EITC education; onboarding is key; expats on the rise; and other highlights from our favorite tax bloggers.
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): Another option for regulation of paid preparers: a voluntary credential program administered by the IRS.
- National Association of Tax Professionals (https://blog.natptax.com/): The IRS is stepping up cooperation with the Department of Labor on pinning down employee misclassifications — including when the DOL should refer cases to the IRS Small Business/Self-Employed Division.
- Sikich (https://www.sikich.com/insights/): No less than the FBI describes ransomware as “malicious software or malware that prevents you from accessing your computer files, systems or networks and demands you pay a ransom for their return.” It stinks, and it’s expanding. How to protect yourself.
- Turbotax (https://blog.turbotax.intuit.com): Findings from the latest TurboTax Trends Report include shifts in adjusted gross income, job-hopping by young adults and the prevalence of crypto on returns.
- Procedurally Taxing (https://procedurallytaxing.com): The upcoming symposium “The Federal Income Tax: Racially Blind But Not Racially Neutral” is free and open to the public with in-person and Zoom attendance options — and it also comes at an inflection point for those interested in how the tax system relates racial justice.
- CPA Growth Trends (https://accountingmarketing.com/): Nominations are open for the 2023 Marketer of the Year.
Exciting and new
- Taxbuzz (https://www.taxbuzz.com/blog): Virginia has an “exciting” first-of-its-kind small-business tax break for entrepreneurs via a 10% deduction for business income.
- HBK (https://hbkcpa.com/insights/): New Jersey’s new tax law includes changes for corporations, including the state’s position on a requirement for certain businesses to elect S corp status. Three key provisions.
- Eide Bailly (https://www.eidebailly.com/taxblog): A state news feature joins the blog. First stories cover the constitutionality of home equity theft and how rough it can be to be a billionaire in a blue state.
Get the message
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): In light of an awareness day just passed, a reminder of how confusing they probably find the Earned Income Tax Credit.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Missing filers include the estimated one-third of the EITC-eligible population that turns over each year, many of whom don’t realize they can, due to life changes, now claim the break.
- Institute on Taxation and Economic Policy (https://itep.org/category/blog/): A look at the EITC’s importance on the state level.
- Tax Vox (https://www.taxpolicycenter.org/): How “trusted messengers” can help ease the path of tax filing for those of low income.
- Surgent Income Tax School (http://www.theincometaxschool.com/blog/): As your high school experience probably taught you, you never get a second chance to make a first impression. Six steps to properly onboarding a client.
- AICPA Insights (https://www.aicpa.org/blog): Institute chair Anoop Mehta reflects on 2022 and shares hopes for our new year.
- Mauled Again (http://mauledagain.blogspot.com/): Arresting the actions of unscrupulous preparers on the edge of a new season sometimes takes timing as well as authority.
- University of Illinois Tax School (https://taxschool.illinois.edu/blog/): If you expect to prepare S corporation or partnership tax returns this year, you probably welcomed December’s draft instructions for K-2s and K-3s. If you’re unclear how to implement the provisions for your clients, though, here’s a sample notification letter.
- Sovos (https://sovos.com/blog/?region=united-states): All European countries charge VAT, a consumption tax added during each production stage, on goods and services. Although VAT is near-universal, rates do differ within the EU. Here are some details.
Doesn’t hurt to ask