AICPA Tax Insider (July 1, 2021): IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021; SBA may be dropping PPP Loan Necessity Questionnaire requirement; and More!

IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021
Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.

SBA may be dropping PPP Loan Necessity Questionnaire requirement
Indications are that businesses with Paycheck Protection Program loans of $2 million or more will not have to submit a Loan Necessity Questionnaire when applying for forgiveness of their loans.

Child tax credit: New portal for opting out of advance payments
A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.

Tax consequences of nonfungible tokens (NFTs)
By Walter Effross, J.D.; Leonard Goodman, CPA, Ph.D.; Anthony Pochesci, CPA; and Jay A. Soled, J.D., LL.M.
These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.

Supreme Court declines to take up remote worker taxation case
The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.

Practical considerations of Sec. 1202 in M&A transactions
By Heath Wang, E.A.
This article provides an overview of the Sec. 1202 requirements and discusses the practical considerations of the provision in merger-and-acquisition transactions.

5 reasons to add the new Tax Section Odyssey podcast to your playlist
By April Walker, CPA, CGMA
The demands of tax season have waned, but the need to keep up with tax developments and legislation never subsides. Incorporating podcasts to your post-tax-season routine adds a boost to your professional development and keeps you current. Here are a few more reasons to tune in to the new Tax Section Odyssey podcast.

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

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