2021 Tax Filing Season Begins! #118
Simply Tax
English - February 12, 2021 11:30 - 42 minutes - 39.8 MB - ★★★★★ - 179 ratingsBusiness simplytax tax taxplanning taxpodcast Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters. The team has been off to an active 2021, following a remarkably busy 2020. Guests Amy Wang and Alex Scott of the AICPA Tax Policy & Advocacy Team join host Damien Martin to share updates and provide insight into the current areas the team is closely watching and working in. Here’s what’s covered:
[03:20] Update on virtual currency-related tax issues and the AICPA comment letter on IRS virtual currency guidance (February 28, 2020) [07:45] Insights on partnership tax basis capital reporting and the AICPA comment letter on Notice 2020-43 regarding tax capital reporting (September 15, 2020) [16:07] Form 1065 instruction updates and the AICPA comment letter on the draft Form 1065 instructions (December 7, 2020) [17:47] The latest on the Organisation for Economic Co-operation and Development (OECD) digital tax developments and AICPA advocacy efforts AICPA policy paper: Taxation of the digitized economy(Revised May 2019) AICPA comment letter on key elements essential to modification of the international tax system (May 2019) AICPA comment letter on Pillar One and income allocations between jurisdictions (October 2019) [22:33] Forms 5471 and 5472 penalty issues [26:14] Section 163(j) guidance and AICPA advocacy efforts AICPA comment letter on final and proposed regulations – pass-through issues (December 21, 2020) AICPA comment letter on Section 163(j) international and exempt organization issues (December 21, 2020) [36:20] Advice on the 2021 tax filing seasonLearn more about our guests and get additional resources here.
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