As I tap it on my laptop computer — a tax roundup you can easily learn on a cell phone or tablet — it’s really easy to feel like how wisdom has been doing the rounds forever. Some progress has been made for many years, but some of the things we depend on day to day may be much smaller than you think.
iPhone show at Macworld in San Francisco in January 2007.
Photographer: David Paul Morris via Getty Photos.
The first handheld mobile phone—a Motorola—got a look in 1973, but the first time many people saw it in use was in the 1987 film Wall Road. However, the first iPhone was not launched until 20 years later.
The primary laptop computer laptop—the Osborne 1—was made for the general public in 1981. Although the first iPad didn’t come along until 2010.
Photographer: Tomohiro Ohsumi/Bloomberg Getty Photos . through
And digital funds? The first automated teller machine (ATM) was introduced in the U.S. in 1969. made its public debut in the U.S., but bitcoin did not appear until 2009.
It is clear how we live and work – technology has changed and continues to change. This tax panorama is also changing.
Taxpayers can now enter and make their tax payments from their telephone and laptop. According to the IRS, about 94% of federal revenue tax returns received this year were filed electronically.
And since cash, shares and digital assets can be moved around online in the blink of an eye, tax officials are rethinking how you can get the biggest body tax coverage you can to seize these transactions. This resulted in controversial new digital taxes and proposals.
That’s a lot for tax practitioners, which is why we’ve got you lined up with our insights roundup.
With information that affects tax planning, compliance, and enforcement, it’s important to keep up with it. From cyber security to NFTs, here’s what tax professionals are talking about:
The Colonial Pipeline Company hack—and a $5 million ransom—is a clear reminder of the importance of cybersecurity to the enterprise. The attack also serves as a reminder that financial institutions are not the only organizations that have to be concerned about security threats. Eric Schillinger of the Anne Tyler Corridor and Corridor Advantage Legislation takes a look at what this means for trustees in the DOL, providing three-dimensional guidance on cybersecurity breaches for retirement plans.
You can read more about the importance of data security in the latest TaxGirl podcast that includes a conversation with Robert Capps, NuData’s vice president of applied science growing for security.
Tech is evolving at a fast pace, but will all these new developments stay here? James Creech considers whether the non-fungible tokens (NFTs) craze in NFTs or the following larger factors: an existential question. They wonder whether the problems for tax practitioners are as simple as the seller’s true value and foundation and – if NFTs are the following big factor – is the IRS steerage finally coming?
You will learn more about some of the tax implications of NFTs in a recent episode of the TaxGirl podcast with Ben Weiss, CEO of Coinflip, the world’s leading bitcoin ATM operator.
Digital tax remains a problem both at home and abroad. Notably, the two-pillar mission of the OECD/G20 Inclusive Framework on Tax Challenges of Digitization, commonly referred to as BEPS 2.0, has been underway for more than two years. In an entirely new ballgame: global tax policy talks on columns one and two, Jeff Vanderwalk of Square Patton Boggs appears on the revised panorama and discusses the possible consequences.
The global economy is expected to grow by 4% in 2021. These are some big money changing hands, including significant cross-border transactions. Some of these transfers may be tax-friendly. Gifts of securities, a cash rebate of up to $11.7 million by US residents to French residents, is largely based on French rulings, writes Claire Gionette Molick, tax partner at Orsay Avocats Associations in Paris.
Thanks to the web, you can donate to a donor-aided fund (DAF) with the click of a button, but then what? The DAF has recently been criticized for sitting on excessive amounts of cash, and efforts are underway to place timing requirements on DAF grants. Jeff Hammond, former director of financial coverage for Senate Majority Chief Charles Schumer (D-NY) and current head of philanthropy at Van Skoyok Associates, means that donor-advised funds are the linchpin of local charitable giving.