Tax Section Odyssey
Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.
info_outline
From filing cabinets to cloud — Records management in the digital age
05/02/2024
From filing cabinets to cloud — Records management in the digital age
Mark Gallegos, CPA, MST, Partner — Porte Brown LLC, discusses the importance of having processes around retaining documents for accounting firms as well as advising clients on what information is important for them to maintain. It is imperative to manage files in an efficient manner, and, often, there are different considerations for physical storage versus digital storage. AICPA resources — Having a written document retention policy for your firm is a must-do along with advising clients on taxpayer record retention. — Formalize your tax firm’s policies about retaining documents related to firm operations and client records. — Explore tools to manage a more efficient tax practice, enhance your operations, add value to your service offerings and reinforce client relationships. For a full transcript, see
/episode/index/show/taxodyssey/id/31094168
info_outline
A radical approach to client relationship building
04/18/2024
A radical approach to client relationship building
In this episode, listen to a conversation with Jody Padar, the Radical CPA, about the evolving role of CPAs in the face of technological advancements. Jody emphasizes the need for proactive communication, year-round tax planning, and restructuring business models to prioritize client needs so that CPAs can maintain their relevance in the accounting industry. To learn more about Jody and her new book coming out soon, please visit her . AICPA resources — Tackle today’s top practice management issues with insights and tips from pioneers in the tax community. — “Transform” indicates a dynamic but collaborative change that our business models will support. This concept invites firms to join the discussion and explore their businesses through the lens of the five focus areas. For a full transcript, see
/episode/index/show/taxodyssey/id/30891133
info_outline
Deadline Dilemmas: Navigating Tax Extensions and Risks
04/04/2024
Deadline Dilemmas: Navigating Tax Extensions and Risks
the new Director of the AICPA & CIMA’s Tax Practice & Ethics team joins the podcast to discuss the importance of clear communication with clients, especially during the tax filing season. Liz emphasizes the need for valid contracts and signed engagement letters before filing extensions. Common risks and pitfalls associated with not having them in place include improperly filed extensions, missed deadlines, fee disputes and potential loss of revenue. Sharing her passion for safeguarding the profession and futureproofing it for upcoming generations, she is focused on initiatives to recruit, retain and support young practitioners. AICPA resources — Understand the importance of establishing parameters of client relationships and detail the scope of services to be provided. — Do you have clients who are hesitant about filing an extension to file their tax return? Communicate the who, what, when and how to ease their minds. — Engagement letters, organizers, checklists and practice guides help you manage your tax season workflow — Access the AICPA’s central hub for guidance, tools and developments throughout the tax filing season.
/episode/index/show/taxodyssey/id/30682798
info_outline
Digital asset playbook: Part 3 — Reporting requirements
03/21/2024
Digital asset playbook: Part 3 — Reporting requirements
Steve Turanchik from the AICPA’s Digital Assets Tax Task Force discusses upcoming reporting requirements for digital assets. Sec. 6045 will require brokers to report transactions involving digital assets, similar to how they report securities transactions currently. This is meant to combat anonymity concerns and improve tax compliance. However, the reporting rules have been delayed multiple times. The AICPA continues advocacy efforts in this area, providing comments to highlight issues and gaps in reporting requirements. AICPA resources — This hub is your go-to library for AICPA guidance and resources as well as current legislation, IRS initiatives and tax advocacy projects. . Advocacy · , March 4, 2023 · , Nov. 8, 2023 · , Oct. 28, 2022 Other resources — Recently redesigned page to provide the latest IRS information on digital assets Jan. 16, 2024 For full transcript of the episode, visit
/episode/index/show/taxodyssey/id/30480268
info_outline
Clearing up BOI confusion and other tax advocacy updates
03/14/2024
Clearing up BOI confusion and other tax advocacy updates
Melanie Lauridsen, AICPA & CIMA VP of Tax Policy & Advocacy, provides an update on several key tax initiatives that are top of mind right now. Highlights include the latest updates on beneficial ownership interest (BOI) reporting as well as what to expect from pending tax legislation. AICPA resources , The Tax Adviser, March 12, 2024 , The Tax Adviser, March 5, 2024 , The Tax Adviser, March 5, 2024 — Access resources to learn about the beneficial ownership information reporting requirement under FinCEN’s Corporate Transparency Act (CTA). — Share some considerations with your clients as the potential for a government shutdown looms, and IRS services will be affected during tax season. For full transcript of the episode, visit
