The two leaders of the Senate Finance Committee, Chairman Max Baucus, D-Mont., and ranking Republican member Orrin Hatch, R-Utah, have begun developing proposals for reforming the U.S. Tax Code, including giving the Internal Revenue Service the clear statutory authority to regulate tax preparers in case the IRS loses its appeal of a recent court case invalidating its Registered Tax Return Preparer regime.
Baucus and Hatch released the first in a series of papers Thursday outlining various tax reform options that members of the Finance Committee may wish to consider as they work to reform the nation’s tax system. They noted that over the next several months, the committee will convene weekly to discuss the series of options papers on a wide range of issues within tax reform. “The option papers will include ideas from across the spectrum and, as such, do not necessarily have the endorsement of either the Chairman or Ranking Member,” they noted.
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