Responding — or not — to jurisdictions’ notices; pitfalls of progress; e-invoicing; and different highlights from our favourite tax bloggers.
Getting inventive
- Tax Basis (
https://taxfoundation.org/weblog ): Favourite headline of the week: “Sound Tax Coverage Can Face up to Artistic Destruction.” - Cover (
https://www.getcanopy.com/weblog ): 5 on a regular basis duties corporations are automating with AI, from bookkeeping and knowledge entry to invoicing, billing and expense administration, and DM and knowledge extraction. - Institute on Taxation and Financial Coverage (
https://itep.org/class/weblog/ ): States are debating how to reply to pricey new federal tax cuts. Talked about on this rundown: Delaware estimates a $400 million state income shortfall if no motion is taken, and lawmakers in Maine and Michigan each determined to take care of their present insurance policies, opting to not incorporate federal adjustments that largely profit giant companies. California and Connecticut would levy new taxes on the richest in choose states, and an analogous proposal is circulating in New Jersey. - Mauled Once more (
http://mauledagain.blogspot.com/ ): What to inform a professional soccer workforce that now desires out of a tax deal? “In the event you want cash, use your individual. Use your house owners’ cash. Use the cash you’d have been paying had your federal taxes had not been minimize. You might be operating a enterprise, so determine the right way to run it with out begging for handouts of taxpayer cash. Do what the small-business proprietor or farmer is doing in the intervening time making an attempt to outlive. If anybody needs to be getting assist, it is the individuals rising meals, cleansing homes, promoting home equipment and providing different items and companies to the general public which can be of a lot better significance.” - Eide Bailly (
https://www.eidebailly.com/taxblog ): A have a look at the Treasury’s dedication to maintain the steerage flowing amid the shutdown. - Taxjar (
https://www.taxjar.com/assets/weblog ): Shoppers targeted on streamlining their biz price range could choose to manually handle every side of each day operations, together with gross sales tax accounting and compliance. However heaping this on the plate of inner accounting or finance workforce ignites many challenges — finally resulting in the sticker shock of the hidden prices of guide gross sales tax compliance. - Taxnotes (
https://www.taxnotes.com/procedurally-taxing ): Actions the IRS ought to take if it fashions a service-wide return preparer technique on its present program for refundable credit, together with that technique officers will need to have sufficient authority to make sure that when work is assigned to different divisions, these divisions deal with it as a precedence. - The Wandering Tax Professional (
http://wanderingtaxpro.blogspot.com/ ): The risks of getting them routinely reply to tax authorities’ notices.
Regs and steerage
- Wiss (
https://wiss.com/insights/learn/ : “Constructed-In Features Tax and the Part 704(c) Entice: What You Have to Know.” - Withum (
https://www.withum.com/assets/ ): Regulatory scrutiny round labor unions typically adjustments with a brand new administration, so the necessity for correct LM-2 reporting has by no means been extra necessary. The dangers of poor LM-2 reporting. - Dean Dorton (
https://deandorton.com/insights/ ): A have a look at current IRS transitional steerage for companies required to report automobile mortgage curiosity below the OBBBA. - U. Illinois Tax College (
https://taxschool.illinois.edu/ ): The 2025 Illinois Tax Delinquency Amnesty Act offers taxpayers with a limited-time alternative to pay excellent Illinois state tax liabilities with out penalties or curiosity. What you could know. - CLA (
https://www.claconnect.com/en/assets?pageNum=0 ): What to remind manufacturing shoppers about “the important — and generally overwhelming” — preparation for his or her year-end monetary assertion audit. Methods to assist them prepared for this ordeal and even strengthen inner controls and construct belief with stakeholders. - Berkowitz Pollack Brant (
https://www.bpbcpa.com/articles-press-releases/ ): A have a look at the IRS and Treasury’s just lately issued last regs regarding the SECURE Act that require sure high-income taxpayers’ 401(ok) and 403(b) plan catch-up contributions to be designated as after-tax Roth contributions, starting in tax 12 months 2026.
Complexities
