The American Institute of CPAs (AICPA) wrote House Ways and Means Committee Chairman Paul Ryan (R-Wis.), the new GOP leader of the committee, about provisions in the Tax Reform Act of 2014, the comprehensive tax reform proposal developed last Congress by former Ways and Means Committee Chairman Dave Camp and introduced in December as H.R. 1. The Camp proposal is expected to play an important role as the tax reform debate continues in the new, 114th Congress.
In the January 12 letter, the AICPA commented on 22 areas that are particularly important to the Institute and its members, including business tax credits, reform of tax rates for individuals, simplification of education incentives, revision of pensions and retirement accounts, simplification of due dates for tax returns and repeal of the alternative minimum tax.
Each proposal on which the AICPA commented was evaluated on how well it meets five of the AICPA’s 10 principles of good tax policy.
For more details about the letter, read the January 12 Journal of Accountancy article.