The gift of finances; scaling a firm; new blog on the block; and other highlights from our favorite tax bloggers.
We have questions
- John R. Dundon II EA (
https://www.johnrdundon.com/ ): What to remind them about the Kiddie Tax — with one of our fav passages of the week: "One particular taxpayer with an egregiously privileged reprobate child asked the following question..." - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week's "You Make the Call" looks at your client Mark, sole owner of an S corp. He lives in a non-community property state with his wife and daughter. Mark would like to gift some of the stock in his S corporation to his daughter this year and would also like to give the max possible without triggering a reportable gift transaction. When he gifts the stock to his daughter, can he and his wife elect to split the gift between them to double the annual gift tax exclusion? - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): These days, most businesses have intangible assets. But what makes these assets' tax treatment so complex? - University of Illinois Tax School Blog (
https://taxschool.illinois.edu/blog/ ): What does "like-kind" for a 1031 exchange mean, anyway? - Taxbuzz (
https://www.taxbuzz.com/blog ): If Republican South Dakota Gov. Kristi Noem fails to fulfill her campaign promise of repealing the state's food tax, the issue could wind up on the ballot in 2024.
You give and give and give
- Sikich (
https://www.sikich.com/insights/ ): Instead of another hunk of bright plastic in a bow this season, a deposit into a young person's account can become a nest egg for the future (though admittedly it may not be as much immediate fun). From bank accounts to custodial accounts and college funds, where's best for this investment? - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): What to remind them this week of giving of the gift of deductions for donations. - HBK (
https://hbkcpa.com/insights/ ): How your nonprofit clients can elevate their pitch to potential donors. - The Tax Times (
https://www.thetaxtimes.com ): If you like your freedom, you shouldn't evade your taxes.
Take a letter
- Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): Taxpayers may prefer to use an LLC as the underlying legal entity to form what's intended to be, for tax purposes, an S corp. Often overlooked is that the LLC's operating agreement must not create a situation where there are deemed multiple classes of "stock" outstanding. A look at a recent ruling. - Gordon Law (
https://gordonlawltd.com/blog/ ): NIL waters run deep: Name, image and likeness has been a gamechanger for NCAA student-athletes. - Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): Form 7203 replaces a three-part worksheet (for figuring a shareholder's stock and debt basis) that used to be in the Shareholder's Instructions for Schedule K-1. The IRS introduced the 7203 in 2021 and appears to be changing it only slightly for 2022. - Procedurally Taxing (
http://www.procedurallytaxing.com/ ): Guest blogger (and for National Taxpayer Advocate) Nina Olson reports the activities of the Center for Taxpayer Rights over the past year.
The future of money
- Henry+Horne (
https://www.hhcpa.com/blogs/ ): What to remind them about early withdrawals from retirement accounts. - Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): If you have an eye to someday selling, how to scale your firm. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): The 2023 submission period for the Tax Notes Student Writing Competition is open.
New to us
- Virginia – US Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): Virginia La Torre Jeker, J.D., discusses U.S. tax matters affecting international clients. Recent topics include how the IRS can enforce tax collection overseas, closing agreement and American passport denial for tax debt. Welcome.
