Tax Section Odyssey

In this joint episode with the Personal Financial Planning (PFP) podcast, host Cary Sinnett Senior Manager, Personal Financial Planning — AICPA & CIMA, further discusses the latest tax legislation with guests Mark Gallegos, CPA, MST, Partner — Porte Brown and Robert Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA. Hear insights on the recently passed tax legislation, implications for clients and important considerations for tax professionals now that the bill has been passed and will be signed into law on Friday, July 4.     What you’ll learn from this episode: Discussion of what the permanent TCJA tax brackets and QBI deduction mean for tax planning  Details on the new income exclusions for tips and overtime Topics important to discuss with clients, including Roth conversions, entity structure decisions, as well as estate and gifting strategies   AICPA resources   2025 Reconciliation Charts: Key Tax Provisions and PFP Considerations — Tax and PFP downloadable charts provide clear, side-by-side comparisons of current tax law, the original H.R. 1 provisions and the Senate’s reconciliation version — highlighting where they align or diverge and outline the final legislation   Planning for tax changes and tax reform — CPAs need to not only brace for tax law changes but also be proactive in planning for them. Find more resources here to learn more about the latest updates.   2025 Tax Reform Advocacy — The AICPA tax advocacy library on current tax reform developments that Congress is considering in 2025.   FAQs on Tax Reform via Budget Reconciliation — Tax reform FAQs that explain the budget reconciliation process, legislative timing, key issues and practical tips for CPAs.     Tax Section news and member FAQ — Get the latest tax news, a digest of key tax topics and commonly asked questions about resources and benefits.

In this joint episode with the Personal Financial Planning (PFP) podcast, host April Walker, CPA, CGMA, Senior Manager — AICPA & CIMA, discusses the latest tax legislation with guests Mark Gallegos, CPA, MST, Partner — Porte Brown and Robert Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA. Hear insights on current tax legislation, implications for clients and important considerations for tax professionals.   What you’ll learn from this episode:  The next steps for this pending legislation Key points about state and local tax (SALT) cap, pass-through entity tax (PTET) and Sec. 199A, Qualified Business Income (QBI) provisions Legislative take on Sec. 174 R&E expenditures Other important conversations that may be necessary in the coming months   AICPA resources   2025 Reconciliation Charts: Key Tax Provisions and PFP Considerations — Tax and PFP downloadable charts provide clear, side-by-side comparisons of current tax law, the proposed changes in H.R. 1 and how the Senate Finance Committee’s proposal aligns or diverges with H.R. 1.   Planning for tax changes and tax reform — CPAs need to not only brace for tax law changes such as the Tax Cuts and Jobs Act (TCJA) and expiring provisions but also be proactive in planning for them. Find more resources here to learn more about the latest updates.   AICPA submits recommendations to Senate Finance Committee on reconciliation bill — The AICPA submitted a letter to Senate Finance Committee leadership outlining its endorsements, concerns about the PTET SALT deduction and a request for clarification and two additional recommendations.   2025 Tax Reform Advocacy — The AICPA tax advocacy library on current tax reform developments that Congress is considering in 2025, including the expiring provisions of the TCJA.   FAQs on Tax Reform via Budget Reconciliation — Tax reform FAQs that explain the budget reconciliation process, legislative timing, key issues and practical tips for CPAs.     Tax Section news and member FAQ — Get the latest tax news, a digest of key tax topics and commonly asked questions about resources and benefits.  

This discussion with Katie Thomas, CPA, Founder and Owner of Leaders Online, covers three key phases related to making the most of attending professional conferences: pre-conference preparation, strategies for networking and attending sessions during the conference and post-conference activities to reinforce learning and capitalize on connections. The conversation includes practical tips for setting clear goals, engaging with vendors, navigating networking events and balancing various activities to ensure a productive and enjoyable conference experience.  What you’ll learn from this episode:  How to plan your schedule in advance and the benefits of doing so Tips for navigating networking events and making meaningful connections Strategies for maintaining momentum after you leave the conference  AICPA resources ENGAGE 25 — Registration and information page for the upcoming conference AICPA Tax Practitioners LinkedIn group — This specialized group keeps members up to date on tax legislation and regulatory developments and fosters peer discussions on technical tax issues and practice management. Tax Division Committees and Technical Resource Panels — Volunteering is an excellent way to build a network of professionals to help you with tax matters. Visit Volunteer Central or contact the AICPA Tax Section at taxsection@aicpa-cima.com to find out how you can get involved

Join Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA, as she dives into the intricate world of tax reform. She discusses the AICPA’s crucial advocacy for pass-through entity tax (PTET) state and local tax (SALT) deductions amid recent legislative changes. Expect insights on the significance of timely passage for tax bills, potential hurdles in Congress, and the ongoing challenges facing the IRS post-pandemic. Melanie also highlights key survey concerns from AICPA members just after tax filing season.

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.

