In the blogs: Changing drastically

How long recessions last; what superstars want; moving toward advisory; and other highlights from our favorite tax bloggers.

Changing drastically

• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): From the Bay State to the Golden State, lawmakers across the nation are making deals and negotiating budgets with major tax implications. The lowdown coast to coast.
• Summing It Up (http://blog.freedmaxick.com/summing-it-up): This first of a two-parter examines recessions and stagflation and what they mean for businesses. For starters, what is a recession and how long do they usually last?
• Tax Vox (https://www.taxpolicycenter.org/): Scrambling for a politically palatable way to raise revenue for a scaled-down social spending and climate bill, Senate Democrats are considering expanding the NIIT. Critics claim the plan would hurt small family businesses. A Tax Policy Center analysis disagrees.
• Parametric (https://www.parametricportfolio.com/blog): Investors have been warned of new and higher taxes from the Biden administration. The political climate makes some possibilities easier, others harder and all more confusing. And though many recommendations remain the same from previous times, the surrounding environment has changed drastically.
• Tax Foundation (https://taxfoundation.org/blog): The administration has also proposed several changes to the U.S. international tax system that would raise taxes on multinational enterprises. Similarly, the OECD’s tax proposals would raise taxes on MNEs. Together, the proposals would affect patterns of international investment and potentially decrease the volume of foreign direct investment.
• Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Talk about streaming: The plethora of movies and TV series filmed in New Mexico has helped the state rake in $855.4 million for FY 2022.
• Palm Beach Accounting and Financial Service (https://www.pbafs.com/blog): Three specific challenges and solutions for when life throws a curve at clients’ retirement nest eggs.
• EideBailly (https://www.eidebailly.com/taxblog): All the news that fits about uncertainty, dysfunction and suspicions: Welcome to the Summer of ’22.

You must comply

• Henry+Horne (https://www.hhcpa.com/blogs/): How the U.S. has banned accounting and consulting services to Russia.
• Canopy (https://www.getcanopy.com/blog): What to remind them about surviving an IRS audit (“Complying with the deadlines is half the battle…”)
• Rosenberg Associates (https://rosenbergassoc.com/blog/): I say “Great Resignation,” you say “Great Reshuffle” — regardless of the term, focus on how to keep your current employees, especially your superstars. Six things they want right now from their fearless leaders.
• Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): The back and forth over ending remote work raises a lot of questions about how firms will conduct personnel operations down the road.
• Taxing Subjects (https://www.drakesoftware.com/blog): One of the main advisory committees of the IRS is asking Congress to give the agency the funding it needs, including “flexible, sustainable, and predictable multi-year funding.”
• Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): This update on the case of Carlos Kepke, a Houston attorney who allegedly helped clients set up offshore structures for tax evasion, includes the “great reading” in a recent affidavit and a note on the blogger’s professional history with Kepke.
• TaxConnex (https://www.taxconnex.com/blog-): Recent court cases show how tricky the legal system can be for online sellers trying to corral sales tax obligations. 

Guidance counseling

• Sovos (https://sovos.com/blog/?region=united-states): The State of Washington has released interim guidance on the taxability of nonfungible tokens, basically suggesting that certain types would be subject to sales and use tax under existing rules applicable to digital goods and would be subject to the state’s B&O tax. What does Washington’s guidance potentially mean for the NFT industry? 
• Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): The endgame for advisory services is getting clients to comprehend the plusses to your ongoing advice. Start guiding them there with tax advisory and then move on an advisory workflow (and don’t skimp on the automation).
• The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): What to remind them about the temporary COVID-related expansion of the Child Tax Credit and the Child and Dependent Care Credit — chiefly that it expired last Dec. 31. 
• National Association of Tax Professionals (https://blog.natptax.com/): Congratulations to this year’s NATP award winners: Chapter Person of the Year Surekha Vaidya and Tax Professional of the Year Penny Wade Smith.