/episode/index/show/taxodyssey/id/30377193
info_outline
What's under the hood — Superseded returns
03/07/2024
What's under the hood — Superseded returns
Superseded returns — essentially a replacement for an originally filed tax return — can be a useful tool, especially as it relates to partnership returns which operate in the centralized partnership audit regime (CPAR). Learn more about when these “do-over returns” should be considered and what implications they may have for statutes of limitations. AICPA resources , July 1, 2021, The Tax Adviser — Gain answers to frequently asked questions about the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA). Other resources — Information from the IRS on filing a superseded return electronically For full transcript of the episode, visit
/episode/index/show/taxodyssey/id/30277153
info_outline
Digital asset playbook: Part 2 — The loss ledger
02/22/2024
Digital asset playbook: Part 2 — The loss ledger
The tax treatment for digital asset losses can be a complex area. Not to mention, misleading information can cause confusion for tax practitioners and taxpayers alike. Learn more about the intricacies of how realized digital asset losses are reported and why it likely makes sense to avoid having the digital asset be considered worthless or abandoned based on the current tax treatment. AICPA resources —This hub is your go-to library for AICPA guidance and resources as well as current legislation, IRS initiatives and tax advocacy project — With the prevalence of recent virtual currency exchange bankruptcies and digital asset volatility, taxpayers may have misconceptions on reporting tax losses. , April 14, 2023 Other resources — Memorandum that addresses the applicability of IRS Sec. 165 to cryptocurrency that has declined in value — Resources and guidance available on the IRS.gov website For a full transcript of the episode, see
/episode/index/show/taxodyssey/id/30072528
info_outline
Digital asset playbook: Part 1 — Questions and misconceptions
02/08/2024
Digital asset playbook: Part 1 — Questions and misconceptions
Misconceptions about digital asset tax compliance are common. With business tax returns now requiring taxpayers to affirm their taxable digital asset transactions, it is even more important to ask the right questions. Educating yourself and your clients in this area is important to fulfill your due diligence requirements as a tax practitioner. AICPA resources —This hub is your go-to library for AICPA guidance and resources as well as current legislation, IRS initiatives and tax advocacy projects. — Before accepting clients that are engaged in digital asset activities, there are certain questions CPA practitioners should have answers to. Advocacy , Nov. 8, 2023 , Sept. 8, 2023 , July 28, 2023 Other resources — Resources and guidance available on the IRS.gov website For full transcript of the episodes, see
/episode/index/show/taxodyssey/id/29857648
info_outline
Worker classification 101 and the risks of misclassification
01/26/2024
Worker classification 101 and the risks of misclassification
Daniel Moore, CPA, Owner — D.T. Moore and Company, LLC, discusses the recent Department of Labor rule on determining the classification of workers as either employees or independent contractors under the Fair Labor Standards Act. He also highlights the potential legal and financial risks associated with worker misclassification. The rule, effective on March 11, 2024, aims to align with judicial precedents, reduce misclassification risks and offer more flexibility for businesses engaging with independent contractors. Factors for worker classification under this rule are: Opportunity for profit or loss that a worker might have Investments of resources by the worker and potential employer Degree of permanence of the work relationship Nature and degree of control an employer has over the work Extent to which the work is integral to the employer's business Skill and initiative of the worker Dan highlights the importance of considering both IRS and Department of Labor rules when advising clients on worker classification and how to best communicate this change to clients. AICPA resources · — Access the AICPA’s central hub for guidance, tools and developments throughout the tax filing season. · , Journal of Accountancy, Jan. 10, 2024 Other resources · — Department of Labor (DOL) rule
/episode/index/show/taxodyssey/id/29668678
info_outline
Tax time toolkit – Navigating the start of filing season
01/18/2024
Tax time toolkit – Navigating the start of filing season
On this podcast, Mark Gallegos, a partner at Porte Brown, provides advice for getting ready for tax season. He discusses the importance of preparing staff, communicating with clients, managing workloads, taking care of yourself, and setting expectations. With the right preparation and mindset, the next few months leading up to April 15 don't have to be too difficult. AICPA resources — Access the AICPA’s central hub for guidance, tools and developments throughout the tax filing season. — Access resources to learn about the beneficial ownership information reporting requirement under FinCEN’s Corporate Transparency Act (CTA).
