Highlights of our current advocacy projects include:
Impact of Delayed Forms
The AICPA requested a dialogue with the IRS to review the impact of delayed forms on compliance and related issues such as penalties.
3.8% Tax on Net Investment Income -- Taxpayers need a much simpler method in computing income subject to the 3.8% “Medicare” surtax, the AICPA commented in a letter to the Office of Management and Budget and IRS.
Foreign Asset Reporting
To make compliance easier, the AICPA recommended several changes, including consistency in valuation methods of SFFAs for Form 8938 and FBAR.
Due Dates for Business Returns
Legislation proposed by the AICPA has been introduced that would change due dates to eliminate the problems caused by late K-1s.
Tax Reform / Simplification - Many technical aspects of the code could be cleaned up while larger tax policies are being considered. We offered dozens of proposals to Congress to simplify tax administration.