AICPA Tax Insider (June 3, 2021): President’s budget contains many tax proposals; Draft employer’s payroll tax return incorporates ARPA changes; and More!

President’s budget contains many tax proposals
The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden administration contains a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.

Draft employer’s payroll tax return incorporates ARPA changes
A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.

A closer look at paid tax preparer regulation
In this podcast, an AICPA senior manager explains why the AICPA recently offered recommendations on six key areas of regulation of paid tax return preparers.

How much unrelated business activity is too much?
By Preston J. Quesenberry, J.D.
When it comes to determining how much unrelated business activity is permissible for tax-exempt organizations described in Sec. 501(c)(3), practitioners must contend with sparse, poorly written, and conflicting guidance.

Time to opt in for an IP PIN?
By Sebastian B. Murolo, CPA
Now that most taxpayers may obtain an identity protection personal identification number, should they?

In Texas, the rules of the game have changed for sourcing of receipts
By Sarah McGahan, J.D., LL.M., and Lori Wright, CPA
Texas rule changes may have nexus implications for taxpayers that meet the gross receipts threshold after applying the revised regulation.

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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