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IRS provides additional transition relief for certain digital asset brokers
The relief applies to brokers who must report certain digital asset sales and exchanges on Form 1099-DA and is in response to public comment that brokers need more time to comply.
Adequate disclosure on gift tax returns: A requirement for more than gifts
Specific requirements apply to the adequate disclosure of transactions on a gift tax return.
Treatment of digital assets transferred to employees
Sec. 83 governs the tax treatment of digital assets that employees receive in connection with their performance of services.
Current developments in taxation of individuals: Part 2
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2024.
AICPA tax policy and advocacy successes: 2024 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS during 2024.
Alternative methods allowed for identification of digital assets
The IRS provided temporary relief that permits eligible taxpayers to use alternative methods to make adequate identification of digital asset units sold, disposed of, or transferred in 2025.
Arthur J. Dixon Memorial and Jonathan Horn Distinguished Service awards
James W. Sansone, CPA, received the 2024 Arthur J. Dixon Memorial Award, the highest honor given by the accounting profession for contributions to the field of taxation, and Annette Nellen, Esq., CPA, CGMA, received the 2024 Jonathan Horn Distinguished Service Award.
Basket contracts would be listed transactions under proposed regs.
The regulations target improper income deferral and capital gain treatment using certain options, notional principal contracts, and other derivatives.
Taxpayer advocate: Unprocessed ERC claims could total 1 million at year end
National Taxpayer Advocate Erin Collins told the AICPA & CIMA National Tax Conference that the number of unprocessed employee retention credit claims will grow before the final filing deadline in April.
Universal accounting for digital assets concludes, but safe harbor available
The new safe-harbor guidance for digital asset transaction reporting in Rev. Proc. 2024-28 goes into effect Jan. 1, 2025. This article explains how taxpayers may rely on the safe harbor to allocate unused basis of digital assets to digital assets held within each wallet or account of the taxpayer.
Regulations create a new approach to the creditability of foreign taxes
Despite foreign tax credit guidance in recent years, questions remain regarding the Organisation for Economic Co-operation and Development’s Pillar 2 top-up taxes and related concerns.
Pillar Two and nonprofit organizations
Although the Organisation for Economic Co-operation and Development’s Inclusive Framework on Base Erosion and Profit Shifting excludes nonprofit organizations, they may be subject to the rules if a subsidiary or group member engages in a trade or business.
IRS releases updated draft of Form 1099-DA for digital assets
The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.
Academic research sheds light on important tax matters
Recent academic journal articles of potential interest to tax practitioners investigated companies’ tax-avoidance behavior, knowledge sharing between accounting firms’ audit and tax personnel, the TCJA’s effects on US corporations’ debt structure and effective tax rates, and how cryptoasset investors respond to tax-compliance scrutiny.
Bitcoin ETFs: The known and unknown
As bitcoin exchange-traded funds enter the investment marketplace, tax advisers and their clients should note key considerations for digital assets.
IRS issues final regs. on reporting requirements for digital assets
The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for decentralized, or noncustodial, brokers will be issued later.
Expert warns: IRS has what it needs to pursue more audits
A speaker at AICPA & CIMA ENGAGE tells attendees that the IRS is paying higher salaries to attract midcareer workers as the agency increases audits.
Trends in enforcement of VAT remote-seller rules
Guidelines have emerged for assessing value-added taxes in the global digital economy, although jurisdictions employ their own approaches to enforcing them.
Practitioner service improvements part of IRS strategic operating plan
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said Thursday.
What diligence means in today’s tax practice
Statutory, regulatory, and professional standards requiring tax practitioners to exercise due diligence apply in a variety of services and contexts.
