The American Institute of CPAs (AICPA) has submitted tax reform testimony for the record of two House Ways and Means Subcommittee on Tax Policy hearings and one Senate Finance Committee hearing. The hearings focused on tax reform related to individuals and families and small businesses, as well as on comprehensive tax reform.
Listed below in chronological order are the three tax reform hearings for which the AICPA submitted testimony:
- “How Tax Reform Will Help America’s Small Businesses Grow and Create New Jobs” was the focus of the July 13 hearing by the House Ways and Means Subcommittee on Tax Policy. The AICPA outlined in its testimony its recommendations to reduce the burden and complexity of tax compliance faced by small businesses to ensure that tax rules support, rather than discourage, business growth.
- “Comprehensive Tax Reform: Prospects and Challenges” was the subject of the July 18 hearing of the Senate Finance Committee. The AICPA’s testimony made suggestions about how to simplify the tax system and make tax rules more understandable and accountable.
- “How Tax Reform Will Simplify Our Broken Tax Code and Help Individuals and Families” was the topic of the July 19 hearing held by the House Ways and Means Subcommittee on Tax Policy. The AICPA suggested in its testimony that Congress provide sufficient time to implement transition rules (e.g., alternative minimum tax (AMT) carryovers, and suspended and passive losses, etc.) required for any new tax provisions.
Visit the AICPA’s Tax Reform Resource Center regularly to keep up-to-date about how the AICPA is representing the accounting profession and serving members as the tax reform debate proceeds