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Volume 53, Number 1 January 2022

TAX CLINIC

Qualified COVID-19 paid
leave benefits: Reporting on
Form W-2 ....................................... 7
Deferral of penalties for failure
to timely deposit employment
taxes ............................................... 9

IRS extends withholding date
for certain PTP transfers,
distributions .................................. 10
Reversing a gap period
transaction through late
check-the-box election ................ 11

Form 1099-K information
returns: New rules beginning
2022 ............................................. 13
A review of Multistate Tax
Commission’s statement on
how P.L. 86-272 applies to
internet sales ................................ 14

18 Voluntary carbon offsets:
The evolution of a business expense DEPARTMENTS
By Craig White
Businesses, to meet self-imposed goals for reducing their carbon footprint, are
increasing their use of voluntary carbon offsets (VCOs). This article discusses TAX PRACTICE &
the disclosure and reporting of VCOs and whether VCOs should be treated PROCEDURES ............................. 34
as deductible ordinary and necessary business expenses, capitalizable expenses, CASE STUDY ................................ 40
deductible charitable contributions, or nondeductible expenses.
TAX TRENDS ................................. 42
26 A guide to dealing with today’s IRS
By Larry J. Wolfe
This article provides practical suggestions to help practitioners navigate the process
of resolving client issues with the IRS at a time when the agency is struggling with
the effects of the COVID-19 pandemic and a reduction in personnel. Tax News
For the latest tax news, visit
On the cover: Image by BrianAJackson/iStock; above: Image by Metamorworks/iStock TheTaxAdviser.com.

2 January 2022 The Tax Adviser