The tax code is infamous for its complexity: taxpayers struggle to be certain that they are complying with its requirements and taking advantage of the available opportunities, and tax professionals put forth prodigious effort to assist taxpayers in doing so. This issue takes a closer look at a selection of particularly thorny issues in the code and how preparers can advise taxpayers to deal with them.

“Examining the Highlights of the Secure Act 2.0” details this newly enacted law, which builds upon its 2019 predecessor's provisions designed to expand the number of Americans who participate in workplace retirement plans and increase the level of contributions made to those plans. In “Ensuring Business Activity Classification,” the authors examine a recent hobby loss case; their analysis indicates a taxpayer's chances of prevailing in court and suggests effective planning, documentation, and legal strategies. Surprisingly, the term “trade or business,” has never been objectively defined in the tax code; the author of “Defining a Trade or Business under Federal Tax Law” proposes a blueprint for much-needed guidance in this area. Finally, “Portability of Deceased Spousal Unused Exclusion Extended” describes how taxpayers can take advantage of the extended amount of time to make a portability election to maximize their unified exclusion amount as part of an estate planning strategy.

This issue also includes our coverage of the 21st annual Baruch Financial Reporting Conference. As in past years, leading representatives from standards setters and regulators discussed the topics shaping today's professional landscape. PCAOB Chair Erica Williams provided an update on the board's progress during the past year on the ambitious agenda it set for itself, as well as the PCAOB's efforts in inspecting foreign audit firms and educating the public about cryptocurrencies and digital assets. FASB Chair Richard Jones and SEC Chief Accountant Paul Munter discussed their respective agendas while touching upon recent events affecting the reporting environment. Other panels covered accounting and enforcement topics at the SEC as well as environmental, social, and governance (ESG) issues.