AICPA Tax Insider (November 18, 2021): IRS issues inflation adjustments for 2022 returns; Investors are (legally) shielding crypto gains in opportunity zones; and More!

IRS issues inflation adjustments for 2022 returns
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.

Investors are (legally) shielding crypto gains in opportunity zones
By Blake Christian, CPA
With tax rates expected to rise, opportunity zone investors are exploring ways to invest their cryptoasset gains in opportunity zone funds.

FAQ guidance on income change reporting for advance child tax credit
The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.

Recent developments in estate planning: Part 2
By Justin Ransome, CPA, J.D.
This second part of an annual update examining developments in estate, trust, and gift taxation covers recent court cases, proposed regulations, and other IRS guidance on estate tax.

New FAQs cover interplay of unemployment income exclusion and credits
The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.

Tax treatment of COVID-19 homeowner relief payments clarified
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.

Changing ways of working call for changing employment and tax policy
Annette Nellen, Esq., CPA, CGMA, examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”

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

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