/episode/index/show/taxodyssey/id/29549233
info_outline
Traversing the beneficial ownership information reporting requirements
12/20/2023
Traversing the beneficial ownership information reporting requirements
The Corporate Transparency Act (CTA), enacted Jan. 1, 2021, requires many entities to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) beginning in January 2024. Its goal is to increase transparency about who owns or controls an entity and deter money laundering activities. Tune in to this podcast episode to hear from Melanie Lauridsen, Vice President, Tax Policy & Advocacy — AICPA & CIMA, Roger Harris, President and COO — Padgett Business Services, and Larry Gray, Owner —Alfermann Gray & Co LLC, on the latest with regards to BOI reporting. What you’ll learn in this episode Background on BOI reporting (0:57) Professional risks associated with completing BOI reports for clients (1:50) Advice for CPAs considering an engagement (3:58) Roger’s take on the unauthorized practice of law (UPL) (5:32) Larry’s view on how he’s handling this UPL (7:33) How to communicate to clients about BOI reporting (11:00) Recommendations on managing risks (13:51) How to relay changes that would impact reports to clients (16:40) FAQ from fellow practitioners (19:02) Final thoughts (25:13) AICPA resources — Access resources to learn about the beneficial ownership information reporting requirement under CTA. – Risk alert from AON, issued Oct. 17, 2023, and updated Nov. 30, 2023. Other resources — Access FinCEN’s comprehensive information on BOI reporting, including a reporting rule fact sheet, FAQ and newsroom. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/29172103
info_outline
Finding harmony between soft and technical skills in a digital world
12/14/2023
Finding harmony between soft and technical skills in a digital world
Marna Ricker, Global Vice Chair, Tax — EY, has held various leadership roles including most recently the EY Americas Vice Chair – Tax. She engages and inspires her team to provide unique client experiences and create digitally enabled services. On this podcast episode, Marna shares her insights on how to blend and balance soft skills with technical skills — touching on how to develop each set and how emerging technologies influence future accounting professionals. What you’ll learn in this episode How the tax industry has evolved over the years and advice Marna would give to her younger self (1:15) Key skills leaders are looking for in employees today (4:15) Can soft skills be learned? (6:18) Balancing technical changes while also developing leadership skills (8:23) How artificial intelligence (AI) is set to influence tax professionals’ skills (10:52) Final thoughts (16:00) A page from Marna’s travel journal (17:15) AICPA resources — Tackle today’s top practice management issues with insights and tips from pioneers in the tax community. The Reimagining Your Tax Practice webcast series will tackle these issues and more in a Q&A roundtable series with tax pioneers from the profession. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/29081433
info_outline
All eyes on Moore v. U.S. plus a history lesson on tax cases
11/22/2023
All eyes on Moore v. U.S. plus a history lesson on tax cases
In 2017, Congress made several permanent changes to the taxation of foreign earnings with the enactment of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97 . The TCJA imposed a deemed repatriation (Sec. 965). In the Moore v. United States case, the constitutionality of this policy is being challenged. Listen to Tony Nitti, CPA, Tax Partner — EY, and Damien Martin, CPA, Tax Partner — EY, discuss the pending case live from the 2023 AICPA & CIMA National Tax & Sophisticated Tax Conference, as well as the top tax cases of all time. What you’ll learn in this episode Background on the case and case law history involving U.S. taxation (0:44) Deeper dive into the history of U.S. tax law (11:41) Hylton v. United States, 3 U.S. (3 Dall.) 171 (1796) (20:38) Temporary income tax enactment (23:47) Pollock v. Farmers’ Loan & Trust Company, 157 U.S. 429 (1895) (26:06) 16th Amendment (28:36) Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955) (34:13) Lead up to the Moore case (35:20) Advice for how to explain the Moore case to clients (41:24) IRS resources — IRS webpage detailing Sec. 965, including an overview, what taxpayers are impacted and what potentially impacted taxpayers need to know. Other resources — Case whether the 16th amendment authorizes Congress to tax unrealized sums without apportionment among the states.
/episode/index/show/taxodyssey/id/28756768
info_outline
Sifting through ERC questions | Tax Section Odyssey
11/09/2023
Sifting through ERC questions | Tax Section Odyssey
The employee retention credit (ERC) continues to be a topic of conversation amongst taxpayers and their trusted advisers. Now that the IRS has placed an immediate moratorium on processing new claims to at least the end of 2023, additional considerations and challenges have manifested. , chats with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, and shares best practices for navigating the current ERC environment. What you’ll learn in this episode Current ERC developments and how Justin is assisting his clients (0:50) Tips for taxpayers who have already claimed the ERC (4:55) How to advise clients contemplating withdrawing their claim (10:31) Advice for helping clients that have not yet filed for the ERC (16:22) Statute of limitation issues and recommendations to consider (19:50) Office of Professional Responsibilities (OPR) guidance around professional responsibilities around claims (26:23) What Justin is seeing in ERC examinations (33:05) Final thoughts (41:34) A page from Justin’s travel journal (43:45) Related resources — The rules to be eligible to take this refundable payroll tax credit are complex. This AICPA resource library will help you understand both the retroactive 2020 credit and the 2021 credit. — October 16 has sunset. Tune in to this podcast to hear fellow CPA practitioner Brandon Lagarde’s experience with the 2023 extension season and what to expect in 2024. — Use this guide to educate yourself and others on common misconceptions surrounding the ERC. — Download the ERC decision tree to help you with various decision points when working with clients to protect yourself/your firm from significant risk. IRS resources — IRS news release on Sept. 14, 2023, ordering the immediate stop to new ERC claim processing. — IRS hub for ERC information, including links to guidance, FAQs and the latest news. — IRS chart is used to help taxpayers figure out if they may be eligible for the credit. Use this chart if you are considering claiming the credit or have already submitted a claim to the IRS.
