In the blogs: Striking the right discord
July 08, 2020, 12:18 a.m. EDT
Property tax disparity; finding clients with social media; remembering Kleinbard; and other highlights from our favorite tax bloggers.
Striking the right discord
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): State by state, neighborhood by neighborhood, black families pay 13 percent more in property taxes each year than a white family would in the same situation, a massive new data analysis shows.
- Tax Foundation (https://taxfoundation.org/blog): Germany’s presidency of the Council of the European Union has begun, and much of the agenda for the next six months revolves around ensuring economic stability and recovery from the pandemic. How a discussed financial transaction tax and a minimum effective tax would both hinder recovery.
- Allison Christians (https://www.allisonchristians.com/blog): A look at a recent Zoom presentation on how inconsistencies in the way we think about value, income and source are driving international tax reform and discord.
- Mauled Again (http://mauledagain.blogspot.com/): In 2019, General Motors shut down a facility in Lordstown, Ohio, that it had promised to keep open at least through 2027 in exchange for tax breaks. Now the state attorney general wants GM to replay $60 million of those breaks PDQ.
- Rubin on Tax (http://rubinontax.floridatax.com): The FBAR rules require the filing of a FinCEN Report 114, Report of Foreign Bank and Financial Accounts (FBAR) to report for accounts of U.S. persons aggregating $10,000 or more. Since one FBAR is used to report multiple accounts, a basic question is whether the non-willful failure to report several accounts gives rise to only one $10,000 penalty (based on one return), or $10,000 multiplied by the number of unreported accounts.
- Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Networking and meeting with potential new clients sure isn’t happening much in the face-to-face arena these days, so consider using the power of social media to get new clients. Tips on not being anti-social.
- Tax Vox (https://www.taxpolicycenter.org/taxvox: The tax community recently lost University of Southern California law professor Edward Kleinbard, who served as chief of staff at the Joint Committee on Taxation from 2007 to 2009, following a distinguished career in private practice. A look back at a career of diligence, erudition, acumen and wit, in, among other areas, promoting progressive fiscal reforms.
- Sagenext (https://www.thesagenext.com/blog): The fundamentals of remote desktop working and how businesses are profiting from it — and how the cloud and hosting fits into the picture.
- Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): How do you deal with the dust never settling?
Give’em a break
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): Some clients must still ask, “Where’s my Economic Impact Payment?” The latest on what to tell them.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): What to remind them about tax bills they can’t pay.
- Sikich (https://www.sikich.com/insights/): While much attention went to Paycheck Protection Program, the CARES Act brought relief for businesses in the form of the option to carry-back net operating losses, easing of the limits on deduction for business interest expense, and clarification of a reform glitch regarding qualified improvement property.
- Taxable Talk (http://www.taxabletalk.com/): A Bozo Tax Tip involving wanting a refund right now but also participating in multiple partnerships, still waiting on a K-1 and looking to simply estimate the income. All with a shortish memory about a previous conversation concerning extending versus filing.
- The Income Tax School (http://www.theincometaxschool.com/blog/): Tips for helping them start a side gig.
- National Association of Tax Professionals (https://blog.natptax.com/): In this week’s “You Make the Call,” what’s the total qualified alternative fuel vehicle refueling property credit after a couple installed electric vehicle charging stations in their home and at their place of business?
- Boyum & Barenscheer (https://myboyum.com/blog/): Favorite webinar title of the week: “PPP Loan Forgiveness — The Final Frontier.”