As new technologies develop and the economy evolves, the taxation of economic activity must adapt to keep up. New tax laws are passed, and regulators try to adapt the existing tax code to new products and arrangements. In this issue, we take a look at a few such areas on the frontiers of tax policy and planning.

In “The ABCs of the Taxation of Virtual Currency,” the authors review the basics of the increasingly popular digital assets and cryptocurrencies. While the existing guidance in this area is lacking, more definitive rules, and perhaps even new legislation, is expected soon. The legalization of cannabis use and sales in New York State may be considered a watershed moment in social policy, but it also comes with attendant changes in tax policy. CPAs advising businesses in this new niche should become familiar with the evolving rules and regulations around licensing and taxation. The growth of online rental marketplaces has raised questions about the taxation of such activities; our author looks at their intersection with self-employment taxes. The pandemic-driven expansion in food delivery providers is the subject of “The Taxability of Third-Party Food Delivery Services” that examines the complex state and local tax questions for providers and restaurants.

Also featured in this issue is coverage of the most recent annual Baruch Financial Reporting Conference. Separate panels were devoted to the discussion of cutting-edge topics and the impact they are likely to have on standards setting, financial reporting, and enforcement. One session covered digital assets, such as Bitcoin, and the unique challenges they present under existing guidance. Another session covered environmental, social, and governance (ESG) issues, once niche topics that have become increasingly relevant to investors and stakeholders, as well as regulators. These issues also permeated the presentations given by top representatives from the SEC, PCAOB, and FASB. There was also discussion throughout the conference about what to expect from the ambitious agendas under consideration at the PCAOB and SEC.