OBBBA and gambling; a billing lesson from bookkeeping; BOI 2.0; and other highlights from our favorite tax bloggers.
It is done
Eide Bailly (https://www.eidebailly.com/taxblog): For lawmakers, officials and tax experts, it’s been a whirlwind of activity and work. Now comes implementation — possibly the most difficult step.Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): A look at the new $6,000 seniors’ tax break courtesy of the OBBBA.Institute on Taxation and Economic Policy (https://itep.org/category/blog/): What OBBBA will give the top 1% over the coming decade.Dean Dorton (https://deandorton.com/insights/): How OBBBA impacts real estate investors, starting with reinstatement of the 100% bonus depreciation.Sovos (https://sovos.com/blog/): One provision quietly slipped past public scrutiny despite potentially massive fiscal impact: increasing the reporting threshold for 1099-NECs and 1099-MISCs from $600 to $2,000 after this year. While positioned as regulatory relief for small businesses, this change could cost the federal government billions.Taxable Talk (http://www.taxabletalk.com/): Why the Senate version of Beautiful was actually bigly ugly towards gambling.
Resting your case
Withum (https://www.withum.com/resources/): They may be magnificent in front of a jury, but they don’t necessarily know the Internal Revenue Code. Tax strategies for law firm partners.Canopy (https://www.getcanopy.com/blog): The investment may be no fun, but if you’re selling your practice, why to strongly consider upgrading your tech.U of I Tax School (https://taxschool.illinois.edu/blog/): This next entry in the blog’s Summer Series looks at what to remind them about tax rules for summer rentals and vacation homes.Taxbuzz (https://www.taxbuzz.com/blog): The fee debate for bookkeeping — flat rate versus hourly — offers a billing lesson for tax prep, too.Boyum & Barenscheer (https://www.myboyum.com/blog/): What to remind small-business clients about the tax advantages of the right retirement savings vehicle.TaxConnex (https://www.taxconnex.com/blog-): The push to bring factories back to the U.S. is in headlines now. What are the sales tax implications for manufacturers who have new operations stateside?
Cleanup in aisle 4
Tax Foundation (https://www.getcanopy.com/blog): The limits of using taxes to improve health.Mauled Again (http://mauledagain.blogspot.com/): Favorite headline of the week: “A Scheme to Hide Wages from the IRS Does Nothing But Make a Mess.”Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The recent Tax Court memorandum in Remus Beleiu and Naomi J. Beleiu v. Commissioner of Internal Revenue offers crucial insights for tax pros concerning the imposition of fraud penalties under IRC Sec. 6663(a). The case also highlights the rigorous standard applied in establishing fraudulent intent when a taxpayer has a strong financial and accounting background.Global Taxes (https://www.globaltaxes.com/blog.php): Shelved federal ideas aside, New York is moving ahead with its own beneficial ownership information reporting requirement.Wiss (https://wiss.com/insights/read/): A look at the provisions in New Jersey’s new budget, including expansion of the mansion tax and new business incentives in investing and stock capital gains.
