Within the blogs: The rubber and the street

Off and Bozo-ing; the 100% tariff; Johnston on scorching tendencies; and different highlights from our favourite tax bloggers.

The rubber and the street

• College of Illinois Tax College Weblog (https://taxschool.illinois.edu/weblog/): “Worker” versus “unbiased contractor” — a take a look at current steerage on this endlessly thorny query.
• The Rosenberg Associates (https://rosenbergassoc.com/weblog/): Chalk one up for the AI Busy Season Bot.
• Tax Professional Heart (https://accountants.intuit.com/taxprocenter/): This entry from the current previous appears at a red-hot subject for the long run: methods to draft an AI coverage for an accounting agency.
• AICPA & CIMA Insights (https://www.aicpa-cima.com/weblog): Monetary planning has been added to the CPA Examination for the primary time.
• Tax Basis (https://taxfoundation.org/weblog): The receding of state tax revenues from all-time highs has occasioned handwringing about whether or not states can afford the tax cuts adopted over the previous few years. With 27 states lowering the speed of a significant tax between 2021 and 2023, is there trigger for concern?
• Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): Maryland lawmakers are contemplating “worldwide mixed reporting,” a.okay.a. “full reporting.” This coverage “presents a extra correct, and fewer gameable, option to calculate the quantity of revenue topic to state company tax.” The Tax Basis reportedly not too long ago printed a weblog designed to discourage Maryland lawmakers from enacting WWCR that features “a variety of misrepresentations — some pertaining to ITEP’s personal analyses — addressed right here.
• Parametric (https://www.parametricportfolio.com/weblog): A portfolio’s after-tax return is “the place the rubber meets the street,” significantly for buyers who rely upon distributions for earnings. How mixing municipal, company and Treasury securities whereas partaking in opportunistic tax-loss harvesting inside a individually managed account ladder construction has one of the best shot to boost after-tax returns.
• Taxable Discuss (http://www.taxabletalk.com/): Time as soon as extra, youngsters, for the rundown of Bozo Tax Suggestions, “methods that you just actually, actually, actually should not attempt.” This yr’s checklist opens with a repeat for the eleventh yr in a row — i.e., how in any other case clever people constantly e mail tax paperwork.

Future plans

• Procedurally Taxing (https://www.taxnotes.com/procedurally-taxing): The potential prolonged statute of limitations as a result of preparer fraud may influence evaluation of recaptured Worker Retention Credit.
• Tax Vox (https://www.taxpolicycenter.org/taxvox): Former President Trump has vowed “a 100% tariff on each single automobile that comes throughout the road, and you are not going to have the ability to promote these guys if I get elected.” He was unclear in regards to the goal of his tariffs, however what would the implications be of a 100% tax on imported autos?
• Cover (https://www.getcanopy.com/weblog: Randy Johnston, government vice chairman of K2 Enterprises and professional of 30-plus years in accounting and know-how, discusses on this podcast the necessity for maintaining on accounting tendencies.
• Do not Mess with Taxes (http://dontmesswithtaxes.typepad.com/): A take a look at IRS Commissioner Werfel’s current speak to college students and college at American College revealing what has been dubbed the company’s “generational digital transformation plan.”
• Avalara (https://www.avalara.com/weblog/en/north-america.html): What your purchasers who’re newbies to e-commerce have to find out about nexus, gross sales tax and never taking both one calmly.
• Marcum (https://www.marcumllp.com/insights): And the hits simply carry on clickin’: the highest cyber safety threats of the previous month.

Land of the land

• Taxbuzz (https://www.taxbuzz.com/weblog): Investing in U.S. actual property presents profitable alternatives for non-residents, but it surely additionally comes with a fancy tax panorama — beginning with FIRPTA. Widespread tax errors non-residents make when shopping for and promoting property within the U.S. and steerage on methods to sidestep them.
• World Taxes (https://www.globaltaxes.com/weblog.php): Proposed anti-money laundering laws may have a significant influence on overseas buyers in U.S. actual property.
• TaxConnex (https://www.taxconnex.com/blog-): Firms outdoors the U.S. that promote into America almost certainly know gross sales tax obligations from expertise with VAT or GST. Is that enough to promote into the U.S. and meet gross sales tax obligations?
• The Buzz About Taxes (http://thebuzzabouttaxes.com/): Favourite opening of the week: “Court docket circumstances that contain interpretation of tax treaties are all the time enjoyable!” In Christensen v. United States, the court docket interpreted the U.S.-France treaty to enable U.S. residents residing in France to say a overseas tax credit score in opposition to the U.S. NIIT for earnings tax imposed by France on foreign-source earnings. 
• Armanino (https://www.armanino.com/articles/): The Institute for Inside Auditors Requirements Board has launched the up to date World Inside Audit Requirements, the primary part of the Worldwide Skilled Practices Framework, which kicks in subsequent Jan. 9. A abstract of the brand new steerage and methods to put together.
• HBK (https://hbkcpa.com/insights/): What to remind purchasers about in the event that they labored abroad or moved to the U.S. from one other nation the place they earned pension advantages or deferred compensation. Do in addition they have a tax-free financial savings account or life insurance coverage coverage in another country? A take a look at U.S. taxation of overseas pensions and retirement accounts.
• Taxjar (https://www.taxjar.com/assets/weblog): Does Utah cost gross sales tax on providers?

Slap completely happy

• Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): Just a few of the highest questions from a current webinar on 1099-INTs, 1099-DIVs and 1099-Bs.
• Meyers Brothers Kalicka (https://www.mbkcpa.com/insights): Extra individuals once more getting out of their places of work marks a very good time for a refresher on the deductibility of enterprise journey.
• Vertex (https://www.vertexinc.com/assets/resource-library/filter/field_asset_type/weblog?web page=0): IT leaders managing a number of ERP programs in your purchasers’ corporations might take a distinct strategy to oblique tax calculation for every supply system. This may occasionally serve your shopper within the quick time period however it will probably hinder long-term progress. This is a greater thought. 
• Nationwide Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): What to remind some purchasers about stopping a refund offset.
• Boyum & Barenscheer (https://www.myboyum.com/weblog/): S corp and restricted legal responsibility firm constructions are most likely widespread along with your manufacturing purchasers due to the mixture of legal responsibility safety and tax advantages. Each types have professionals and cons, although, in addition to some variations in tax penalties.
• TaxProf Weblog (http://taxprof.typepad.com/taxprof_blog/): One other fav opening this week: “When Congress giveth a tax profit with one hand, it typically taketh the opposite hand and slaps the taxpayer foolish …” The one hand right here is in Sec. 104(a)(1).