the indictment include phrases such as “fairly common pattern” and “should be asked”.
  • TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): A federal judge in Ohio blocked the Biden administration from preventing Ohio from using the money it received from the federal coronavirus relief bill to pay tax cuts. The culprit? “Clarity.”
  • Avalara (https://www.avalara.com/us/en/blog.html): No more compromises: Missouri becomes the last state with a sales tax to bring an economic link.