The American Institute of CPAs sent top tax lawmakers on Capitol Hill a package of 34 legislative proposals Tuesday that the AICPA believes promote simplicity and fairness in the tax code.
AICPA Tax Executive Committee chair Troy Lewis is hopeful that the proposals can be incorporated into future tax legislation.
“This Compendium includes items focused on improving tax administration, making the tax code fairer, and effectively promoting important policy objectives,” Lewis wrote in a letter. “It is not a comprehensive list of all provisions that we believe should be added back or removed from the reformed Code. We intend to continue our efforts in this area and make further recommendations in the future.”
The proposals relate to individuals, employee benefits, corporations, S corporations, partnerships, trusts, estates, gifts, and exempt organizations, as well as to penalties for tax preparers.
In addition to recommending that Congress harmonize and simplify education-related tax provisions and standardize the allowable mileage rate for business, medical and moving expenses and charitable contribution purposes, three new proposals are included:
Standardize the medical lodging deduction limitation with the allowable business per diem rates;
Amend section 6694 of the Internal Revenue Code to increase penalties on tax return preparers in certain cases of a fraudulent understatement of a taxpayer’s liability or deterrence; and
Require Form 1099 reporting of interest and dividends paid to charitable remainder trusts.
Lewis noted that the AICPA intends to submit further comments and proposals on major tax issues and reform efforts.
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