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Texas Comptroller of Public Accounts Proposes Changes to Rule on Data Processing Services


The Texas Comptroller of Public Accounts is proposing amendments to Title 34 Tex. Admin. Code section 3.330, concerning data processing services, to clarify existing definitions, add new definitions, list examples of services that are included in and excluded from taxable data processing services, describe data processing that is not taxable, explain the incidence of the tax, and “update provisions related to the collection of local sales and use taxes on data processing services.

Comments on this proposal are due October 13, 2024.

Comptroller Proposed Rule Summaries


FinCEN Publishes Beneficial Ownership Reporting Outreach and Education Toolkit


The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued another resource to familiarize small business owners with beneficial ownership reporting requirements. These reporting requirements are mandated by the Corporate Transparency Act, a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. This law requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them.

The toolkit contains templates and sample content that has been structured to allow private, public, and non-profit organizations to share and amplify this important information. The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites, and emails; sample social media posts and images; and information on how to contact FinCEN.

News Release: https://www.fincen.gov/news/news-releases/fincen-publishes-beneficial-ownership-reporting-outreach-and-education-toolkit

Toolkit: https://www.fincen.gov/boi/toolkit

Chevron doctrine overturned: Implications for tax professionals


In this joint episode, Neil Amato, host of the Journal of Accountancy podcast and Melanie Lauridsen, VP of AICPA Tax Policy and Advocacy discuss two recent Supreme Court decisions.

The Supreme Court ruling in Loper Bright Enterprises v. Raimondo overturned a 40-year-old precedent of deference referred to as the Chevron doctrine, affecting future rulemaking by eliminating the need for judges to defer to agency interpretations of ambiguous statutes. In Corner Post, Inc. v. Board of Governors of the Federal Reserve System, the Supreme Court ruled to alter the statute of limitations for challenging regulations, starting the clock when a plaintiff is injured rather than when the regulation is enforced.

 

These decisions introduce significant uncertainty for the accounting profession, particularly regarding IRS regulations and long-standing rules and emphasize the need for CPAs to stay informed and adaptable as the implications of these rulings unfold.
Tax Section 

Final and proposed regulations issued on retirement plan RMDs


Please see the July 18, 2024, article in the Journal of Accountancy
The Triple Tax Check: Sales, Property, and Income Tax Considerations When Relocating

Are you thinking about relocating to a new city or state? Whether it’s for a career change, a better quality of life, or simply a fresh start, moving to a new place is an exciting adventure. However, it’s crucial to consider the financial aspects of your move. When relocating, don’t forget to factor in the sales tax, property tax, and income tax rates of your prospective destination. These three tax types can significantly impact your overall financial well-being.

The article below was provided by Shelley Girardin-Klatz with Johnson CPA
The Triple Tax Check

IRS Statement on balance due notices (CP14)


June 12, 2024

The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return.

Who is affected: Taxpayers who paid electronically or by check with their 2023 tax return, may show their accounts as pending, although the IRS has received and processed payment through their banking institution. The notice may have been initiated before the payment was processed on the account, or the payment may have been processed but contained errors and requires additional handling to address the error before updating the tax account.

No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible.

Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly by the IRS.

Taxpayers who paid only part of the tax reported due on their 2023 return should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives.

For affected taxpayers, the IRS apologizes for the inconvenience this delay in processing your payment has caused.



Tax planning for the TCJA's sunset

Because most individual tax provisions of the law known as the Tax Cuts and Jobs Act were temporary, now is a good time for taxpayers to incorporate into their tax planning strategies those provisions’ scheduled sunset at the end of 2025. The Tax Adviser (12/2023)


The Tax Advisor

Congratulations

Frank Sands, CPA, former TACPA President and current NCCPAP President, was recently named to Accounting Today's 2023 Top 100 Most Influential People.

Members of other NCCPAP chapters making the Top 100 list are
Steve Mankoski and Carl Peterson

Congratulations!
Accounting Today