Tax

Browse

By Topic

... Click to view more

[x]

By Document Type

... Click to view more

[x]

Member Only Content

By Area of Interest

By Date

Tax Advocacy

		What is the AICPA Doing for You in Washington? The AICPA's ability to shape tax regulations and laws means a more workable tax system for practitioners and taxpayers. We advocate on members' behalf with federal lawmakers and regulators to ensure that the CPA’s voice is heard. Some of the key issues that we are working on in 2012 include: Foreign asset reporting Income tax simplification Capital gains reporting PTIN background check Due Dates for K-1s and other business returns

What is the AICPA Doing for You in Washington?

The AICPA's ability to shape tax regulations and laws means a more workable tax system for practitioners and taxpayers. We advocate on members' behalf with federal lawmakers and regulators to ensure that the CPA’s voice is heard.

Some of the key issues that we are working on in 2012 include:

Foreign asset reporting
Income tax simplification
Capital gains reporting
PTIN background check
Due Dates for K-1s and other business returns

Follow the links under Hot Topics to learn more about the current issues that affect your practice or organization and AICPA's position and advocacy on those issues. Or read our blog - What's Hot These Days in Tax Advocacy? Key Advocacy Successes lists some of the results we have produced so far.

Hot Topics

Highlights of our current advocacy projects include:

Tangible Property Regulations
Taxpayers will be affected by the administrative impact of these regulations - we are providing recommendations to the IRS to ensure the impact is minimized.

PTIN Regulations - While the AICPA supports the overall program, it stated concerns to the IRS about definitions in the regulations that could
trap an unwary practitioner.

Estate Tax - The AICPA will work with the IRS on guidance to help practitioners and taxpayers determine how and when to file for portability.

Capital Gains Reporting - The AICPA is working with IRS to clarify the rules for Form 8949 to make 2013 filing easier.

Foreign Asset Reporting Rules - Taxpayers face stiff penalties if they fail to comply; the AICPA is advocating ways to ease compliance.

Tax Reform - Overlapping and temporary income tax provisions are among the areas our task force will be targeting for its simplification proposal to be released in 2013.

IRS Regulatory Priorities - The AICPA has weighed in on the IRS/Treasury 2012-2013 Guidance Priority List of regulatory and administrative guidance for the upcoming year. The current list was updated in January and will be replaced July 1.

Key Advocacy Successes

The AICPA meets regularly with federal officials and lawmakers to address issues of concern to CPAs and we get results:

PTIN Suitability Check – The AICPA voiced concerns about the potential impact of the IRS' proposal to fingerprint supervised staff - the IRS suspended the proposal and is reviewing alternatives.

Estate Tax Compliance – We persuaded the IRS to extend critical filing deadlines to enable 2010 estates to timely elect carryover basis.

Foreign Bank and Financial Accounts (FBAR) - We successfully sought a due date extension for certain prior year FBARs.

IRS Preparer Compliance Initiative - The AICPA worked with the IRS to better inform practitoners about the reason for these visits and limit tax season disruptions.

Accounting Software  - We initiated a dialogue between the IRS and software vendors to address privacy concerns related to electronic records requested by the IRS.