Off and Bozo-ing; the 100% tariff; Johnston on scorching traits; and different highlights from our favourite tax bloggers.

The rubber and the street

• College of Illinois Tax College Weblog (https://taxschool.illinois.edu/weblog/): “Worker” versus “impartial contractor” — a take a look at current steerage on this endlessly thorny query.
• The Rosenberg Associates (https://rosenbergassoc.com/weblog/): Chalk one up for the AI Busy Season Bot.
• Tax Professional Middle (https://accountants.intuit.com/taxprocenter/): This entry from the current previous seems at a red-hot subject for the long run: the way to draft an AI coverage for an accounting agency.
• AICPA & CIMA Insights (https://www.aicpa-cima.com/weblog): Monetary planning has been added to the CPA Examination for the primary time.
• Tax Basis (https://taxfoundation.org/weblog): The receding of state tax revenues from all-time highs has occasioned handwringing about whether or not states can afford the tax cuts adopted over the previous few years. With 27 states decreasing the speed of a serious tax between 2021 and 2023, is there trigger for concern?
• Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): Maryland lawmakers are contemplating “worldwide mixed reporting,” a.ok.a. “full reporting.” This coverage “provides a extra correct, and fewer gameable, solution to calculate the quantity of revenue topic to state company tax.” The Tax Basis reportedly not too long ago revealed a weblog designed to discourage Maryland lawmakers from enacting WWCR that features “a variety of misrepresentations — some pertaining to ITEP’s personal analyses — addressed right here.
• Parametric (https://www.parametricportfolio.com/weblog): A portfolio’s after-tax return is “the place the rubber meets the street,” significantly for traders who rely on distributions for earnings. How mixing municipal, company and Treasury securities whereas participating in opportunistic tax-loss harvesting inside a individually managed account ladder construction has the perfect shot to reinforce after-tax returns.
• Taxable Speak (http://www.taxabletalk.com/): Time as soon as extra, youngsters, for the rundown of Bozo Tax Ideas, “methods that you simply actually, actually, actually should not strive.” This 12 months’s checklist opens with a repeat for the eleventh 12 months in a row — i.e., how in any other case clever people persistently e-mail tax paperwork.

Future plans

• Procedurally Taxing (https://www.taxnotes.com/procedurally-taxing): The potential prolonged statute of limitations as a consequence of preparer fraud might influence evaluation of recaptured Worker Retention Credit.
• Tax Vox (https://www.taxpolicycenter.org/taxvox): Former President Trump has vowed “a 100% tariff on each single automotive that comes throughout the road, and you are not going to have the ability to promote these guys if I get elected.” He was unclear concerning the goal of his tariffs, however what would the results be of a 100% tax on imported autos?
• Cover (https://www.getcanopy.com/weblog: Randy Johnston, govt vice chairman of K2 Enterprises and professional of 30-plus years in accounting and know-how, discusses on this podcast the necessity for maintaining on accounting traits.
• Do not Mess with Taxes (http://dontmesswithtaxes.typepad.com/): A take a look at IRS Commissioner Werfel’s current speak to college students and school at American College revealing what has been dubbed the company’s “generational digital transformation plan.”
• Avalara (https://www.avalara.com/weblog/en/north-america.html): What your purchasers who’re newbies to e-commerce must find out about nexus, gross sales tax and never taking both one evenly.
• Marcum (https://www.marcumllp.com/insights): And the hits simply carry on clickin’: the highest cyber safety threats of the previous month.

Land of the land

• Taxbuzz (https://www.taxbuzz.com/weblog): Investing in U.S. actual property provides profitable alternatives for non-residents, however it additionally comes with a fancy tax panorama — beginning with FIRPTA. Frequent tax errors non-residents make when shopping for and promoting property within the U.S. and steerage on the way to sidestep them.
• International Taxes (https://www.globaltaxes.com/weblog.php): Proposed anti-money laundering rules might have a serious influence on overseas traders in U.S. actual property.
• TaxConnex (https://www.taxconnex.com/blog-): Firms exterior the U.S. that promote into America most definitely know gross sales tax obligations from expertise with VAT or GST. Is that enough to promote into the U.S. and meet gross sales tax obligations?
• The Buzz About Taxes (http://thebuzzabouttaxes.com/): Favourite opening of the week: “Courtroom circumstances that contain interpretation of tax treaties are all the time enjoyable!” In Christensen v. United States, the courtroom interpreted the U.S.-France treaty to permit U.S. residents residing in France to say a overseas tax credit score in opposition to the U.S. NIIT for earnings tax imposed by France on foreign-source earnings. 
• Armanino (https://www.armanino.com/articles/): The Institute for Inside Auditors Requirements Board has launched the up to date International Inside Audit Requirements, the principle element of the Worldwide Skilled Practices Framework, which kicks in subsequent Jan. 9. A abstract of the brand new steerage and the way to put together.
• HBK (https://hbkcpa.com/insights/): What to remind purchasers about in the event that they labored abroad or moved to the U.S. from one other nation the place they earned pension advantages or deferred compensation. Do additionally they have a tax-free financial savings account or life insurance coverage coverage in another country? A take a look at U.S. taxation of overseas pensions and retirement accounts.
• Taxjar (https://www.taxjar.com/sources/weblog): Does Utah cost gross sales tax on companies?

Slap glad

• Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): A number of of the highest questions from a current webinar on 1099-INTs, 1099-DIVs and 1099-Bs.
• Meyers Brothers Kalicka (https://www.mbkcpa.com/insights): Extra individuals once more getting out of their workplaces marks time for a refresher on the deductibility of enterprise journey.
• Vertex (https://www.vertexinc.com/sources/resource-library/filter/field_asset_type/weblog?web page=0): IT leaders managing a number of ERP techniques in your purchasers’ corporations could take a distinct strategy to oblique tax calculation for every supply system. This will serve your shopper within the brief time period however it might probably hinder long-term progress. Here is a greater thought. 
• Nationwide Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): What to remind some purchasers about stopping a refund offset.
• Boyum & Barenscheer (https://www.myboyum.com/weblog/): S corp and restricted legal responsibility firm buildings are in all probability in style along with your manufacturing purchasers due to the mix of legal responsibility safety and tax advantages. Each varieties have execs and cons, although, in addition to some variations in tax penalties.
• TaxProf Weblog (http://taxprof.typepad.com/taxprof_blog/): One other fav opening this week: “When Congress giveth a tax profit with one hand, it generally taketh the opposite hand and slaps the taxpayer foolish …” The one hand right here is in Sec. 104(a)(1).