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Dec 14, 2021

The IRS recently released long-awaited guidance related to PPP forgiveness with three revenue procedures — Rev. Procs. 2021-482021-49 and 2021-50.

Earlier in the year, the AICPA submitted a letter to the IRS requesting guidance for a range of issues which are addressed in the revenue procedures. These include:

  • The...

Dec 1, 2021

In these challenging times, many CPAs may be contemplating if working in the profession among constant chaos is worth it.

In this Tax Section Odyssey episode, Tony Nitti, CPA chats with April Walker, CPA, CGMA, from the AICPA Tax Section, about the current state of the profession and its future. Professionals at all...

Nov 17, 2021

In June 2021, the IRS released final versions of two new international-related schedules that are being added to passthrough entity returns:

  • Schedule K-2, Partners' Distributive Share Items — International
  • Schedule K-3, Partner's Share of Income, Deductions, Credits, etc. — International

The new...

Nov 12, 2021

The Infrastructure Investment and Jobs Act was approved in the House of Representatives on Nov. 5, 2021 and is headed to President Joe Biden's desk to be signed into law. The House passed the legislation by a 228–206 vote after it passed the Senate by a 69–30 vote in August.

In this Tax Section Odyssey episode,...

Nov 3, 2021

Many tax practitioners think their clients are insulated from the world of international tax issues. However, as the business environment continues to evolve globally, tax practitioners need to make sure they are taking inventory of various international tax matters. International tax policies can dramatically...