AICPA sends tax reform proposals to Congress
The American Institute of CPAs has transmitted a collection of tax proposals to Congress’s main tax-writing committees to consider next year.
The AICPA has sent members of Congress a number of tax-related proposals and reforms during this past congressional term, but the compendium puts them all together, suggesting a number of simplifications and technical proposals.
The 45 recommendations include proposals pertaining to individuals, shareholders, corporations, S corps, partnerships, international tax, trust, estate and gift taxes, and tax-exempt organizations, along with suggestions for improving tax administration, making the tax code fairer and promoting specific policy objectives. The AICPA compiles the collection every two years to coincide with the biennial congressional term.
“The AICPA’s Tax Compendium is a useful resource for Congress as it continues tax reform deliberations,” said AICPA vice president for taxation Edward S. Karl in a statement. “Many of these proposals are the types of issues lawmakers should consider when they debate tax reform next year. As comprehensive as it is, the Compendium will be supplemented by additional tax reform comments we intend to share with lawmakers in the coming weeks.”
The collection of proposals takes on added importance next year, as Republicans will control both houses of Congress and the executive branch with the incoming Trump administration. They are expected to push a comprehensive tax reform plan that could have the most far-reaching impact since the 1986 tax reform law.
For this year's election cycle, the AICPA spent over $2.6 million in political contributions and $3.57 million on lobbying efforts.