2021 Tax Filing Season Begins! #118

Simply Tax

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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 season

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