In the blogs: Phases on stun
June 16, 2020, 7:48 p.m. EDT
Reopening and depreciation; cutting your AR; butts in seats; and other highlights from our favorite tax bloggers.
Phases on stun
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): In the second of a four-part series, a look at practical challenges faced by employers as the reopening process continues in Western New York. In Phase Two, what have employers learned and how can they prepare for what’s ahead?
- Tax Foundation (https://taxfoundation.org/blog): One idea that would help the nation’s economic recovery during the pandemic would be moving to full expensing of capital investment. The depreciation debate might seem confusing, so the question at hand is: How, when, and by what amount can businesses recognize (or recover) the cost of a capital investment, like a piece of equipment or a new warehouse, on their income tax return?
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): One of the reasons the Internal Revenue Service has called more of its staff back to their offices is so they can deal with the backlog of tax notices. These notices, however, won't be updated versions produced by staffers who now are back at their desks. What to tell clients about date shock.
- Taxable Talk (http://www.taxabletalk.com/): The IRS backlog of incoming mail alone is an estimated 10 million-plus pieces. And the outgoing notices’ numbers? Some 23.5 million notices. (BTW, the IRS outgoing-mail capacity is 1.5 million notices per week.)
- Wolters Kluwer (http://news.cchgroup.com/): A look at GASB’s proposed application guidance on CARES Act and COVID-19 assistance.
- Tax Vox (https://www.taxpolicycenter.org/taxvox): A look at The Tax Policy Center’s newest Briefing Book to help you keep up with current law and new legislation. Any help on such topics is very welcome these days.
Somewhere in the stacks
- Canopy (https://www.canopytax.com/blog): Ideas on how your firm can minimize accounts receivable include upfront fees, payment plans and keeping that whip cracking on payment deadlines.
- Taxbuzz (https://www.taxbuzz.com/blog): What to tell them about the various levels and layers of tax professionals.
- The Income Tax School (http://www.theincometaxschool.com/blog/): How roleplaying can hone your skills for tax interviews.
- Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Cloud accounting and other advancements enabled firms of all sizes to streamline operations and improve their service delivery. Automation and machine learning did allow firms to serve clients with modern accounting techniques, but firms must adopt the mindset of an advisor, rather than simply implementing the latest trending tech stack.
- Boyum & Barenscheer (https://myboyum.com/blog/): In times of turmoil, a board of directors should be a not-for-profit’s rock-solid foundation. But what if your client’s board is understaffed or doesn’t provide the leadership needed? How to rebuild a broken board.
- Sikich (https://www.sikich.com/insights/): What to tell them about 401(k) allocations as Wall Street keeps whipsawing.
- National Association of Tax Professionals (https://blog.natptax.com/): A look at IRS annual inflation adjustments for HSAs for 2021. Minor bumps.
The new normally
- Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): Not that long ago, it was very important to CPA owners/partners to be able to see people working, what the blogger terms the “butts in seats” mentality. How the gradual recent change in that thinking got a big kick in the seated parts from the pandemic and working from home.
- Avalara (https://www.avalara.com/us/en/blog.html): New Louisiana sales tax collection requirements for remote sellers and marketplace facilitators.
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): A look at a recent article on how investors may have some relief for Swiss financial institutions’ receipt of hidden undisclosed fees related to their investment of client funds. Our favorite line: “Bribery and kickbacks are normally illegal, but Swiss financial institutions for many years took so-called ‘retrocession fees’ or ‘portfolio maintenance commissions’ from funds or other investment vehicles that reduced the yield to the financial institutions’ customers without disclosure to the customers.”