Tax Section Odyssey

Non-cash compensation has become more familiar in the workplace, with nearly one-in-five individuals holding some type of equity. As such, taxpayers need to have the right mix of tax, financial and legal advice, as well as appropriate technology solutions, to confidently make critical decisions around wealth management.

On this episode of the Tax Section Odyssey, April Walker, CPA, CGMA, Lead Manager — AICPA Tax Section, talks with guest David Snider, Founder and CEO — Harness Wealth, about his mission to make financial advice accessible, intuitive and valuable using a holistic wealth platform.

What you'll learn in this episode

• Who is Harness Wealth and its unique approach to financial planning (3.01)
• What is a "NextGen" client and why is this important to business operations? (5.29)
• How technology alters the needed skill sets for CPAs (9.22)
• Some unique characteristics of NextGen clients' needs (14.14)
• What the phrases "financial planning" and "wealth management" really mean and how tax advisers implement these areas of practice (16.02)
• Fees and billing strategies (18.43)
• Serving clients investing in cryptocurrency (21.22)
• Important advice practitioners can offer to clients early in their careers (23.51)
• A page from David's travel journey (24.54)

AICPA resources

• Virtual currency tax guidance and resources — Sharpen your cryptocurrency tax skills and advise clients on virtual currency tax complexities and strategies.
• Personal Financial Planning — Navigating personal finance decisions is more complex than ever. Your position as a trusted adviser in tax, retirement, estate, risk management and investment planning is critical to helping clients prepare for the future. Here's everything you need to know to serve as their primary point of contact.

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 new Schedules K-2 and K-3 aim to improve reporting by standardizing international tax information to partners and flow-through investors, making it easier for them to report these items on their individual tax returns. However, implementing the required changes continues to cause transitional challenges for the tax community. Although the IRS has released IR-2022-38 and a series of frequently asked questions (FAQs), more guidance is needed.

On this episode of the Tax Section Odyssey, April Walker, CPA, CGMA, Lead Manager — AICPA Tax Section, talks with guest Stephanie L. Chapman, CPA, Director, International Services — Belfint, Lyons, Shuman, CPAs, about where we are with Schedules K-2 and K-3 reporting and discusses procedural tips for preparation.

What you'll learn in this episode

• Timeline of Schedules K-2 and K-3 information releases and AICPA resources and comment letters (0.47)
• The potential for a full delay in implementation (2.28)
• Who must file the new schedules (4.58)
• Filing requirement exceptions (8.12)
• What taxpayers can do in tax software if country codes are unknown (11.02)
• Woes with PDF attachments when forms aren't available in software (13.08)
• Client management guidance, billing practices and engagement letters (15.23)

AICPA resources

• IRS Schedules K-2 and K-3 guidance and resources — Access resources to advise clients on IRS Schedules K-2 and K-3, such as a client information letter and an earlier podcast episode from November 2021, which are used to report items of international tax relevance from the operations of pass-through entities.
• AICPA additional comments regarding Schedules K-2 and K-3 reporting – The AICPA submitted comments on Feb. 18, 2022, requesting a delay in the implementation of Schedules K-2 and K-3 to 2023 and recommending the IRS provide additional guidance.
• AICPA comments on proposed international changes to Form 1065, Schedule K-2, and Schedule K-3 — The AICPA submitted comments in 2020 on the proposed international changes to Form 1065, Schedule K-2, and Schedule K-3, including the recommend transmittal of Schedule K-3 in portions and minimizing overreporting by allowing partnerships the ability to determine the reporting needs of its partners.

Other resources

• Schedules K-2 and K-3 Frequently Asked Questions (Forms 1065, 1120S, and 8865) — A set of FAQs released by the IRS on the new schedules and their reporting requirements.
• News Release IR-2022-38 — The IRS announced further details on additional relief for certain partnerships preparing Schedules K-2 and K-3 for 2021 on Feb. 16, 2022.

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.

According to the FBI, cybercrime has increased by 300% since the start of the COVID-19 pandemic. Now, more crucial than ever, tax practitioners need to remain vigilant and one step ahead of cybercriminals in the everchanging world of data security.

