U.S. Senate Finance Committee Chair Ron Wyden (D-OR) has issued a release announcing the introduction of the draft Modernization of Derivatives Tax Act on 5 August 2021, which includes measures to counter the avoidance of tax through the use of derivative contracts. --- MODERNIZATION OF DERIVATIVES TAX ACT OF 2021 Under current law, tax pros are able to exploit the complex rules for derivatives to delay paying taxes or minimize what they do pay, in ways that typical working Americans who receive a paycheck cannot. The Modernization of Derivatives Tax Act (MODA) will prevent sophisticated taxpayers from using derivative contracts...