AICPA Tax Insider (July 15, 2021): Addressing the rock bottom IRS service levels; Proposed bill to regulate tax preparers has AICPA support; and More!

Addressing the rock bottom IRS service levels
By Edward S. Karl, CPA, CGMA
The AICPA surveyed members to statistically validate what we hear daily about IRS service levels, then came up with some tips to help the agency improve.

Proposed bill to regulate tax preparers has AICPA support
A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.

SBA officially drops PPP Loan Necessity Questionnaire requirement
The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.

Virtual currency update
By Brad Polizzano, J.D., LL.M., and Mark Heroux, J.D.
Taxpayers who use cryptoassets in transactions need to be aware of continually expanding efforts by the IRS and other agencies to enforce reporting compliance. This discussion looks at key recent developments.

Farm businesses receive guidance on tax treatment of losses
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.

5 summer housekeeping must-dos for the practical tax practitioner
By Susan Allen, CPA/CITP, CGMA
Tax practitioners may have accumulated quite a to-do list for their practices after tax season. Here are several must-dos over the summer.

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

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