/episode/index/show/taxodyssey/id/28566523
info_outline
Looking back at 2023 and looking ahead to 2024
10/26/2023
Looking back at 2023 and looking ahead to 2024
October 16 is in the rearview mirror. Brandon Lagarde, CPA, JD, LLM, Partner — EisnerAmper, chats with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, to review what went well during the extension tax season and what to look forward to in 2024. What you’ll learn in this episode 2023 tax extension season highlights (0:58) Challenges and concerns to think about for 2024 (3:05) What’s keeping Brandon up at night (7:30) Sneak peek of the National Tax & Sophisticated Tax Conference (10:13) Final thoughts (14:24) A page from Brandon’s travel journal (15:35) Related resources — This premier conference provides tax experts with the latest updates and information on new regulations. Your team will hear from IRS executives on current challenges and opportunities. Use promo code NTA150 at checkout to save $150 (exclusions apply). — Engagement letters, organizers, checklists and practice guides help you manage your tax season workflow and excel as a tax and financial planning adviser. — With constant changes to the tax landscape, being prepared for tax season is critical for success. Set yourself up for a smoother filing season by tapping into the wealth of AICPA and Tax Section resources. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/28430387
info_outline
Chronicles of an M&A tax professional
09/20/2023
Chronicles of an M&A tax professional
The tax profession offers a myriad of potential paths to a successful, satisfying and rewarding career. On this episode, listen in as Will Weatherford, CPA, Managing Director — Transaction Advisory Services, Forvis, and Teri Hanson, Managing Director — Alvarez & Marsal Tax, LLC, share their perspectives of what it’s like to be in the mergers and acquisitions (M&A) tax niche from both a federal and state perspective. What you’ll learn in this episode A day in the life of an M&A tax professional (0:58) Steps when starting an engagement (4:20) Red flags and lessons learned (9:24) Saving the day (12:02) Reflections — past and future (16:31) Career drivers (17:14) Pages from Will and Teri’s travel journals (21:18) AICPA resources — Browse the reference library for the latest guidance and tools to address your state and local tax needs. Navigate to the interactive U.S. map to reference taxes imposed, tax rates, due dates, tax forms and more. View the SALT resources index for additional resources by topic. — Learn about state tax nexus including the many types of nexus (affiliate, economic, click-through, cookie, etc.), the physical presence standard and more. — Access a comprehensive checklist about state tax nexus considerations involving income, franchise, sales and use taxes. — On this podcast episode, Tony Nitti, CPA, Partner — National Tax, EY discusses Rev. Proc. 2022-19, which provides procedures to allow S corporations and their shareholders to resolve frequently encountered issues without requesting a PLR. — The U.S. Supreme Court ruling in South Dakota v. Wayfair, Inc. opens the door for possible economic nexus issues. Use this letter to initiate client planning. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/28096955
info_outline
ERC suspended: What happens next
09/15/2023
ERC suspended: What happens next
On Sept. 14, 2023, in release , the IRS suspended the processing of new ERC claims to combat the prevalent fraud occurring. These measures will help to protect small businesses and aim to stop fraud by promoters of ERC mills. In this episode, Kris Esposito, Director — Tax Policy & Advocacy, AICPA & CIMA, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, to discuss this important news development and break down the details of the announcement. What you’ll learn in this episode Highlights of the announcement (1:24) How to find if submitted claims have been processed (3:53) When will recently submitted claims be processed? (4:41) Number of claims currently in the audit process (5:45) Client talking points (6:22) Available resources (7:38) Kris’ final thoughts (9:07) AICPA resources — The rules to be eligible to take this refundable payroll tax credit are complex. This AICPA resource library will help you understand both the retroactive 2020 credit and the 2021 credit. — Use this guide to educate yourself and others on common misconceptions surrounding the ERC. — Download the ERC decision tree to help you with various decision points when working with clients to protect yourself/your firm from significant risk. IRS resources — IRS news release on Sept. 14, 2023, ordering the immediate stop to new ERC claim processing. — IRS hub for ERC information, including links to guidance, FAQs and the latest news. — This IRS question-and-answer chart is used to help taxpayers figure out if they may be eligible for the credit. Use this chart if you are considering claiming the credit or have already submitted a claim to the IRS. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/28040937
info_outline
Understanding cybersecurity insurance (and why you need it)
09/06/2023
Understanding cybersecurity insurance (and why you need it)
