AICPA Tax Insider (June 10, 2021): Avoiding fallout from aggressive tax strategies; What is a global minimum tax and what will it mean?; and More!

Avoiding fallout from aggressive tax strategies
By Deborah K. Rood, CPA
While most CPAs understand the risk of promoting aggressive tax strategies, they should also beware “just making introductions,” providing tax consulting services, or preparing returns that reflect too-good-to-be-true tax strategies.

What is a global minimum tax and what will it mean?
By Leigh Thomas and David Lawder (Reuters)
Finance ministers for the G7 reached an agreement last week supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.

State proposals to tax digital ads are popping up everywhere
By Jessi Vice, J.D., LL.M., and Sarah McGahan, J.D., LL.M.
Numerous bills to tax digital advertising revenue have been proposed in state legislatures. Other legislative proposals would tax social media providers and sales of personal data.

Compulsive gambler’s losses are substantiated using Cohan rule
By Beth Howard, CPA, Ph.D.
The Tax Court estimated that the gambler’s losses exceeded his reported winnings.

Planning considerations for cross-border compensatory equity
By Erinn Madden, J.D., LL.M., and Carly Rhodes, J.D., LL.M.
Certain compensation arrangements can lead to complex U.S. tax consequences when non-U.S.-headquartered entities bring employees into the United States.

New Mexico’s gross receipts tax: Round 2 of changes
By Jeff Cook, J.D., Jasmine Gandhi, J.D., and Carolyn Owens
This article summarizes recent changes to New Mexico’s gross receipts tax and compensating tax regimes, including new rules affecting remote sellers.

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

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