AICPA Tax Insider (October 14, 2021): Naked credits and the interest expense limitation; Historic global tax deal taking final shape; and More!

Naked credits and the interest expense limitation
By Murray J. Solomon, CPA
New regulations providing guidance on the application of the Sec. 163(j) interest expense limitation may change how some companies calculate their naked credit.

Historic global tax deal taking final shape
After years of difficult negotiations, an OECD-brokered deal to update international corporate tax rules has the support of all OECD countries and is closer to becoming reality.

Sales and use taxes: Loss contingencies
By Scott McCrillis, J.D., LL.M., and Ankita Bajaj, J.D.
This item discusses how to apply FASB standards concerning loss contingencies in the context of sales and use taxes.

Taxpayer First Act changes innocent spouse relief
By James Creech, J.D.
The change affects how an innocent spouse case is prepared, and it places an increased burden on return preparers who interact with a taxpayer who potentially has an innocent spouse claim.

The difference between employees and independent contractors
By Arthur Auerbach, CPA, CGMA
Lately, worker classification has become a prominent issue due to the changing economic environment, technological revolutions, and recent legislative and administrative actions.

Penalty for failure to report distribution from foreign trust not reduced
By James A. Beavers, CPA, CGMA, J.D., LL.M.
A federal appeals court held that where a taxpayer was both the beneficiary and owner of a foreign trust, his status as trust owner did not reduce the 35% penalty under Sec. 6677 for failing to comply with information reporting requirements.

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

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