In this episode, Rudy Rudolph, Executive AICPA Risk Advisor — AON, and April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, discuss how data breaches can cause acute and lasting issues to victims. Small businesses are often easy targets for cyber criminals because they typically have less security in place than larger companies. A customized cybersecurity insurance policy can help mitigate risks and provide coverage in an evolving market to protect your organization. What you’ll learn in this episode Questions companies need to ask about cyber security insurance (0:59) The most common types of cyber attacks (3:56) Usual misconceptions about cybersecurity (6:14) Types of costs that cyber insurance covers (8:37) Items not generally covered by cybersecurity insurance (11:12) Insurance consequences of not following your own cybersecurity policies (13:27) Rudy’s final thoughts (15:35) A page from Rudy’s travel journal (17:23) AICPA resources — Learn about general, preventative and reactive data security tips to implement to keep data protected from identity theft. — AON’s brokerage team understands the risks and how to arrange coverage in an evolving market. It’s not one-size-fits-all, so AON teams with you to create a custom cyber insurance policy fit for your organization. — In this podcast, Ashley Grover, Cybersecurity Threat Intelligence Analyst — Sylint, discusses how the cyber threat landscape continues to change rapidly. Keeping up with the latest cybersecurity trends is vital to not fall victim to attacks and data theft. — The GLBA Act requires financial institutions to have a written information security plan. Use this template to document your firm’s policies. — Provide this checklist to clients to help them appropriately and efficiently address identity theft issues and access additional resources. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/27960447
info_outline
Red flags and green lights when buying a CPA practice
08/23/2023
Red flags and green lights when buying a CPA practice
In this episode, Mike Whitmore, CPA, Shareholder — HMA CPA, a member of the AICPA Tax Practice Management Committee, chats with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, about a checklist of items to consider when in the market for acquiring a CPA firm. He highlights red flags to look out for and green lights that signal a firm is a “go” for acquisition, and what due diligence is needed to ensure the perfect fit. What you’ll learn in this episode The most crucial due diligence aspect when shopping for a CPA firm (2:08) Ideal time commitment you should dedicate to the due diligence stage (7:52) Red flags to watch out for (9:43) Green lights to follow (13:00) Lessons learned and a real-life example (16:07) A page from Mike’s travel journal (18:54) AICPA resources — The AICPA Tax Section provides the guidance and tools you need to manage a successful tax practice and maintain the highest level of ethical standards in tax. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/27832362
info_outline
Questions to ask clients about digital asset activities
08/11/2023
Questions to ask clients about digital asset activities
In this episode two members of the AICPA , Nik Fahrer, CPA, Senior Manager, National Tax Professional Standards Group — FORVIS, and Robert Tobey, CPA, Partner — REID CPAs, LLP, share their expertise with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, on how to vet potential clients with digital asset activities, including questions to ask, as well as how to gain more expertise in this evolving field. What you’ll learn in this episode Expertise tax practitioners need to be proficient in the digital asset field (0:55) Best places and ways to gain digital asset tax expertise (3:00) Examples of processes and procedures to set in place before accepting a client with digital asset activities (5:59) Record keeping responsibilities (14:05) Red flags (15:04) Highlights from Rev. Rul. 2023-14 (16:41) Current projects of the VCDATTF (18:36) Final thoughts (20:48) Related resources — IRS webpage explaining virtual currency questions and answers. AICPA resources — Sharpen your tax knowledge on digital assets and understand the tax complexities and strategies involved with virtual currency and cryptocurrency. This hub is your go-to library for AICPA guidance and resources as well as current legislative and IRS initiatives and projects the VCDATTF is monitoring. — With the prevalence of recent virtual currency exchange bankruptcies and digital asset volatility, taxpayers may have misconceptions on reporting tax losses. — The ruling provides that cash-method taxpayers who stake cryptocurrency native to a proof-of-stake blockchain and receive additional units of cryptocurrency when validation occurs (i.e., validation rewards) must include the fair market value (FMV) of proof-of-stake validation rewards in their gross income for the tax year in which they gain dominion and control over the validation rewards. — The AICPA submitted comments on the digital asset question that is first appearing on the draft 2023 Forms 1065, U.S. Return of Partnership Income (version dated June 23, 2023); 1120, U.S. Corporation Income Tax Return (version dated June 2, 2023); and 1120-S, U.S. Income Tax Return for an S Corporation (version dated June 22, 2023). The AICPA also commented on the draft 2023 Form 1040, U.S. Individual Income Tax Return (version dated June 22, 2023), digital asset question. — The AICPA submitted comments on Notice 2023-27 on the treatment of certain non-fungible tokens (NFTs) as collectibles. The AICPA is requesting that Treasury and the IRS provide further guidance on the issues suggested in our comments. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/27728025
info_outline
Recruit, retain and repeat
07/25/2023
Recruit, retain and repeat
In this episode, Tim O'Neill, CPA, Senior Tax Manager — Wipfli LLP, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, live from ENGAGE 2023 to discuss the current environment for recruitment and retention of employees in tax and how to build deeper connections with staff to help them feel more invested in their organizations. What you’ll learn in this episode Strategies for employee retention and engagement (1:01) Differences between a “manager” and a “leader” (2:48) What it means to prioritize outcomes vs. outputs (5:04) The notion of no more timesheets (7:20) Final thoughts (8:05) A page from Tim’s travel journal (9:31) Related resources — The AICPA Tax Section provides the guidance and tools you need to manage a successful tax practice and maintain the highest level of ethical standards in tax. — Tackle today’s top practice management issues with insights and tips from pioneers in the tax community. The Reimagining Your Tax Practice webcast series will tackle these issues and more in a Q&A roundtable series with tax pioneers from the profession. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/27565671