On this episode, Steve Wrappe, a National Technical Leader of transfer pricing at Grant Thorton and Reema Patel, a Senior Manager on the AICPA’s Tax Policy & Advocacy team, discuss the intersection of tariffs and tax. The conversation covers the basics of tariffs, their implications for US-based businesses and how tariffs interact with transfer pricing and inventory valuation. The guests also share practical advice for mitigating costs associated with tariffs and discuss the importance of careful planning and strategic decision-making in the current landscape. What you’ll learn from this episode:  Basics of tariffs, including how they apply and are collected The interaction between tariffs and transfer pricing The impact of tariffs on inventory valuation methods Practical advice for mitigating costs related to tariffs  AICPA resources International Taxation Resource Hub — Stay current on international taxation with the latest advocacy efforts, guidance and tools available in this AICPA & CIMA reference library. Five actions finance teams can take on tariffs, AICPA & CIMA, April 11, 2025 Breaking down the reasons for a decline in economic sentiment, Journal of Accountancy podcast, March 11, 2025   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.

On this episode uncover the latest updates related to disaster tax relief with the “Master of Disaster” Jerry Schreiber, CPA, and Brandon Nishnick, Manager, Tax Practice & Ethics —  AICPA & CIMA. Hear valuable insights and practical advice for tax practitioners who are dealing with disaster-related tax issues.  What you’ll learn from this episode:  •    The latest legislation related to tax disaster relief •    What’s considered a “qualified disaster” for tax purposes  •    Practical considerations around filing extensions for tax returns postponed due to disasters •    State disaster tax relief resources available •    How to obtain disaster relief when records are located in a disaster area AICPA resources Disaster Relief Resource Center — Preparing for disasters beforehand, deciphering tax relief opportunities and accessing resources during the recovery process help to protect personal and business assets. In the event of a disaster, AICPA & CIMA are here to help and provide resources to help you get on the road to personal and financial recovery. State Disaster Tax Relief Guide — There is inconsistency in the tax relief states offer following federally declared disasters. This resource serves as a guide to reduce confusion. IRS resources IR-2025-41 — IRS reminder: Disaster victims in twelve states have automatic extensions to file and pay their 2024 taxes. Publication 547, Casualties, Disasters, and Thefts — This IRS publication explains the tax treatment of casualties, thefts and losses on deposits. Other resources Federal Emergency Management Agency (FEMA) — Bookmark the FEMA website for FEMA responses to all declared domestic disasters and emergencies, whether natural or man-made.  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.

On this episode (an updated version of the previous episode ERC updates & deadlines) Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, discusses the latest updates on the employee retention credit (ERC) as the five-year anniversary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, approaches. He emphasizes the upcoming deadline for submitting 2021 ERC claims by April 15, 2025. Also covered is the latest guidance from the IRS on how to handle income tax returns for ERC claims, the challenges faced by clients related to slow IRS ERC claim processing and tips for addressing claim denial letters. What you’ll learn from this episode:  Reminder of the upcoming April 15 deadline to submit ERC claims What the updated IRS FAQs say about reflecting salary deductions for claims and denials What to tell your clients about processing times for current ERC claims Different types of IRS correspondence that are being received related to ERC claims  AICPA resources Employee retention credit guidance and resources — A library for comprehensive guidance, essential tools and the latest news on the ERC. IRS FAQs about the Employee Retention Credit — On March 20, the IRS provided updated FAQs on income tax and ERC. Traction with the Tiger — Hosted by Chris Wittich, Traction with the Tiger is a podcast series for staying ahead in accounting, business and beyond. Chris covers hot topics, shares key business tips and welcomes engaging guests to provide expert insights, inspiration and actionable advice. 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.

On this episode Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, discusses the latest updates on the Employee Retention Credit (ERC) as the five-year anniversary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, approaches. He emphasizes the upcoming deadline of submitting 2021 ERC claims by April 15, 2025 and addresses the complexities surrounding the statute of limitations for ERC claims and income tax returns. The episode also highlights the challenges faced by clients in managing tax liabilities, the slow IRS ERC claims processing and tips for addressing claim denial letters. What you’ll learn from this episode:  Reminder of the upcoming April 15 deadline to submit ERC claims Complexities surrounding the statute of limitations for income tax returns where an ERC claim was filed What to tell your clients about the processing times for current ERC claims Different types of IRS correspondence that are being received related to ERC claims AICPA resources Employee retention credit guidance and resources — A library for comprehensive guidance, essential tools and the latest news on the ERC. Traction with the Tiger — Hosted by Chris Wittich, Traction with the Tiger is a podcast series for staying ahead in accounting, business and beyond. Chris covers hot topics, shares key business tips and welcomes engaging guests to provide expert insights, inspiration and actionable advice. 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.

Mark Gallegos, a Partner at Porte Brown and seasoned CPA, shares invaluable strategies for navigating the chaos of tax season. He discusses essential tips for managing workflow and deadlines, as well as fostering collaboration among staff. Mark emphasizes the importance of staying educated and connected to resources like AICPA for support. He also touches on the challenges of IRS correspondence and the complexities of new regulations, all while advocating for calm and effective communication to ensure client satisfaction.