Episode Details

The IRS is now accepting and processing 2021 tax returns — a signal that the official start of the busy tax filing season is here. While it's a new year, this tax season has similar vibes as the past two years but with some new obstacles as well.

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager – AICPA Tax Section sits down with Daniel Moore, CPA, Owner — D.T. Moore & Company, LLC, to discuss issues tax practitioners may encounter this season, as well as provide some real-world relatable examples and tips for a successful tax season.

What you'll learn in this episode

• Reporting Paycheck Protection Program (PPP) loan forgiveness and S Corporations (4.15)
• Advance child tax credits and Letter 6419 (7.42)
• Economic impact payments and Letter 6475 (13.19)
• IRS service level issues and a real-life example (14.50)
• Unprocessed 2020 returns and overpayment application tips for 2021 filings (20.42)
• How to make cryptocurrency reporting as easy as possible (24.27)
• Schedules K-2 and K-3 for passthrough entities (28.05)
• Tax return extensions (30.37)
• Dan's tax firm traditions (33.54)
• A page from Dan's travel journey (35.19)

AICPA resources

• 2021 Paid Preparer's Due Diligence Checklist – Form 8867 — A comprehensive tool to use when preparing Form 8867 that is associated with claiming the earned income tax credit, American opportunity tax credit, child tax credit (including the additional child tax credit), the credit for other dependents and head-of-household filing status.
• AICPA Relief for Taxpayers for the 2022 Filing Season — The AICPA led a coalition of stakeholders to urge action from the IRS to mitigate anticipated challenges in the upcoming tax season. The coalition also requested a meeting with IRS officials to discuss their concerns and recommendations and directly address any questions.
• Annual Tax Compliance Kit — This toolkit includes engagement letters, organizers, checklists and practice guides to help you manage your tax season workflow and excel as an adviser of tax and financial planning services.
• AICPA Town Hall Series— Bi-monthly, high-impact news broadcast series that delivers the latest news, analysis, insights and practical guidance to accounting and finance professionals and responds to pressing issues facing the profession.
• ENGAGE 22 Conference — Gain exclusive insights, develop practical skills, and network with your unique professional community online or in person over 4 energizing days June 6-9, 2022, in Las Vegas, Nevada.
• IRS E-Services Transcript Delivery System Quick Reference Chart — This handy, one-page, quick reference chart is geared to help practitioners obtain and effectively use transcript data via this e-Services tool. It offers practical tips for how to use TDS and answers questions such as "Who may use TDS?".
• IRS third-party authorization guidance — This guidance provides a summary of the most common types of IRS authorizations and what each authorization permits the representative to do. Learn how to record authorizations with the Centralized Authorization File (CAF)