Tax Section Odyssey

Another busy season is upon the profession. With several tumultuous tax seasons in the recent past, the 2023 tax filing season is shaping up to be relatively normal, a welcomed changed for taxpayers, tax practitioners and the IRS. Normalcy doesn’t exactly equate to status quo, however. There are new rules, new guidance releases as well as established items with newfound scrutiny that practitioners and taxpayers need to be aware of. On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, conducts a tax season pulse check with Annette Nellen, CPA, CGMA, Esq., Tax Professor — MST Program at San Jose State University, and a past Chair of the AICPA Tax Executive Committee, touching on some key topics in the tax arena that are currently noteworthy. What you’ll learn in this episode Latest in virtual currency/digital assets and the most recent AICPA comment letter (1.02) Confusion around “worthless” virtual currency (4.17) Practical discussion on the Form 1099-K and the transition year (13.14) Change in the bonus depreciation percentage for 2023 (23.31) Reminders about the accumulated earnings tax and personal holding company tax (25.18) ChatGPT (29.32) A page from Annette’s travel journal (34.02) Related resources AICPA comments for IRS consideration on AICPA proposed FAQs on the new digital assets question on the 2022 Form 1040 — AICPA suggested for IRS consideration proposed frequently asked questions (FAQs) to assist taxpayers in responding to the new digital asset question on the 2022 Form 1040, U.S. Individual Income Tax Return and discussed in the instructions. Also see AICPA press release on these comments. AICPA tax season library — With constant changes to the tax landscape, being prepared for tax season is critical for success. Set yourself up for a smoother filing season by tapping into the wealth of AICPA and Tax Section resources. ChatGPT and the tax law — Official blog post by Professor Nellen on the 21st Century Taxation website. Chief Counsel Advice (CCA) 202302011 — Addresses the applicability of Sec. 165 to cryptocurrency that has declined in value. Frequently asked questions about Form 1099-K – Links to frequently asked questions about the Form 1099-K including general information, reporting requirements and filing the form. Internal Revenue Manual (IRM) 4.10.13.2 – IRM on accumulated earnings Tax (IRC 531) IRS Practice & Procedure — Browse the latest resources to help with IRS tax matters including news, guidance and tools. Reminder to answer the digital asset question on the 2022 tax return — In IR-2023-12, Jan. 24, 2023, the IRS reminded taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term "digital assets" has replaced "virtual currencies," a term used in previous years. U.S. Federal Tax law Hierarchy — Understand the weight of taxing authorities from highest to lowest for use in determining whether a source can be relied upon for a tax position. 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.

Rev. Proc. 2022-19 appears in the Internal Revenue Bulletin 2022-41 for Oct. 11, 2022, and provides taxpayer assistance procedures to allow S corporations and their shareholders to resolve frequently encountered issues without requesting a private letter ruling (PLR) issued by the Internal Revenue Service (IRS).  On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, discusses the revenue procedure in detail with Tony Nitti, CPA, Partner — National Tax, EY. Tony combs through the circumstances in which a PLR will not be available or will not ordinarily be issued. In these cases, the IRS does not have a concern with the validity of the entity’s S corporation election or there are other avenues to address the matter outside of the PLR process. What you’ll learn in this episode Setting the stage for Rev. Proc. 2022-19 (0.49) Generalization of the frequently encountered issues provided in Rev. Proc. 2022-19 (15.52) Principal purpose motivation (16.55) Disproportionate distributions (22.14) Missing shareholder consent (27.53) Missing an administrative letter relating to the IRS’s acceptance of an election (33.28 Federal income tax return filing that is inconsistent with the entity’s S corporation status (34.20) Non-identical governing provisions (35.24) A word of caution (39.25) Tony’s final thoughts (43.57) Related resources Rev. Proc. 2022-19 — Published in Internal Revenue Bulletin No. 2022-41 on Oct. 11, 2022. IRS Practice & Procedure — Browse the latest resources to help with IRS tax matters including news, guidance and tools. AICPA tax season library — With constant changes to the tax landscape, being prepared for tax season is critical for success. Set yourself up for a smoother filing season by tapping into the wealth of AICPA and Tax Section resources. 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.

