Tax Accounting and Auditing Issues for 2021

Summary

This practice note discusses several of the recent major tax accounting and auditing issues that individuals and entities may face in 2021. Two important audit issues include partnership audits under the new centralized partnership audit regime and the IRS's emphasis on the taxation of virtual currencies. Tax accounting issues discussed include the final Treasury Regulations on the taxable year of inclusion and the Base Erosion and Anti-Abuse Tax (BEAT), and the sweeping accounting changes to sale-leaseback transactions.