Hey #tax professionals in the #lawfedi world, Bloomberg is looking to hear from you about what changes you’d like to see in the industry.

They want short essays (<300 words) by September 29. It’s a great opportunity to not only air your broader tax policy/industry grievances but get a publication under your name.

DM me any questions and I’ll pass them along.

@law #writing #lawprof #taxfedi

https://news.bloombergtax.com/tax-insights-and-commentary/what-part-of-tax-law-would-you-like-to-change-share-your-views?context=search&index=9

This week I wrote about the latest craze on #TikTok ... tax fraud.

"But most of the blame falls on the ATO for its lack of oversight. The scheme was so simple that many claimants were unaware their actions amounted to fraud. Such situations also make taxpayers vulnerable to identity thieves who can use their information for a quick payday, leaving the taxpayer to explain themselves when they seek their own income tax refund.”

#tax #lawfedi #taxfedi @law

https://news.bloombergtax.com/financial-accounting/week-in-insights-do-it-yourself-tax-fraud-goes-viral-on-tiktok

Remember kids on the sides of milk cartons? Well, it didn't work AND it was mostly a tax thing.

"Milk carton manufacturers didn’t put those pictures on containers because ‘a missing kid is one less milk consumer,’ as my grandfather suggested. Instead, they were taking advantage of tax breaks for participating in the National Child Safety Council program.”

#lawfedi #taxfedi @law

https://news.bloomberglaw.com/tax-insights-and-commentary/week-in-insights-even-milk-cartons-had-a-tax-story-behind-them

This week I make the case that senior property tax relief is bad tax policy. Hear out the argument before you pelt me with rotten tomatoes.

"There’s no question some seniors struggle with rising property taxes, but they’re not unique. Policies aimed at ameliorating that pinch shouldn’t be at the expense of other groups similarly stuck between a rock and a high rate.”

#lawfedi #taxfedi #tax @law

https://news.bloombergtax.com/tax-insights-and-commentary/new-jersey-property-tax-relief-pits-babies-against-baby-boomers

Great piece by @taxgirl on inflated real estate tax assessments on mobile homeowners who, in Chester County PA, are typically farm workers. Must-read.

#lawfedi #taxfedi @law

https://www.forbes.com/sites/kellyphillipserb/2023/06/17/theres-no-place-like-a-fairly-taxed-home-even-if-its-a-trailer

The Week in Insights for this week touches on the cutting of funding to the IRS and why the Democrat's "no big deal" take may be problematic.

Thanks for your eyes and brains, as always!

#lawfedi @law #gop #taxfedi

https://news.bloombergtax.com/tax-insights-and-commentary/week-in-insights-why-irs-funding-matters-for-tax-morale

In this week's column I call for #data #privacy accountability at the #IRS in the new Direct File program. I also suggest an 11th entry into the Taxpayer Bill of Rights.

"Removing ... the amount of data flowing through for-profit harvesters is a step in the right direction, but data leaks are still a concern ... there’s no difference between one’s data being leaked accidentally and one’s data being sold intentionally”

#lawfedi #taxfedi #tax #gdpr #datarights @law

https://news.bloomberglaw.com/tax-insights-and-commentary/irs-direct-file-program-must-ensure-taxpayer-data-stays-secure

#Twitter is broken again. I'll send out another #lawfedi signal.

Anyone in the #law or #legal adjacent fields that is seeking respite from the birdsite on one of the general interest instances (i.e. mastodon.something): if you have the wherewithal (I know its a lot) https://esq.social is open and always looking for new faces in the Local Timeline.

We've been around a while and aren't going anywhere.

Hop on over! I'll help as much as I can -- just DM me.

@law #taxfedi #legaltech

Astounding these agreements are legal.

“Apple assigns its online purchases in the state of CA as though they were made within the confines of Cupertino, which allows the city to reap rewards via the 1% allocation …
The agreement outlines that 35% of that local portion that is returned to Cupertino is handed by the city to Apple—to the tune of $107.7 million since 1998.”

#apple #lawfedi #taxfedi @law

Apple’s Agreement With Cupertino Is Taxpayer-Fleecing Collusion |
https://news.bloomberglaw.com/us-law-week/apples-agreement-with-cupertino-is-taxpayer-fleecing-collusion

“For tax enforcement purposes, NLP has an application examining forms to determine keywords/phrases that may correlate with tax evasion. This can run the gamut from the types of things an individual is deducting to a particular phrase or common use of a set of terms that may indicate a quasi-tax shelter is at play.

...

AI is the future of auditing … the IRS must … ensure fairness for all taxpayers and limit knock-on effects.”