ESG is becoming an increasingly familiar acronym, standing for environmental, social and governance. Similarly, ESG analysis has become an increasingly important part of the tax compliance process and, for CPAs, it’s a key area to understand as part of a taxpayer’s overall financial snapshot. On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, chats with April Little, CPA, Partner, Tax Risk & Advisory Services — Grant Thornton, about the importance of ESG matters and why tax practitioners need to be part of the conversation. What you’ll learn in this episode: High level introduction to ESG and sustainability topics (0.54) Why accountants are (and should be) interested in the ESG area (6.35) Why all-sized firms, including smaller firms, need to get up to speed and focus on ESG (9.02) Where tax specifically fits in with ESG (11.05) A deeper dive into the “g” of ESG — governance (13.47) What companies are currently doing around ESG and tax risk management (14.59) A page from April Little’s travel journal (18.06) Related resources: ESG and taxation: A necessary part of a company’s strategic objectives, The Tax Adviser, Oct. 6, 2022 Key tax provisions in the Senate reconciliation bill, The Tax Adviser, Oct. Aug. 8, 2022 Energy Tax Credits And ESG Client Letter — Inform your clients about ESG investing and energy tax credits for electric vehicles and residential energy efficiency Inflation Reduction Act Energy Credits Chart — Learn more about the energy credits related to home improvements and electric vehicles from the Inflation Reduction Act. Tax Policy & Regulatory Change — Stay informed on the latest in tax legislation and tax policy developments. To support members and the profession, we have collated relevant guidance, resources and learning opportunities — and will continue to add new materials as tax law changes unfold. 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.

The Tax Cuts and Jobs Act (TCJA), P.L. 115-97, imposed a $10,000 limitation on individual taxpayers for the deduction of state and local taxes (SALT) for tax years 2018 through 2025. In response, many states enacted laws allowing (or mandating) passthrough entities (PTEs) to pay the taxes at the entity level instead. In November of 2020, the IRS issued Notice 2020-75, which clarified that partnerships and S corporations may deduct their SALT payments at the entity level in computing nonseparately stated taxable income or loss. The notice also indicated that the IRS intends to issue proposed regulations to this effect. While electing a PTE tax election can be very beneficial overall, certain aftereffects — while small alone — when stacked together, may reach a materiality level where it should be second-guessed. On this Tax Section Odyssey episode, David Kirk, CPA, CFP, LLM, Private Tax Leader, National Tax — EY, discusses with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, several concerns that could lead to reconsideration of making a PTE election. What you’ll learn in this episode S corporation issues (3.08) State crediting complications (11.54) State governments sharing in a “piece of the pie” (14.24) Alternative minimum tax (AMT) matters (16.11) Grantor trusts considerations (20.10) Non-grantor trusts concerns (22.48) Thoughts on refunds (25.00) Final thoughts (28.29) Related resources SALT Roadmap — State and Local Tax Guide — Navigate the complex world of state and local taxes with a compilation of information and quick links to additional guidance and references. Use the map to access information on the types of state and local taxes imposed, tax rates, nexus, passthrough entity (PTE) tax elections and mandates, due dates, government websites and CPA society information. Also quickly determine commonly used state and local tax forms and easily locate versions and their instructions. State and Local Tax Advocacy Resources — This page provides information and documents created by the AICPA State and Local Tax Technical Resource Panel (SALT TRP) on state-level tax advocacy issues affecting tax professionals. State implications with the PTE tax | Tax Section Odyssey — States continue to look at the PTE tax to sidestep the federal $10,000 SALT cap deduction limitation following the IRS’s Notice 2020-75. Questions to consider before electing into a PTE tax, The Tax Adviser, Sept. 1, 2022. Map of states with adopted or proposed PTE level tax — AICPA downloadable map open to everyone. Links to PTE taxes states' legislation and tax authorities' information and guidance — AICPA downloadable document open to everyone. Taxpayer and practitioner considerations for whether to elect into a state PTE tax — AICPA downloadable document open to everyone. 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 December 2022, the IRS posted a revised draft version of the 2022 Partnership Instructions for Schedule K-2 and K-3 (Form 1065) and a similar revised version of the 2022 S Corporation Instructions for Schedules K-2 and K-3 (Form 1120-S). They were subsequently finalized. On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA along with Tim Chan, Managing Director, Washington National Tax — Passthroughs — KPMG LLP and David Sites, National Managing Partner, International Tax Services — Grant Thornton LLP, sift through the changes between the draft instructions and dive into the particulars taxpayers need to know. What you’ll learn in this episode Who needs to file the Schedules K-2 and K-3 (2.41) Domestic filing exception in the December 2022 draft instructions (5.06) The two-prong test (5.47) What no or limited foreign activity means (6.46) How to report foreign-source income (8.33) Requirement that all direct partners are US citizens/resident aliens (9.26) Partner or shareholder notification (11.20) Requirements for the schedules and the 1-month date (13.14) Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), exception (18.21) Risks and penalties associated with not completing or filing required schedules (22.55) Final thoughts (25.05)  Related resources IRS Schedules K-2 and K-3 guidance and resources — Access resources to advise clients on IRS Schedules K-2 and K-3, which are used to report items of international tax relevance from the operations of passthrough entities. Tax potpourri — Form 1099-K, Schedules K-2/K-3 and tax legislation | Tax Section Odyssey — Schedules K-2 and K-3 aim to standardize international tax information reporting to flow-through investors, yet challenges in practical implementation exist. K-2/K-3 — Making sense of new international passthrough reporting | Tax Section Odyssey — Listen to this podcast covering the new schedules and related past and future AICPA efforts. 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.

