AICPA Tax Insider (December 16, 2021): Senate Finance Committee releases tax provisions of Build Back Better Act; Build Back Better tax changes are coming … but when? and More!

Senate Finance Committee releases tax provisions of Build Back Better Act
The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.

Build Back Better tax changes are coming … but when?
By Edward Karl, CPA, CGMA
The Build Back Better Act contains tax provisions that will affect preparers. But when will it pass? Learn all the factors influencing the timing in an article by Ed Karl, the AICPA’s vice president–Tax Policy & Advocacy.

Keeping on top of tax changes
By April Walker, CPA, CGMA
Members of the AICPA Tax Practice Management Committee from firms large and small share their tips for keeping up to date before and during busy season.

Importance of purchase price allocation in real estate transactions
By Jennifer M. Ray, CPA
As real estate prices soar in many parts of the country, rethinking the 20/80 rule can save significant taxes on sales of business land and buildings.

Keeping client data secure: How’s your cybersecurity immunity?
By Michael T. Odom, CPA
Five things tax practitioners can do to deter threats to their practices and clients from “spear-phishing,” “smishing,” and other scams and recover if they are attacked.

Alimony deduction and income exclusion allowed for insurance premiums
By James A. Beavers, CPA, CGMA, J.D., LL.M.
Although a taxpayer’s ex-wife’s cafeteria plan coverage was paid with untaxed wages, an alimony deduction was not an impermissible “double deduction,” the Tax Court holds.

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

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