Listen in to a frank discussion on cybersecurity with April Walker, CPA, CGMA, Lead Manager — AICPA Tax Section and special guest Byron Shinn, CPA, Partner — Carr, Riggs & Ingram, LLC, on this episode of The Tax Section Odyssey.

What you'll learn in this episode

• Is a cyberattack a real threat? (0.43)
• What does a data security plan look like (3.15)
• How often should you review a data security plan (8.16)
• Cybersecurity insurance considerations (10.14)
• Attorney recommendations to help in the cybersecurity arena (13.55)
• Real-life examples of CPA firm concerns and data security plan insecurities (16.29)
• The why and how of independently testing network security (16.47)
• Example of encryption hack; ransomware and cryptocurrency (18.51)
• Lack of cyberattack reporting and high-profile cases (20.40)
• Important takeaways for cybersecurity (22.31)
• A page from Byron's travel journal (24.38)

AICPA resources

• Cybersecurity resources — Access additional resources on our Cybersecurity Resource Center to help organizations and businesses, including CPA firms, assess risks.
• Best Practices for Keeping Client Data Secure — Learn about proactive data security tips for practitioners to implement to keep client data protected from identity theft.
• Gramm-Leach-Bliley Act Information Security Plan Template — The Gramm-Leach-Bliley Act requires financial institutions to have a written information security plan. Use this template to document your firm's policies.
• Identity Theft Checklist — Provide this checklist to clients to help them appropriately and efficiently address identity theft issues.
• Letter to Advise Client on Tax-Related Identity Theft — Notify a client of a potential tax-related identity theft and/or outline the steps that can be taken to address the issue.
• Letter to Client to Protect Against Tax-Related Identity Theft — Help clients take steps to secure their personal information and prevent identity theft.
• Tax Identity Theft Toolkit — CPA tax practitioners need to combat tax-related identity theft daily as it has become pervasive globally. Use this toolkit to tackle tax identity theft issues with your clients.

Other resources

• Get An Identity Protection PIN (IP PIN) — An IP PIN is a six-digit number that prevents someone else from filing a tax return using your Social Security number or Individual Taxpayer Identification Number.
• PTIN Requirements for Tax Return Preparers — Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid 2022 PTIN before preparing returns.
• Publication 1345, Handbook for Authorized IRS e-file Providers of Individual Income Tax Returns – This guide addresses the rules and requirements for participation in IRS e-file by authorized IRS e-file providers filing individual income tax returns and related forms and schedules.
• Publication 4557, Safeguarding Taxpayer Data — This guide seeks to help tax professionals to understand basic security steps and how to take them as well as recognize the signs of data theft, how to report data theft and understand and comply with the FTC Safeguards Rule.
• Tax Preparer Tips for Hiring a Cybersecurity Professional — The IRS provides tips for tax preparers to consider when evaluating and selecting a cybersecurity professional.
• Treasury Inspector General for Tax Administration (TIGTA), IRS Impersonation Scam — Fill out this online form to report an IRS impersonation scam. Note that a taxpayer may also call (800) 366-4484 to report the scam.
• What to Do After a Tax Professional Data Compromise — This IRS video gives steps tax professionals should take if they are the victim of a data compromise.
• Why Tax Professionals Need a Security Plan — In this IRS video, learn the importance of tax professionals establishing data security 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.

From a record number of unprocessed returns to the inability to contact the IRS, these ongoing issues continue to be a problem for taxpayers and tax practitioners. The Tax Professionals United for Taxpayer Relief Coalition — a diverse group of stakeholders from the tax community including the AICPA — is taking steps to help by providing recommendations the IRS can implement now and raising the profile of the systematic issues.

Hear how the IRS can do more on this Tax Section Odyssey episode where April Walker, CPA, CGMA, Lead Manager – AICPA Tax Section, is joined by Ed Karl, CPA, CGMA, Vice President – AICPA Tax Policy & Advocacy.