The end of the year is upon us. While the hustle and bustle of the holidays and winter hibernation sets in, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, fills you in on some quick updates about a few trending tax topics to keep you in the know, including Schedules K-2 and K-3, Form 1099-K, Payment Card and Third-Party Network Transactions and tax legislation developments What you’ll learn in this episode Second draft of Form 1065 Schedules K-2 and K-3 instructions revise domestic filing exception (0.34) Continued concerns regarding the revised reporting threshold for Form 1099-K (6.13) Year-end legislation, including the potential for tax extenders (8.31)  Related resources AICPA Comments on Form 1099-K Reporting Threshold — The AICPA has deep concerns regarding the Form 1099-K reporting threshold that was lowered to $600 for 2022 and will lead to significant confusion in the tax system in the next several months. Form 1099-K — New lowered threshold for 2022 — New reporting requirements for Form 1099-K are effective for tax years beginning in 2022. Access information and tools to help you with the changes. IRS Schedules K-2 and K-3 guidance and resources — Access resources to advise clients on IRS Schedules K-2 and K-3, which are used to report items of international tax relevance from the operations of passthrough entities. JCX-1-22 (January 13, 2022) — The staff of the Joint Committee on Taxation has prepared a list of Federal tax provisions that expired in 2021 or are scheduled to expire in the future. 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.

An engagement letter is an important written agreement that describes the business relationship and the types of services agreed upon by a client and a professional firm. The letter details the scope of the agreement, terms and costs and sets expectations for both sides of the arrangement. In this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, chats with Deb Rood, CPA, MST, Risk Control Consulting Director — CNA, about the importance of engagement letters and determines why a well-drafted engagement letter can help prevent a misunderstanding with a client from turning into an expensive liability claim. What you’ll learn in this episode The necessity of engagement letters (0.57) Liability claims and engagement letters — the statistics (2.24) Specific understandings and agreements that should be included in an engagement letter (5.35) Timing and fee topics in engagement letters (7.32) Electronic engagement letters (10.44) Tips for those getting started on using engagement letters or for those that want to improve their processes (11.30) Resources, including those related to client terminations (13.44) A page from Deb’s travel journal (16.45)  AICPA resources 2022 engagement letters — The 2022 engagement letters are available for Tax Section members to download. These resources are part of the Annual Tax Compliance Kit — a library of engagement letters, client organizers, tax return checklists and practice guides to help you get ready for the next tax season. AICPA Member Insurance Program education and resources — Brought to you by AON, on this hub you can find articles, tips, calculators, checklists, webinars, letter samples and downloadable materials. Advice for when it's time to say goodbye (to clients) — On this Tax Section Odyssey episode, professionals discuss how ending a client relationship is a weighty decision for any CPA. Whatever the reasons are for the termination, disengage cleanly and timely. Rogue behavior: Risks your CPA firm should avoid — Deb Rood shares claim experience of the AICPA Professional Liability Insurance Program that demonstrates that rogue behavior, especially at the partner level, can lead to professional liability claims. Use of e-signatures for engagement documentation — The question of whether a client's electronic signature on engagement letters, management representation letters and other documents is acceptable is examined.  Surviving tax season: Checklists to manage your risk — Access these interactive checklists to help you navigate tax season and manage your professional liability risk. Client Evaluation Tool — Use this tool to identify your firm’s better clients who deserve more of your time and attention. Client Termination Practitioner Checklist and Notification Letter — Terminate a client relationship by following these helpful practice management reminders and then formally communicate the termination to your client. Practice Management & Professional Standards — Browse tax practice management resources and guidance to help keep your firm performing at the optimal level. 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.

