The AICPA submitted suggestions to the Senate Finance Committee Working Group last Thursday concerning Individual Income Tax that would simplify some areas of the tax code that individual taxpayers find the most difficult to understand and recommended provisions to combat identity theft and tax fraud.
The AICPA concentrated its suggestions on five key areas:
- Identity theft and tax fraud
- Simplified income tax rate structure
- Education incentives
- Relief for missed elections (section 9100 relief)
- “Kiddie Tax” rules
Troy Lewis, chair of the AICPA Tax Executive Committee, wrote, “We understand the challenges that Congress faces as it tackles the complex issues inherent in drafting tax legislation, and note that both taxpayers and tax practitioners are interested in, and need, tax simplification. Compliance burdens for individual taxpayers are too heavy, both in terms of time required and out-of-pocket cost.”
For the full submission, head to the AICPA's site here.