CP21Cs and long memories; all smiles; Romney’s proposal; and other highlights from our favorite tax bloggers.
Into the weeds
- Taxable Talk (http://www.taxabletalk.com/): The IRS computer (just one?) has ideas about what date it is. Seems the IRS sent many CP21C notices telling individuals that their Economic Impact Payments were offset to their 2007 tax account.
- Taxing Subjects (https://www.drakesoftware.com/blog): What to tell them about preparers who don’t like to deal with the dotted line.
- Taxbuzz (https://www.taxbuzz.com/blog): This TaxChat has our favorite headline of the week: “Into the Weeds of Tax Season.”
- Turbotax (https://blog.turbotax.intuit.com): Why filing should come before immigration status.
- Canopy (https://www.canopytax.com/blog): Good Time of Year to Know Dept.: How to onboard a client.
- Boyum & Barenscheer (https://myboyum.com/blog/): One of the most common routes for occupational fraud perpetrators runs through accounts receivable. Unless your client is aware of these schemes and takes steps to prevent them, their business — and maybe yours — could face serious financial losses. Here are steps to mitigate risk of such fraud.
- Taxjar (http://blog.taxjar.com/): Words We Didn’t Know Not Long Ago Dept.: How Brexit has changed VAT.
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): The IRS has chosen March as National Settlement Month. The goal of settlement days is to connect taxpayers with a Low Income Taxpayer Clinic or a pro bono attorney to assist in settlement discussions to resolve the case.
- Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): Smile and the managing partner doesn’t necessarily smile with you.
Stitches in time
- Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): Dinuba, a California town with more than a fourth of its residents living in poverty, could easily have been a casualty of the pandemic economy. But it had an ace in the hole: an agreement with Best Buy Inc. to share tax revenue on sales from its local warehouse.
- John R. Dundon II, EA (https://johnrdundon.com/): Yours and others’ stimulus check questions answered.
- Procedurally Taxing (https://procedurallytaxing.com): Guest blogger Marilyn Ames (the regular blogger’s former colleague at Chief Counsel, IRS) looks at yet another case involving an intermediary transaction tax shelter and a Circuit Court of Appeals reaching back to a 1933 Supreme Court case to show how broad are the government’s powers to reach transferees of a taxpayer’s assets.
- Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): How to help your clients apply for Paycheck Protection Program loan forgiveness.
- Eide Bailly (https://www.eidebailly.com/taxblog): A look at the Employee Retention Credit, which is strongly back in the news.
- Tax Foundation (https://taxfoundation.org/blog): A look at Sen. Mitt Romney’s proposed Family Security Act, which features a new, more generous child allowance for families with children while reforming other sources of aid for low-income individuals. Romney’s plan would replace the existing Child Tax Credit and simplify the structure of the Earned Income Tax Credit (making it harder or easier to use the credit to get written up in our Tax Crime Blotter?).
- TaxMama (http://taxmama.com): Mama’s TaxQuips February tax news.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): In the wake of what some call a Super Bowl upset, what to do tax-wise with gambling winnings.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): The Consumer Financial Protection Bureau is providing additional relief to financial institutions.