Tax Section Odyssey – Détails, épisodes et analyse

In this episode, host April Walker, CPA, CGMA, Senior Manager — AICPA & CIMA, sits down with Mark Gallegos, CPA, MST, Partner — Porte Brown, to unpack key year-end tax planning strategies. They dive into new opportunities for individuals and businesses under the H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA), including the increased state and local tax (SALT) cap, expanded deductions and the return of immediate expensing for domestic research and development (R&D) costs. Tune in for practical insights on proactive planning and multi-year modeling to help clients maximize benefits under the new law.

What you'll learn from this episode:

• The impact of H.R. 1 on income tax planning
• Learn more about new and expanded deductions
• Hear about year-end actions that might be beneficial for taxpayers
• Why entity choice conversations might be necessary given the current law

AICPA resources

• Planning after tax changes
• Tax Section
• Tax Section news and member FAQs
• Year-End Tax and Financial Planning Toolkit

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.

This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base 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.

In this joint Tax Section Odyssey and Journal of Accountancy (JofA) podcast episode, host Neil Amato discusses the impact of the recent and ongoing federal government shutdown on IRS operations and tax practitioners with Melanie Lauridsen, VP of Tax Policy & Advocacy at the AICPA.

The conversation covers the history and mechanics of government shutdowns, what we know about IRS contingency plans and the practical effects on taxpayers and professionals. Listeners can also gain timely insights into recent developments such as the transition away from paper refund checks and implementation of guidance and updates to forms related to the new tax legislation.

What you'll learn from this episode: 

• Government shutdown impacts on IRS operations
• Important information from the IRS on electronic refunds and payments
• Updates on guidance received from Treasury and the IRS on H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA) implementation
• Concerns about IRS service levels in a government shutdown 

AICPA resources

·       Navigating the government shutdown

·       Client letter and FAQ for a government shutdown during tax season

·       Planning after tax changes

IRS resources

·       FY2026 IRS Lapse in Appropriations Contingency Plan

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.

This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base 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.

This discussion with Nik Fahrer, Director and Digital Assets practice leader at Forvis Mazars, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, centers around the complexities of digital asset tax reporting. The conversation highlights the importance of accurate tracking and reporting of digital asset transactions, the nuances of the new regulations and the need for tax practitioners to stay informed and seek expert assistance.

What you'll learn from this episode:  

• Current tax reporting regime for Form-DA, Digital Asset Proceeds From Broker Transactions.
• The distinctions between custodial and non-custodial brokers
• Anticipated compliance challenges due to the complexity of digital asset transactions.
• The importance of accurate tracking of digital asset transactions and cost basis, including why using software is a good idea.

AICPA resources

Digital assets and virtual currency tax guidance and resources — Sharpen your tax knowledge on digital asset and understand the tax complexities and strategies involved with virtual currency and cryptocurrency.

Demystifying IRS guidance on digital assets | Tax Section Odyssey — This podcast episode from October 2024 discusses the details of IRS Rev. Proc. 2024-28.

Other resources

Final Regulations 2024-07-09 — Guidance on gross proceeds and basis reporting by brokers and determination of amount realized and basis for digital asset transactions.

Rev. Proc. 2024-28 — Guidance to allocate basis in digital assets to wallets or accounts as of Jan. 1, 2025.

The Association of International Certified Professional Accountants provides the world's most highly skilled accountants with knowledge, insight and foresight to meet the demands of a disruptive world. It is a driving force in a dynamic profession that powers trust, opportunity and prosperity for people, businesses and economies worldwide.

But the Association can't do its work without the dedicated group of volunteers behind the scenes. Approximately 2,500 volunteers serving across nearly 200 official groups work and are committed to protecting the public interest, speaking with the power of more than 650,000 professional accountants and students around the world. In addition, all AICPA conferences have volunteer committees that work diligently on the logistics and content creation to help plan the spectacular events held year-round.

In this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, and Brandon LaGarde, CPA, JD, LLM, Director — Postlethwaite & Nettervile, chat about what it means to volunteer with the Association on official groups and with conference planning committees.

What you'll learn in this episode

• Tips on making the most of a conference experience (1.07)
• An important tidbit Brandon learned at the recent ENGAGE 2021 conferences (7.05)
• Brandon's experience volunteering with the AICPA and advice for others (8.49)
• How and where to submit a volunteer application in Volunteer Central (12.31)
• How to express interest in speaking at a conference (13.04)
• Overarching thoughts about volunteering at the AICPA (15.58)

AICPA resources

• Volunteer Central – Repository of the official AICPA volunteer groups and hub for the volunteer application process.
• Webcasts & Conferences – Explore all the upcoming conferences and filter by such categories as topic, content type and CPE credits to find your next event.
• Email the Tax Section – Let us know if you're interested in learning more about volunteer opportunities in tax.

Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.

The employee retention credit (ERC) is a new credit created in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 and later modified with subsequent legislation.

Tax preparers and their clients have been anticipating updated guidance on several remaining questions related to the ERC. On August 4, the IRS issued Notice 2021-49 and accompanying IR-2021-165. Further, on August 10, the IRS issued Rev. Proc. 2021-33, which provides a safe harbor permitting employers to exclude certain amounts from gross receipts solely for purpose of determining eligibility for the ERC.

Notice 2021-49 provides guidance on the ERC provided under Sec. 3134 of the Internal Revenue Code, as added by Sec. 9651 of the American Rescue Plan Act of 2021, and applies to qualified wages paid after June 30, 2021, and before Jan. 1, 2022. The notice amplifies Notices 2021-20 and 2021-23 with additional guidance on claiming the ERC in the third and fourth calendar quarters of 2021 as well as guidance on several miscellaneous ERC concerns.

In this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, and Kristin Esposito, CPA, MST, Director — Tax Policy & Advocacy, Association of International Certified Professional Accountants, representing AICPA & CIMA, dissect the latest guidance.

What you'll learn in this episode

• Are wages of >50% shareholders and their spouses are considered qualified wages? (2.25)
• The calculation of gross receipts and a discussion on how Paycheck Protection Program (PPP) loans and other COVID-19 relief programs are incorporated (3.56)
• Are cash tips considered qualified wages? (5.25)
• The use of full-time employees or full-time equivalents in the determination of whether a business is a small or a large-eligible employer and the period for this calculation (5.53)
• Timing of the wage deduction disallowance (7.11)
• Determination of eligible employer status clarification for the 2021 credit (9.06)
• Recovery startup business overview (9.58)
• What is a severely financially distressed employer? (11.55)
• Potential legislative impacts to the ERC (13.27)

AICPA resources

• Employee retention credit guidance and resources — The ERC is an important of the COVID-19 relief legislation for small businesses. This library provides the ins and outs of calculating this credit.
• AICPA Town Hall Series — Bi-monthly, high-impact news broadcast series that delivers the latest news, analysis, insights and practical guidance to accounting and finance professionals and responds to pressing issues facing the profession
• Challenges with contingency fees and the ERC — Explore the prospect of contingent fees for ERC work and how regulatory rules govern its usage with the AICPA's April Walker and Ed Karl on this Tax Section Odyssey episode from June 2021.
• What to know about the 2021 ERC before April 30 — On this April 2021 Tax Section Odyssey episode, Jan Lewis, CPA, with Haddox Reid CPAs & Advisors, reviews the latest ERC guidance and important information to help your clients benefit from this credit.
• PPP and ERC in 2020 — This Tax Section Odyssey episode from March 2021 reviews the IRS Notice 2021-20 and highlights what you need to know about the interaction between the ERC and PPP.
• Breaking down the employee retention credit – This February 2021 Tax Section Odyssey episode contains a deep dive on the calculation of the ERC.

Other resources

• FAQs: Employee Retention Credit under the CARES Act — IRS answers to frequently asked questions on the ERC
• Rev. Proc. 2021-33 provides a safe harbor that permits a taxpayer to exclude certain items from "gross receipts" under Sec. 448(c) and Sec. 6033, as applicable, solely for purposes of determining eligibility to claim the ERC
• Notices 2021-20 — Guidance for employers claiming the ERC for calendar quarters in 2020
• IRS Notice 2021-23 — Guidance on the ERC under the CARES Act for the first and second calendar quarters of 2021
• Notice 2021-49 — Guidance that amplifies Notices 2021-20 and 2021-23 by providing additional guidance on claiming the ERC in the third and fourth calendar quarters of 2021.

Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.

The ongoing COVID-19 pandemic has impacted both the personal and professional lives of CPAs and their clients. The legislative changes alone provided an incredible amount of complexity to sift through, but the trailing guidance thereafter has compounded the intricacy.

Two of the most talked about pieces of enacted legislation is the Paycheck Protection Program (PPP) and the employee retention credit (ERC). While we have guidance on how to treat most aspects of these provisions, key questions remain.

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, and Cari Weston, MST, CPA, CGMA, Director — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, discuss how to finalize client tax returns when we don't yet have all the answers.