What you'll learn in this episode

• History of IRS service level issues (1.20)
• Steps the AICPA is taking to try to impact the current situation (3.43)
• What the IRS needs to be able to improve the situation (6.01)
• Practical recommendations and tips the IRS can take to mitigate the need for practitioners and taxpayers to contact the IRS (7.22)
• Upcoming events to attend for the latest updates (17.53)
• Will the April 18 tax deadline change? (19.12)
• Final thoughts from Ed (20.56)

AICPA resources

• Is Help on the Way from the IRS for this Filing Season? — Hear how the IRS can do more in this free, one-hour webinar (no CPE credits offered) on Feb. 8, 1pm ET.
• AICPA Relief for Taxpayers for the 2022 Filing Season — The AICPA led a coalition of stakeholders to urge action from the IRS to mitigate anticipated challenges in the upcoming tax season. The coalition also requested a meeting with IRS officials to discuss their concerns and recommendations and directly address any questions.
• 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.
• Press Center — The Press Center includes news and information for reporters and editors, including press releases, media advisories and other official statements from the AICPA.
• Tax season hub — 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.

Other resources

• IRS Statement — Providing meaningful assistance to taxpayers in the current environment — IRS statement on January 27, 2022
• Understanding Your CP80 Notice — A notice that states credited payments and/or other credits to a taxpayer's account for the tax period; however, the IRS hasn't received the tax return. Due to processing delays for 2019 and 2020 tax returns, the issuance of CP80 and CP080 notices have been suspended. If a taxpayer received a notice for the 2019 return and it was filed timely, please refile the return. If a taxpayer receives a notice for the 2020 return, do not
• Your Online Account — Encourage your clients to sign up for an IRS online account to access their individual account information including balance, payments, tax records and more.

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 IRS is now accepting and processing 2021 tax returns — a signal that the official start of the busy tax filing season is here. While it's a new year, this tax season has similar vibes as the past two years but with some new obstacles as well.

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager – AICPA Tax Section sits down with Daniel Moore, CPA, Owner — D.T. Moore & Company, LLC, to discuss issues tax practitioners may encounter this season, as well as provide some real-world relatable examples and tips for a successful tax season.

What you'll learn in this episode

• Reporting Paycheck Protection Program (PPP) loan forgiveness and S Corporations (4.15)
• Advance child tax credits and Letter 6419 (7.42)
• Economic impact payments and Letter 6475 (13.19)
• IRS service level issues and a real-life example (14.50)
• Unprocessed 2020 returns and overpayment application tips for 2021 filings (20.42)
• How to make cryptocurrency reporting as easy as possible (24.27)
• Schedules K-2 and K-3 for passthrough entities (28.05)
• Tax return extensions (30.37)
• Dan's tax firm traditions (33.54)
• A page from Dan's travel journey (35.19)

AICPA resources

• 2021 Paid Preparer's Due Diligence Checklist – Form 8867 — A comprehensive tool to use when preparing Form 8867 that is associated with claiming the earned income tax credit, American opportunity tax credit, child tax credit (including the additional child tax credit), the credit for other dependents and head-of-household filing status.
• AICPA Relief for Taxpayers for the 2022 Filing Season — The AICPA led a coalition of stakeholders to urge action from the IRS to mitigate anticipated challenges in the upcoming tax season. The coalition also requested a meeting with IRS officials to discuss their concerns and recommendations and directly address any questions.
• Annual Tax Compliance Kit — This toolkit includes engagement letters, organizers, checklists and practice guides to help you manage your tax season workflow and excel as an adviser of tax and financial planning services.
• 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.
• ENGAGE 22 Conference — Gain exclusive insights, develop practical skills, and network with your unique professional community online or in person over 4 energizing days June 6-9, 2022, in Las Vegas, Nevada.
• IRS E-Services Transcript Delivery System Quick Reference Chart — This handy, one-page, quick reference chart is geared to help practitioners obtain and effectively use transcript data via this e-Services tool. It offers practical tips for how to use TDS and answers questions such as "Who may use TDS?".
• IRS third-party authorization guidance — This guidance provides a summary of the most common types of IRS authorizations and what each authorization permits the representative to do. Learn how to record authorizations with the Centralized Authorization File (CAF) unit, how to withdraw an authorization and other practice tips to help practitioners represent clients before the IRS.
• Tax season hub — 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.
• The 2022 Winter Tax Rewind — In this Jan. 31, 2022, installment of the quarterly Tax Rewind series, Art Auerbach, CPA, CGMA provides an update on tax planning, legislative changes and the latest in IRS tax practice and procedures so you can proficiently advise your clients.
• Using IRS e-Services — An AICPA hub centered around IRS e-Services, a suite of web-based tools that allow eligible tax professionals to perform certain transactions online.