info_outline
S corps and Revenue Ruling 2008-18 F reorgs with Tony Nitti
07/12/2023
S corps and Revenue Ruling 2008-18 F reorgs with Tony Nitti
In this episode Tony Nitti, CPA, Partner — National Tax, EY, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, live from ENGAGE 2023 to discuss S corporations and Rev. Rul. 2008-18, delving into S corporation reorganizations. What you’ll learn in this episode Overview and applicability (1:56) Hypothetical example (3:14) Review of Rev. Proc. 2022-19 and fixes to prevent invalid S elections (8:58) The extra step when an S Corp owns 100% of a QSub (15:33) Relevant articles from The Tax Adviser (24:40) A page from Tony’s travel journal (24:56) Related resources — Postulates two situations in which an S corporation becomes a qualified subchapter S subsidiary (QSub) of a newly formed corporation that will qualify as an F reorganization. The ruling also provides new guidance on the proper employer identification number (EIN) to be used by the entities in each situation. — The Tax Adviser, Sept. 1, 2020 — Rev. Proc. 2022-19 provides procedures to allow S corporations and their shareholders to resolve frequently encountered issues without requesting a PLR. . Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/27444648
info_outline
Disrupting your technology with Jason Staats
06/15/2023
Disrupting your technology with Jason Staats
In this episode Jason Staats, CPA, MBA, Firm Runner and Content Creator — Realize, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, live from ENGAGE 2023 to highlight the fast-paced world of transformational technology and its prominent impact on the accounting profession. He explores how emerging technologies including artificial intelligence (AI) are not only changing the way things are done but also redefining the rules of the game. What you’ll learn in this episode Getting started with cutting-edge technology (1:30) Tips from a practice management standpoint (3:17) Ways firms can incorporate AI such as ChatGPT (5:26) Tips for memo and email enhancements (8:28) The optimal time to incorporate/upgrade technology (10:05) Jason’s parting thoughts (12:09) A page from Donny’s travel journal (12:56) Related resources — Jason Staats talks about how to build calm, sustainable accounting firms. — AI is transformational for the tax profession. In this Tax Section Odyssey episode Ashley Francis, CPA, shares her experience with ChatGPT and BingAI. — Technology is evolving at an unprecedented speed and affects each of us in almost all facets of life and business. This hub provides you with access to the latest technology information, tools and resources to best serve your clients or support the organization where you work. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/27160017
info_outline
Accounting transformation with Donny Shimamoto
06/01/2023
Accounting transformation with Donny Shimamoto
The future of accounting continues to require more automated processes and less transactional work, and accountants will be expected to lead the charge. More and more, accountants rely on cloud software and artificial intelligence and boost their soft skills and leadership prowess to excel in the profession. Additionally, with cybersecurity threats on the rise, being proactive before a cyber incident happens is key — understanding potential threats, identifying vulnerabilities and planning around security optimization. Adherence to cybersecurity frameworks will continue to be important, and financial institutions must comply with the Safeguards Rule as set forth by the Federal Trade Commission (FTC). Although updates to the Safeguards Rule are set to take effect on June 9, 2023, the requirement for each financial institution to implement an information security program has been in effect since May 23, 2003. Listen in as Donny C. Shimamoto, CPA/CITP, CGMA, Owner — IntrapriseTechKnowlogies LLC, chats with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, on these topics and highlights the latest with regards to written information security plans as well as learning, networking and research opportunities available to practitioners. What you’ll learn in this episode Takeaways from the recent webcast: Tax Practice Quarterly: Cutting-Edge Cybersecurity in 2023 (1:20) Q&A available with the webcast archive (3:53) Preview of Donny’s session at the upcoming ENGAGE 2023 conference (4:41) Center for Accounting Transformation research surveys (8:03) A page from Donny’s travel journal (13:00) Related resources — ENGAGE 23 will help you evolve by turning the pace of change from a challenge to an opportunity. With nine tracks of expert content, you’ll gain exclusive insights, develop practical skills and walk away with tangible guidance to evolve at your own pace. Join us in June at the ARIA in Las Vegas or live online. — The Gramm-Leach-Bliley Act requires financial institutions to have a written information security plan. Use this template to document your firm’s policies. — Jeffrey Birnbach, Senior Partner & Managing Director — Sylint, and Donny C. Shimamoto, CPA/CITP, CGMA, Founder & Managing Director — IntrapriseTechKnowlogies LLC, provided practical advice on mitigating cybersecurity incidents and protecting data privacy in this recent webcast from May 2023. Center for Accounting Transformation is conducting research on two important topics. Voice your opinions in the and . Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/27010062
info_outline
The 5 Ws of beneficial ownership information (BOI) reporting
05/17/2023
The 5 Ws of beneficial ownership information (BOI) reporting
