AICPA Tax Insider (June 24, 2021): CPAs and the historic Paycheck Protection Program; Supreme Court lets health care law stand; and More!

CPAs and the historic Paycheck Protection Program
By Erik Asgeirsson
It’s a good time to reflect on the CPA profession’s role in making this historic business relief program a success and to consider what comes next, especially in four key areas.

Supreme Court lets health care law stand
The U.S. Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.

Current developments in S corporations
By Kristin Hill, CPA; Robert W. Jamison Jr., CPA, Ph.D.; Robert S. Keller, CPA, J.D., LL.M.; Kenneth N. Orbach, CPA, Ph.D.; Alexander Scott, J.D., LL.M.; Kevin J. Walsh, CPA, CGMA; and Sheryll Wilson, CPA/ABV
This article updates readers on recent developments in taxation relating to S corporations. The authors are members of the AICPA’s S Corporation Taxation Technical Resource Panel.

A practical guide to economic nexus
By Antonio Di Benedetto, J.D., LL.M.
State and local taxing authorities have new tools for identifying and enforcing companies’ exposures for sales and use tax.

Understanding the global minimum tax
This podcast explains what the G7’s announced framework means, what accounting and finance professionals can expect next, and what the future of a global minimum corporate tax looks like. The podcast’s second half discusses the growing risk of ransomware.

Professional services tax proposals discussed in multiple states
By George Spencer
Proposed legislation in several places sought to tax accounting services but was opposed by the AICPA and others.

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

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