Below are comment letters submitted by the AICPA Tax Division in 2014.
Jan. 16, 2014 - AICPA Comments on SFC Chairman's Staff Discussion Draft on Tax Administration
The AICPA submitted a comment letter to Chairman Baucus and the Senate Committee on Finance on Thursday, Jan. 16, 2014 on the Tax Reform Discussion Draft on Tax Administration. The AICPA provided comments on topics for Reforms Relating to Information Returns, Reforms Relating to Identify Theft and Tax Fraud, Closing the Tax Gap, Expansion of Electronic Filing, Improvement to Tax Filing, and provided additional comments.
Feb. 25, 2014 - AICPA Comments on the Proposed Regulations under Section 263A Regarding Negative Additional Section 263A Costs
The AICPA submitted a comment letter to Associate Chief Counsel of the IRS, Mr. Andrew Keyso, on Tuesday, Feb. 25, 2014 on the Proposed Regulations under Section 263A Regarding Negative Additional Section 263A Costs. The AICPA provided comments on topics for Allowing Negative Amounts under the SPM, Exception for Small Taxpayers, Allow Taxpayers to Use the Proposed MSPM and to Estimate the Raw Material Content of WIP and Finished Goods, Revise the Proposed MSPM to Add a Post-Production Absorption Ratio, Rules for Property Produced Under Contract for the Taxpayer and Property Purchased for Resale by the Taxpayer, Allow Any Reasonable Method to Allocate Capitalizable Mixed Service Costs, MSPM for LIFO Inventory, and Extension of the Qualifying Period Under the MSPM with a HAR Election, HAR Transition Rules.
Feb. 26, 2014 - AICPA Schedule H De Minimis JV Comment Letter
The AICPA submitted a comment letter to the Commissioner of the Tax Exempt & Government Entities Division on Feb. 26, 2014 to provide recommendations for de minimis treatment of joint ventures for hospitals as reported by Schedule H, Part I, Line 7 of Form 990. Comments were related to the instructions to Form 990 when calculating the percentage that financial assistance and certain other community benefits represent as a percentage of total expenses.