New 12 months, new priorities; advisory service roadblocks; GM sues Frisco; and different highlights from our favourite tax bloggers.

Out with the bull

• Keller Advisors (https://ritakeller.com/wordpress/): Listed below are greater than a dozen 2024 resolutions on your agency. Choose a number of and stick with them.
• Tax Professional Middle (https://accountants.intuit.com/taxprocenter/): Members of Intuit’s Tax Council share their apply resolutions, together with “a dollar- and time-efficient skilled and private life,” “not taking anybody’s bull anymore” and “deleting as a lot as attainable.”
• Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): The 12 months could also be new, however state lawmakers appear to have the identical outdated decision: slashing state revenue taxes. 
• Boyum & Barenscheer (https://www.myboyum.com/weblog/): One other take a look at who should report useful possession data.
• Palm Seashore Accounting and Monetary Companies (https://www.pbafs.com/weblog): A handy-dandy guidelines for purchasers (or for you) contemplating early retirement.

Guidelines re-defined

• Taxable Speak (http://www.taxabletalk.com/): Of crypto, playing and the 8300.
• Do not Mess with Taxes (http://dontmesswithtaxes.typepad.com/): How briskly the IRS turns round returns and kicks out a refund is, to cite Capt. Barbossa of “Pirates of the Caribbean,” “Extra tips than precise guidelines.”
• Procedurally Taxing (https://www.taxnotes.com/procedurally-taxing): When a Tax Court docket petition completely, positively did not get there in time.
• Taxing Topics (https://www.drakesoftware.com/weblog): The IRS has introduced new penalty reduction of some $1 billion to people, companies, and tax-exempts who did not obtain automated assortment reminder notices through the pandemic.
• Present Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The IRS will now not uphold the stance outlined in Non-public Letter Ruling 201647001, the difficulty being the dedication of reward (and attainable subsequent property) tax penalties of modifying an deliberately faulty grantor belief.

Nagging questions

• Tax Vox (https://www.taxpolicycenter.org/taxvox): A latest listening to of the Home Methods and Means Committee’s Subcommittee on Tax Coverage introduced consideration to an essential subject: How can the Tax Code spur financial development whereas sharing the good points broadly? Children are a part of the reply.
• Cover (https://www.getcanopy.com/weblog): Favourite opening of the week, concerning psychological sabotage to offering value-added companies: “How can I present advisory companies if I do not even know what they’re? What if I give the unsuitable recommendation? What if I get put into jail for recommendation I did not even know was unsuitable? What if aliens invade and destroy the planet as a result of I did not know that short-term leases are depreciated over 39 years and never 27.5?” You get the thought. This is tips on how to plow forward anyway.
• Sovos (https://sovos.com/weblog/): A case just lately filed within the Illinois Unbiased Tax Tribunal by PetMeds Categorical re-opens the million-dollar query: Can a taxpayer win a constitutional argument in opposition to financial nexus?
• Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): This week’s “You Make the Name” appears to be like at Cliff, a furnishings salesman who annually receives a W-2 from his employer. When he sells a sure variety of furnishings items on the retailer, he additionally earns an incentive bonus from the producer, which is reported to him on a 1099-MISC. Ought to this 1099 revenue be reported on a Schedule C as self-employment revenue?
• Mauled Once more (http://mauledagain.blogspot.com/): One other favourite opening: “Those that apply tax find yourself coping with every part in life, not simply meal exclusions, medical expense deductions, and comparable transactions, but in addition the definition of fuels.”

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