What you'll learn in this episode

• Initial thoughts on how to handle open, unclarified and unclear issues while trying to finalize extended tax returns (1.43)
• Professional responsibilities and the signing of tax returns (9.11)
• Example on how to handle the ambiguity of a shareholder and their spouse's salaries as qualifying wages for the ERC. (19.43)
• What to do when the IRS releases guidance after a position is taken on a return (24.28)

AICPA resources

• SBA PPP resources for CPAs – Tools and resources on the ever-evolving PPP
• AICPA Town Hall Series – Bi-monthly, high-impact news broadcast series that delivers the latest news, analysis, insights and practical guidance to accounting and finance professionals and respond to pressing issues facing the profession
• Treasury Department Circular No. 230 – Consolidated information on the rules governing the recognition of attorneys, CPAs, enrolled agents, enrolled retirement plan agents, registered tax return preparers and other persons representing taxpayers before the IRS
• Statement on Standards for Tax Services (SSTSs) – Toolkit for the enforceable tax practice standards for members of the AICPA

Other resources

• Circular No. 230 Tax Professionals – IRS resource page with multiple links to information on Circular No. 230 and information from the Office of Professional Responsibility (OPR).

Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.

Summer may be in full swing, but tax practitioners still need to be mindful of certain alerts and deadlines that might have gotten lost in the shuffle earlier this year.

Annette Nellen, CPA, CGMA, Esq., Tax Professor – MST Program at San Jose State University, and a past Chair of the AICPA Tax Executive Committee, shares her summer hit list of items to be aware of including:

• Discussion on how to repay any deferred payroll taxes from 2020
• Documentation needed for the employee retention credit (ERC) and other COVID-19 payroll tax credits
• Treatment of other COVID-19 relief including grants and debt cancellation programs

What you'll learn in this episode

• General overview of the deferred payroll taxes (1.20)
• How self-employed individual and household employers can repay deferred Social Security taxes (4.29)
• Accrual method employer treatment of the deferred payroll taxes (9.42)
• ERC and sick leave credit documentation requirements (11.22)
• Tax treatment of other COVID-19 relief (23.00)

AICPA resources

• Employer retention credit guidance – Collection of resources and guidance on the latest with the ERC

Other resources

• Use Tax Pro Account – Information on how to request Power of Attorney (POA) or Tax Information Authorization (TIA) online
• COVID Tax Tip 2021-96: How self-employed individuals and household employers repay deferred Social Security tax – Provides information on how these taxpayers can repay the deferred payroll taxes
• COVID Tax Tip 2021-99: Making payments for deferred tax reported by third party payers – Pointers on how to make payments for deferred payroll tax by third party payers

Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.

The pressure to adapt business models to the present while simultaneously preparing for the future has always been a force acting upon professionals.   

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Association of International Certified Professional Accountants, representing AICPA & CIMA, and Donald A. Nelson, EA, Co-Founder — Pacesetter Tax, discuss current technology buzz words and what it takes to become modern firm in a sustainable model.

What you'll learn in this episode

• What the term "embrace the change" means (0.50)
• Evaluate your tech stack (3.08)
• The IRS tech stack (4.50)
• Key things to keep in mind when considering modifications to your tech stack (7.00)
• What a "modern firm" is (8.01)
• Ways to incorporate automation to facilitate efficiency (9.37)
• Steps firm leaders can take to help themselves and staff avoid burnout (14.58)
• Overview of Pacesetter Tax (17.39)

AICPA resources

• Technology hub – Provides access to the latest technology information, tools and resources to best serve your clients or support the organization where you work.
• Tax Practice Quarterly: Managing a Tax Practice in the Modern World | Tax Section webcast archive – Webcast archive from May 19, 2021 that covers important issues such as how to expand your service offerings as a result of the pandemic, delve into the evolution of the virtual tax practice and explore best practices from a human resource and a client-service perspective
• Talking to clients about the advanced child tax credit before July | Tax Section Odyssey – This podcast, recorded in late June 2021, covers the latest news to date regarding the child tax credit advanced payments and the related online tools and portals.
• 2020 tax software survey – Journal of Accountancy article featuring the results of their annual tax software survey

Other resources

• Pacesetter Tax – Integrated solution that allows tax preparation practices to work more efficiently and serve clients more effectively. Pacesetter Tax is designed to work seamlessly with whatever tax software your practice uses, from basic to top-of-the-line, and to replace the patchwork of other one-off tools that don't play nicely together.

Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Association of International Certified Professional Accountants, representing AICPA & CIMA, and Larry Pon, CPA/PFS, CFP, EA, USTCP, AEP — Pon & Associates, review the changes to the 2021 child tax credit (CTC) and discuss the latest news regarding the related advanced payments.

The American Rescue Plan Act enacted in March 2021 temporarily expands the CTC amount for certain taxpayers, made the credit fully refundable (meaning taxpayers can receive it even if they don't owe the IRS) and directs the IRS to make advance payments equal to 50% of IRS's estimate of the eligible taxpayer's 2021 CTCs during the period July 2021 through December 2021.

In a letter currently being sent to taxpayers, the IRS explains that taxpayers will automatically receive advance CTC payments —assuming they are otherwise eligible to receive the CTC — for 2021.

To date, the IRS has unveiled the following:

• Child Tax Credit Eligibility Assistant – allows families to answer a series of questions to determine whether they qualify for the advance payments
• Child Tax Credit Update Portal – allows families to verify their eligibility for the payments and gives them an option to unenroll from receiving the monthly payments
• Child Tax Credit Non-filer Sign-up Tool – allows families who are not required to file a tax return but who are otherwise eligible for the payments to report their qualifying children.

What you'll learn in this episode

• Changes to the CTC for 2021 (1.13)
• What we know about the advance payments (3.50)
• How qualifying children are defined for the advance CTC (5.29)
• What practitioners should be discussing with clients in the next few weeks and related financial planning tips (6.28)
• Scenarios in which practitioners should advise clients to opt out of receiving advance payments and what is involved in the opt-out process (9.33)
• Tips for billing clients for work in this area (14.41)
• The CTC in 2022 and beyond (16.50)

AICPA resources

• Child Tax Credit Client Letter – Client letter template for tax practitioners to use to notify their clients about the child tax credit changes and encourage clients to contact their CPA for additional tax and financial planning guidance.
• Child tax credit: New portal for opting out of advance payments – The Tax Adviser article published June 22, 2021 detailing the latest about the new portal.

Other resources

• Advance Child Tax Credit Payments in 2021 – The IRS dedicated site that houses information related to the advance CTC payments as well as the eligibility assistant, update portal and non-filer sign-up tool
• 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions – Consolidation of answers to frequently asked questions related to the CTC and the advanced payments, separated by topic
• Proc. 2021-24 – Procedures for individuals who are not otherwise required to file federal income tax returns for taxable year 2020 to receive advance child tax credit payments under Sec. 7527A.

Note, if your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.

The employee retention credit (ERC) has been a significant lifeline to struggling businesses in the wake of the COVID-19 pandemic. The refundable credit was first established in March 2020 with the enactment of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Since then, is has been expanded in various other relief legislation, most recently in the American Rescue Plan Act, H.R. 1319 enacted in the first quarter of 2021.

While at its core the mechanics may appear straightforward, its practical application has shown to be complex and tax preparers have been an integral part of making it a reality for clients. Meanwhile, some professionals debate whether contingent fees should be considered in this area.

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager – AICPA Tax Section and Ed Karl, CPA, CGMA, Vice President – AICPA Tax Policy & Advocacy, delve into the intricacies of what is considered a contingent fee and how the AICPA Code of Professional Conduct and other regulatory rules address its usage.

What you'll learn in this episode

• What is a contingent fee (0.40)
• AICPA Code of Professional Conduct surrounding acceptability of contingent fees for original and amended returns (2.04)
• Alternative acceptable fee arrangements (5.39)
• History and evolution of contingent fee usage (6.51)
• Treasury Department Circular No. 230 considerations for contingent fees (9.48)

AICPA resources

• AICPA Code of Professional Conduct – Dedicated hub for the AICPA Code of Professional Conduct which provides guidance and rules to all members in the performance of their professional responsibilities
• COVID-19 tax resources – Resources and information to help CPA tax practitioners navigate the tax world in the COVID-19 pandemic
• Getting to the Bottom Line about Contingent Fees – Blog post by Edward Karl, CPA, CGMA on Oct. 16, 2014
• Tax advocacy – Consolidation of the AICPA Tax Policy & Advocacy team efforts as they advocate for legislative, regulatory and administrative tax matters on behalf of members. See also AICPA advocacy news and recent comment letters.
• Treasury Department Circular No. 230 – Consolidated information and a link to the rules governing the recognition of attorneys, certified public accountants, enrolled agents, enrolled retirement plan agents, registered tax return preparers and other persons representing taxpayers before the IRS.

Note, if your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.