Other resources

• 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions — IRS frequently asked questions about the advance child tax credit payments in 2021, separated by topic
• General FAQs on Payment Card and Third-Party Network Transactions — IRS general frequently asked questions on payment card and third-party network transactions
• Instructions for Form 1120-S, U.S. Income Tax Return for an S Corporation — Final instructions released on Jan. 20, 2022
• Your Online Account — Encourage your clients to sign up for an IRS online account to access their individual account information including balance, payments, tax records and more.

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.

A new year has arrived, and it's an opportune time to pause and take some time to reflect on new goals and consider what's possible.

It's been a rough 18 months since the start of the pandemic, and tax practitioners continue to brave the storm of seemingly never-ending tax legislation, related guidance and client mentoring. April Walker, CPA, CGMA, from the AICPA Tax Section and host of the Tax Section Odyssey podcast, reached out to tax practitioners to find out if they have goals for the upcoming year. Sit back, relax and take a few minutes to hear what your fellow tax practitioners have down for their 2022 resolutions on this Tax Section Odyssey episode.

Featured resolutions

• Compilation of mailed responses (1.35)
• Charles J. Kelly, CPA, Chief Executive Officer — CJ the Smart Guy's Tax Services, LLC (4.10)
• Orumé Hays, CPA, CGMA, MST, Managing Director — Hays CPA (5.06)
• Chris Wittich, MBT, CPA, Partner — Boyum Barenscheer (5.37)
• Larry Marietta, CPA, Owner — Marietta Financial Services, Inc. (6.28)
• Amie K — livingthetaxlife.com (7.15)
• Daniel Moore, CPA, Owner — D.T. Moore & Company, LLC (8.40)

AICPA resources

• 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.

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 IRS recently released long-awaited guidance related to PPP forgiveness with three revenue procedures — Rev. Procs. 2021-48, 2021-49 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 timing for tax purposes of when PPP loan forgiveness is received or accrued
• How partners and partnerships may allocate PPP forgiveness as exempt income and allocate deductions resulting from expenditures attributable to the use of forgiven PPP loan proceeds
• How eligible partnerships subject to audit procedures under the Bipartisan Budget Act of 2015, P.L. 114-74, (BBA partnerships) may file amended returns.

Consequently, amended returns remain an area of confusion for many professionals. On today's Tax Section Odyssey episode, Jan Lewis, CPA, Tax Partner — Haddox Reid Eubank Betts PLLC, discusses some nuanced issues with amended returns, and when they can be used and when they should be used.

What you'll learn in this episode

• Jan's overall perspective on the newly released guidance (2.00)
• Reflections around when an amended return is needed and how to broach the subject with a client (5.12)
• Timing issues with the employee retention credit and the Form 941X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund (10.12)
• Billing considerations with amended returns (13.37)
• Final thoughts from Jan (18.00)
• A page from Jan's travel journal (18.48)

AICPA resources

• 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.
• 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.
• SBA PPP resources for CPAs— Tools and resources on the ever-evolving PPP

Other resources

• IRS Operations During COVID-19: Mission-critical functions continue — COVID-19 continues to cause delays in IRS services. The page is kept up to date to inform taxpayers and practitioners of the status of IRS functions.

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.

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 levels of their careers will find something they can relate to and perhaps hear some insights worth considering.

Tony also discusses what's next for him in his career and gives a sneak peek as to what attendees will hear in the upcoming webcast — Tax Practice Quarterly: 2022 Busy Season Readiness happening on December 6 and rebroadcasted on December 8.

What you'll learn in this episode

• What's up next for Tony in his career (1.07)
• A preview of what Tony will cover in the upcoming AICPA webcast (3.01)
• Ways CPA professionals can move out of survival mode to a thriving mode (11.23)
• Closing thoughts (29.41)

AICPA resources

• Tax Practice Quarterly: 2022 Busy Season Readiness — Tony Nitti, CPA, highlights the key takeaways from this year to help you proactively and effectively plan with your clients before year end with this free, CPE-eligible event for Tax Section members.

