The American Institute of CPAs has sent a
The recommendations were submitted following a
“We understand that you have requested input from your colleagues as you move forward on comprehensive tax reform,” wrote AICPA Tax Executive Committee chair Jeffrey A. Porter in the letter. “Specifically, you have asked what tax expenditures should be included in a reformed tax code, as well as other provisions that should be added, repealed, or revised as part of tax reform. The AICPA is actively pursuing or has published positions on a number of tax reform issues, developed a ten-principle framework for analyzing proposals, and is available to assist you in this process. While we believe that taking a thorough and substantive review of each and every expenditure is an essential part of tax reform, we also encourage you to examine other aspects of the tax code to improve the current rules. We stand for a code that is simple, practical, and administrable.”
The letter highlighted the following areas that the AICPA has targeted for inclusion in tax reform legislation:
• Repeal of the alternative minimum tax;
• Simplification of the “Kiddie Tax;”
• Consolidation and simplification of multiple types of tax-favored retirement plans;
• Harmonization of education incentives;
• Reordering of due dates for certain tax returns;
• Reform of civil tax penalties; and
• Modification of existing rules to allow taxpayers to report de minimis changes in their income from a corrected Form 1099 or amended Schedule K-1 in the year of receipt of the amended form.
Porter underscored the AICPA’s