AICPA Tax Insider (March 31, 2022): Biden proposes higher corporate tax rate, 20% billionaire minimum tax; Various exempt organization notices paused; and More!

Biden proposes higher corporate tax rate, 20% billionaire minimum tax
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.

Various exempt organization notices paused
Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.

Individual taxpayers must answer cryptoasset question, IRS notes
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.

Revenue recognition: Time to implement the final regulations
By Don Reiris, CPA, J.D., LL.M.; Caleb Cordonnier, CPA; and Pinky Shodhan, CPA, J.D., LL.M.
Procedural guidance in Rev. Proc. 2021-34 helps taxpayers apply final regulations under Sec. 451, which the legislation known as the Tax Cuts and Jobs Act modified with respect to the all-events test and in other ways.

IRS reproposes unified plan rule exception for multiple-employer plans
Regulations proposed last week provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.

Accounting firm professionals name their favorite TED talks
By Cheryl Meyer
Seven CPAs describe their favorite TED talks and why they find them inspiring.

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

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