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.

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 international-related schedules will be required for 2021 partnership and S corporation returns and 2021 Schedules K-1, Partner's Share of Income, Deductions, Credits, etc.

In this Tax Section Odyssey episode, April Walker, CPA, CGMA, from the AICPA Tax Section, welcomes Amy Miller, JD, CPA, from the AICPA Tax Policy and Advocacy team, David Sites, CPA, Managing Partner of International Tax Services — Grant Thornton, Kyle Dawley, JD, CPA, Principal — Clifton Larson Allen, and Tim Chan, CPA, Managing Director — KPMG, to discuss the new schedules and related past and future AICPA efforts.

What you'll learn in this episode

• Background of the AICPA Foreign Passthrough Reporting Task Force and its past activities (1.19)
• Summary of the September 2020 AICPA comment letter (2.08)
• AICPA recommendations that were adopted by the U.S. Treasury and IRS (3.24)
• What the IRS is trying to achieve with the new schedules (4.20)
• Timing of schedule furnishment to partners (6.29)
• Thoughts on potential postponement of the Schedules K-2 and K-3 (8.06)
• Status of form instructions and major issues that practitioners and clients need to be aware of (10.37)
• Parts II and III reporting for those with 100% U.S. source activity (14.37)
• Country-by-country reporting requirement (16.49)
• Interaction between international forms (e.g., Forms 8858 and 5471) and new reporting requirements (18.00)
• Filing requirements for entities that are not required to file Forms 1065 or 8865 (20.37)
• What an upper-tier partnership should do if a lower-tier partnership does not provide any or all of Schedule K-3 information (21.30)
• Next steps for the AICPA Foreign Passthrough Reporting Task Force (23.00)

AICPA resources

• Comments on Proposed International Changes to Form 1065, Schedule K-2, and Schedule K-3 — The AICPA submitted comments on the proposed international changes to Form 1065, Schedule K-2 and Schedule K-3. The AICPA recommended transmittal of Schedule K-3 in portions and minimizing overreporting by allowing partnerships the ability to determine the reporting needs of its partners.

Other resources

• Notice 2021-39 — The IRS announced draft 2021 instructions for Schedules K-2 and K-3 for partnership and S corporation Forms 1065, 1120-S and 8865 as well as transition relief from penalties for any incorrect or incomplete reporting on the schedules.
• About Form 1065 and About Form 1120-S — The recent developments section provides updates as Schedules K-2 and K-2 are finalized for the 2021 tax year.

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 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, April Walker, CPA, CGMA, from the AICPA Tax Section, highlights major tax-related items contained in the bill and shares several resources available for practitioners to navigate the provisions.

What you'll learn in this episode

• Status of the enactment of the Infrastructure Investment and Jobs Act (0.25)
• Early termination of the employee retention credit (ERC) (0.56)
• Cryptocurrency reporting (1.58)
• Build Back Better Act legislation status and related resources (3.30)
• Additional AICPA year-end resources (4.31)

AICPA resources

• Year-End Tax Planning Letter for Individual Clients — Use this letter template to get the conversations started with your individual tax clients to help them take a fresh look at their current and future financial health.
• Year-End Tax Planning Letter for Small Business Clients — This small business client letter template provides a handy list of key considerations for this year that your clients need to factor in for next year and a jumping off point for them to contact you as their tax and financial planning adviser.
• 2021 Tax Year in Review Presentation for Clients — A presentation to use as a touchpoint with your clients to update them on various tax law changes and year-end reminders and encourage them to talk with you about their long-term financial plans. This template also works as a starting point for presentations to networking groups, rotary clubs, chambers of commerce and many other groups.
• CPA Marketing Toolkit — A toolkit to help you communicate with prospects and clients throughout your career to help you demonstrate your strength as a trusted adviser, assisting with all aspects of your clients' financial situations.
• Build Back Better Act: Where we are now — Recorded on Nov. 8, 2021, Bob Keebler, CPA/PFS, reports on the latest with the Build Back Better Act. Bob will also be speaking on a related webcast on Nov. 17, 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.