Starting Jan. 1, 2024, most companies created in or registered to do business in the U.S. will need to report information on their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). In 2024, 32.6 million entities should submit their initial BOI reports with approximately 5 million initial BOI reports filed each year thereafter. The AICPA, as part of a to taxpayers and practitioners. Listen in as Art Auerbach, CPA and Andy Mattson, CPA, Tax Partner — Moss Adams LLP, delve into the 5 Ws (who, what, where, when and why) of BOI reporting with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA to help raise awareness that is critically needed. What you’ll learn in this episode Why is BOI important? (0:54) Who must file and who is exempt? (2:55) When must entities file? (8:01) What are the reporting obligations? (11:04) Where to file (what agency) and other concerns, including the potential for unauthorized practice of law? (15:00) Resources to help (21:59) Final thoughts (22:32) A page from Art and Andy’s travel journals (24:56) Related resources — Access resources (FAQs, summary of data fields, advocacy efforts, etc.) to learn about the BOI reporting requirement under FinCEN’s CTA. — FinCEN resources on reporting requirements, fact sheets and FAQ. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/26867652
info_outline
The digital download — ChatGPT, AI and data security
05/03/2023
The digital download — ChatGPT, AI and data security
Artificial intelligence (AI) is the simulation of human intelligence by machines, and the applications for use are rapidly increasing each day. Chatbots such as ChatGPT and BingAI are at the forefront of this movement, but Ashley Francis, CPA, Owner — The Francis Group, PLLC, notes that more than 1,500 similar AI were released in the past week. Listen in as Ashley shares more insights with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, including how AI is positioned to transform the future of tax compliance. What you’ll learn in this episode Why the time is ripe for AI and why it creates both excitement and anxiety (0:48) Other players on the scene besides ChatGPT (5:03) The more exciting implications of AI for tax practitioners (9:07) Is this just a fad? (13:52) Tips for getting started (16:29) How to create a helpful prompt (19:48) Data security concerns, legal and ethical concerns and tips for risk mitigation (26:18) A page from Ashley’s travel journal (30:05) Related resources — At The Francis Group, Ashley offers expert technical services and personalized service to sophisticated taxpayers and family entities with high net worth. Ashley can also be found on . — June 5–8, 2023 (live onsite at Aria Resort & Casino, Las Vegas, NV, or online), will help you evolve by turning the pace of change from a challenge to an opportunity. With nine tracks of expert content, you’ll gain exclusive insights, develop practical skills and walk away with tangible guidance to evolve at your own pace. — Technology is evolving at an unprecedented speed and affects each of us in almost all facets of life and business. This hub provides you with access to the latest technology information, tools and resources to best serve your clients or support the organization where you work. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/26734983
info_outline
The pizza tracker protocol for tax season and other solutions
04/19/2023
The pizza tracker protocol for tax season and other solutions
April 18 marks the close of tax season 2023. This is a time for many practitioners to reflect on the past few months and decide what went well and what could be improved for future tax seasons ahead. Nicole Davis, CPA, has one word to encapsulate this tax season. She also shares her wins and challenges along with solutions she implemented including the pizza tracker protocol and videos. What you’ll learn in this episode Tax season 2023 defined in one word (1.24) Changes/improvements that made a difference (2.35) Advantages of using a tax process explainer video (5.25) The pizza tracker tool (8.05) Tax practice management software Nicole uses (10.55) Challenges and lessons learned (12.09) Nicole’s take on IRS service level (16.21) Final thoughts (18.01) A page from Nicole’s travel journal (20.15) Related resources – With constant changes to the tax landscape, being prepared for tax season is critical for success. Set yourself up for a smoother filing season by tapping into the wealth of AICPA and Tax Section resources. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/26590110
info_outline
Employee retention credit and professional responsibilities
04/06/2023
Employee retention credit and professional responsibilities
The employee retention credit (ERC), established in 2020 by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, a refundable tax credit for businesses that paid employees while they were shut down due to the COVID-19 pandemic or had significant declines in gross receipts for the period between March 13, 2020, and Dec. 31, 2021, continues to be front and center on the minds of taxpayers and CPA practitioners. In response to requests from practitioners given the slew of ERC “mills,” the Office of Professional Responsibility (OPR) provided guidance on clients' claims for the ERC on returns prepared by others. The OPR said in that practitioners want to be sure that "they are meeting their Circular 230 professional responsibilities and the standards required to prepare and sign original tax returns, amended returns, or claims for refund" related to the ERC. The OPR administers and enforces , Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10). On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, discusses the latest in the world of ERC with Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, and Dan Chodan, CPA, Partner — Trout CPA. What you’ll learn in this episode Where things