Knowing the right time to end a client relationship can be tricky. No matter the reason for termination, managing the practical components plus the human emotions can be difficult. In this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, chats with Daniel Moore, CPA, Owner — D.T. Moore & Company, LLC, and Brandon LaGarde, CPA, JD, LLM, Director — Postlethwaite & Nettervile, about their perspectives on when and how to terminate a client relationship for a successful outcome for both parties. What you’ll learn in this episode The first steps in this process (1.22) Tips and tools for ranking client relationships (3.40) Client Evaluation Tool from the Private Company Practice Section (PCPS) (5.46) Example of “buckets” of client relationship types (7.00) The next steps after the client evaluation process (13.16) Client termination letters (15.09) Should you explain the why to your clients? (18.23) Thoughts on referrals (20.45) Considerations from a firm administration standpoint (23.53) Final thoughts (27.22) A page from the guests’ travel journals (29.33)  AICPA resources Client Evaluation Tool — Use this tool to identify your firm’s better clients who deserve more of your time and attention. Client Termination Practitioner Checklist and Notification Letter — Terminate a client relationship by following these helpful practice management reminders and then formally communicate the termination to your client. Practice Management & Professional Standards — Browse tax practice management resources and guidance to help keep your firm performing at the optimal level. Reimagining Your Tax Practice Q&A roundtable sessions — Tackle today’s top practice management issues with a free interactive virtual Q&A roundtable series. Get innovative advice from our panel of experts on running an efficient, agile and profitable practice. 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.

Managing a future-forward tax practice that is efficient, profitable and agile can be overwhelming. Meeting client expectations, streamlining workflows and handling staffing challenges are just some top-of-mind concerns. One resonating topic throughout this year, is also the debate regarding shifting the tax filing deadlines. Will they remain what they currently are or is there an appetite for change? The AICPA Tax Practice Resilience Task Force, composed of a diverse group of tax professionals, are tackling these issues. In this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, chats with three members of the task force: Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer, Kelly Rohrs, CPA, P.C., Owner — Kelly A. Rohrs, CPA, and Chet Buchman CPA, CVA, CEPA, CGMA, CNC, Managing Partner — Swindoll, Janzen, Hawk & Lloyd, LLC, to discuss the genesis of the group, topics of discussion amongst the members and future endeavors. What you’ll learn in this episode Mission of the task force (1.00) Top practice management pain points (2.20) Tax filing deadlines (5.37) Task force members’ viewpoint on changing tax filing deadlines (9.33) What changing tax filing deadlines entails (12.06) Conclusion regarding advocating for tax filing deadline changes (16.24) Potential alternative fixes that could make a difference (18.57) Future ventures of the task force (24.41) Upcoming Zoom roundtable sessions (31.12) Closing thoughts (32.12)  AICPA resources Practice Management & Professional Standards — Browse tax practice management resources and guidance to help keep your firm performing at the optimal level. Reimagining Your Tax Practice Q&A roundtable sessions — Tackle today’s top practice management issues with a free interactive virtual Q&A roundtable series. Get innovative advice from our panel of experts on running an efficient, agile and profitable practice. 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.

Statements on Standards for Tax Services (SSTSs) are the foundation for validating reputational integrity in the tax profession. The SSTSs are the enforceable tax practice standards for members of the AICPA. To keep pace with the evolving tax profession, the updates to the AICPA’s SSTSs will guide tax practitioners into the future, help them enhance their services and maintain their professional edge. On this Global Ethics Day, in collaboration with the Journal of Accountancy podcast, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, is joined by David Holets, CPA, Partner – Crowe LLP, and Henry Grzes, CPA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, to discuss the proposed revisions to the standards. Tune in to this special episode to learn more about the goals and timeline for these revisions and how you can provide your input. What you’ll learn in this episode What are the SSTSs are and why are they being revised now? (0.54) What are the proposed changes? (2.36) Other subjects considered but not included in the revisions (6.13) SSTSs resources available (8.05) How to submit comments to the proposed revisions by the due date (9.35) Invitation to comment (ITC) (10.50) Discussion about quality management (13.19) Project timeline (15.25) Closing thoughts (17.37)  AICPA resources Statement on Standards for Tax Services (SSTSs)— Examine the toolkit for the enforceable tax practice standards for members of the AICPA. Proposed revisions to the AICPA tax standards (SSTS)— Access a resource hub that provides the objective of the SSTS updates, project timeline and answers to frequently asked questions (FAQs). Please complete the Comments Form or email feedback to SSTScomments@aicpa-cima.com by Dec. 31, 2022. Comments will be available for viewing on the AICPA’s website at the conclusion of the comment period. Circular No. 230 guidance — Title 31 United State Code section 330 was first published as the Horse Act of 1884 which granted the Secretary of the Treasury the authority to regulate agents representing claimants before the Treasury Department. Guidance was provided to these agents by the Treasury in the form of circulars. Professional responsibilities in data security for tax professionals — Safeguarding your client’s data is paramount. Use these laws and guidelines to help you help your clients. 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.