#taxfedi #lawfedi #ai #tax @law

https://news.bloombergtax.com/daily-tax-report/dear-irs-heres-where-you-should-spend-some-of-that-80-billion

“Lincoln said, ‘If you give me six hours to chop down a tree, I’ll spend the first four sharpening the axe.’ In the AI and ML context, if you gave me $47.4 billion to build a system to enhance auditing, I would spend the first $20 billion ensuring it could be done … with safeguards in place to avoid … pitfalls that have beset similar initiatives abroad.”

#ai #predictivemodeling #gpt #taxfedi #lawfedi

Dear IRS—Here’s Where You Should Spend Some of That $80 Billion | https://news.bloombergtax.com/daily-tax-report/dear-irs-heres-where-you-should-spend-some-of-that-80-billion

A quick piece on the Manhattan case against #Trump and the underlying #tax issue that may be at play.

"Through some tea-leaf reading and squinting … a pretty compelling argument can be made that if the payment to Stormy Daniels was indeed a hush money payment, and the reimbursement structure to Michael Cohen was as it has been suggested, then the scheme fraudulently induced tax authorities into becoming unwilling alibis to Donald Trump’s deception."

#lawfedi #taxfedi

https://andrewleahey.com/trump-indictment-and-the-underlying-fraud-against-tax-authorities/

Great episode by @gina as always.

Fri 4/7 - IRS $47b to Compliance, NYU Law Review Students Want to Get Paid, Thomas the Jetsetter and M&A Deals are Way Down

In today’s episode we have the #IRS allocating $47b to improve compliance, #NYU students on law review want to get paid, #ClarenceThomas is a jetsetter and M&A deals are way down.

#lawfedi @law #audit #taxfedi

https://www.minimumcomp.com/p/fri-47-irs-47b-to-compliance-nyu

Great piece in Bloomberg making sense of the underpinning tax implication in the #Trump indictment - by a smarter Andrew than I:

"Finally, because 'for tax purposes' usually means 'having the objective of reducing a tax liability,' the clear suggestion is that Bragg is alleging that someone took an illegal state income tax deduction for the hush payments, a potential 'tax fraud act' that can rise to a serious felony under New York’s tax law."

#lawfedi #taxfedi @law

https://news.bloombergtax.com/tax-insights-and-commentary/trumps-false-records-case-teeters-on-a-fragile-tax-platform

This isn't good. Seems like maybe these services shouldn't exist.

"IRS-authorized tax e-file software provider, eFile.com, was found serving JavaScript malware called 'popper.js,' containing a base64-encoded code that attempts to load JavaScript from a third party website.

...

The malware can allow full access to a device, providing the threat actor initial access to a corporate network for further attacks."

#malware #security #efile #irs #taxfedi #lawfedi @law

https://www.minimumcomp.com/p/thurs-46-chipotle-isnt-chipotle-efilecom

A lot of new folks joined the #fediverse in the last bit, and may be hopping on general-purpose instances. That's fine, but if you're a #law or #legal adjacent professional and looking for a purpose-run instance. We're here!

Us (general legal interest instance): https://esq.social

#Lawprofs (legal profs): https://mastodon.lawprofs.org

Law.builders. (#legaltech):
https://law.builders

@law #taxfedi #tax #lawfedi #lawyer #attorney

Bloomberg Tax looking for contributors. Feel free to reach out and I'll intro:

For January, we’re looking for pieces that deal with planning for the year. What should tax professionals be doing to get ready for tax season? How should they be preparing for the SEC’s annual release of Form 10-K reports? What trends should practitioners and their clients be aware of in 2023? How should they be handling the slew of year-end IRS guidance?

https://news.bloombergtax.com/tax-insights-and-commentary/week-in-insights-the-differences-are-what-make-us-better

@law #law #lawfedi #tax #taxfedi

Brazen #fraud if true:

"Lisa sent the family a fraudulent IRS 'closing agreement' reflecting an agreement ... to pay $3 million in taxes and penalties for the repatriated funds ... sent the family another fraudulent closing agreement reflecting an agreement ... to pay $2 million in taxes and penalties ... In fact, the IRS never entered into these agreements and the IRS employees who purportedly signed the documents never did so."

https://www.justice.gov/usao-nj/pr/jersey-city-attorney-charged-wire-fraud-and-aggravated-identity-theft

#lawfedi #taxfedi @law #law

R&D #tax credit lessons from Grigsby via @hollandking:

Grigsby’s company lost the case, but the court provided several important lessons for those claiming the credit. While these fundamental lessons aren’t complicated, they bear repeating:

Describe your business component, ensure your research is not funded, review your contracts carefully, and fix your mistakes.

https://news.bloombergtax.com/tax-insights-and-commentary/cajun-industries-case-yields-four-lessons-for-the-r-d-tax-credit

@law #lawfedi #law #tax #taxfedi #research #rd

I said 300 over the weekend or "by early week" -- I think I have to call it. Nearly made it, but 4pm on Wednesday is past the "early week" deadline I reckon.

https://esq.social -- me and 298 of my best friends.

#lawfedi #law #taxfedi #tax