can go wrong in considering ERC eligibility (1.45) Red flags to watch out for when considering third-party ERC providers (5.00) IRS audit procedures and examinations of the ERC, including real-time information document request (IDR) examples (7.33) The OPR bulletin, Circular 230 and Statements on Standards for Tax Services (SSTSs) (12.44) Level of “auditing” a tax practitioner needs to do to examine third-party ERC calculations (17.56) The importance of ERC documentation and how to put numbers behind examples to hit home with clients (23.07) Final thoughts (29.57) Related resources — The rules to be eligible to take this refundable payroll tax credit are complex. This resource library will help you understand both the retroactive 2020 credit and the 2021 credit. — Alert wherein ORP advised that to fulfill their professional obligations to clients and to tax administration, practitioners — attorneys, CPAs, and enrolled agents — must meet the applicable provisions of Circular 230. — Tax standards are the foundation for validating reputational integrity in the tax profession. These SSTSs are the enforceable tax practice standards for members of the AICPA. — Guidance, information, practice aids and other resources related to Circular 230, which govern a CPA’s practice before the IRS. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser
/episode/index/show/taxodyssey/id/26467737
info_outline
Behind the scenes of disaster tax relief
03/23/2023
Behind the scenes of disaster tax relief
Natural disasters create a great deal of anxiety for all involved. Disaster tax relief in the form of tax return delays and casualty loss provisions are meant to ease some of that anxiety, but uncertainty surrounding some of the relief can cause confusion. On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, goes behind the scenes with Jerry Schreiber, CPA, partner at Schreiber & Schreiber in Louisiana, dubbed the “Master of Disaster,” and Adam Silva, senior manager at Crowe LLP. What you’ll learn in this episode Distinction between a “qualified disaster loss” and a disaster loss (1:02) Refund claims when they occur during a postponement of filing due dates (5:00) How to indicate to the IRS that a return is being filed under disaster relief (9:47) AICPA advocacy efforts related to disaster relief (13:41) Related resources , The Tax Adviser, March 1, 2023 — Provides resources and guidance regarding the disaster relief process as well as answers to frequently asked questions (FAQs) concerning disaster, casualty or theft losses and how these events may impact a client’s tax returns and business affairs. — AICPA submitted comments to Treasury and IRS requesting that the IRS apply the relief given in Notice 2023-21 regarding the lookback period for allowing tax credits or refunds to all federally declared disasters. — The “Master of Disaster,” Jerry Schreiber, CPA and Amy Miller, JD, CPA from the AICPA discuss tax-related disaster relief and resources to aid in recovery in this podcast episode. — With constant changes to the tax landscape, being prepared for tax season is critical for success. Set yourself up for a smoother filing season by tapping into the wealth of AICPA and Tax Section resources. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/26317266
info_outline
Tax season pulse check — ChatGPT, 1099-K and digital assets
03/09/2023
Tax season pulse check — ChatGPT, 1099-K and digital assets
Another busy season is upon the profession. With several tumultuous tax seasons in the recent past, the 2023 tax filing season is shaping up to be relatively normal, a welcomed changed for taxpayers, tax practitioners and the IRS. Normalcy doesn’t exactly equate to status quo, however. There are new rules, new guidance releases as well as established items with newfound scrutiny that practitioners and taxpayers need to be aware of. On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, conducts a tax season pulse check with Annette Nellen, CPA, CGMA, Esq., Tax Professor — MST Program at San Jose State University, and a past Chair of the AICPA Tax Executive Committee, touching on some key topics in the tax arena that are currently noteworthy. What you’ll learn in this episode Latest in virtual currency/digital assets and the most recent AICPA comment letter (1.02) Confusion around “worthless” virtual currency (4.17) Practical discussion on the Form 1099-K and the transition year (13.14) Change in the bonus depreciation percentage for 2023 (23.31) Reminders about the accumulated earnings tax and personal holding company tax (25.18) ChatGPT (29.32) A page from Annette’s travel journal (34.02) Related resources — AICPA suggested for IRS consideration proposed frequently asked questions (FAQs) to assist taxpayers in responding to the new digital asset question on the and discussed in the . Also see AICPA on these comments. — With constant changes to the tax landscape, being prepared for tax season is critical for success. Set yourself up for a smoother filing season by tapping into the wealth of AICPA and Tax Section resources. — Official blog post by Professor Nellen on the . — Addresses the applicability of Sec. 165 to cryptocurrency that has declined in value. – Links to frequently asked questions about the Form 1099-K including general information, reporting requirements and filing the form. – IRM on accumulated earnings Tax (IRC 531) — Browse the latest resources to help with IRS tax matters including news, guidance and tools. — In IR-2023-12, Jan. 24, 2023, the IRS reminded taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term "digital assets" has replaced "virtual currencies," a term used in previous years. — Understand the weight of taxing authorities from highest to lowest for use in determining whether a source can be relied upon for a tax position. Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.
/episode/index/show/taxodyssey/id/26152950