The AICPA Testifies Before the House Small Business Committee on Ways to Modernize the Tax Code

May 20, 2008

On April 10, 2008, in testimony before the US House of Representatives' Small Business Committee, the AICPA proposed changes to the taxation of S corporations, partnerships, the AMT, and estates. It also lent support to pending bills on fiscal year flexibility, cell phones, and preparer penalties. In the S corporation area, the AICPA is advocating a repeal of the LIFO recapture tax. In the partnership area, the AICPA asked for clarification of the new Qualified Joint Venture provision; that a single return be due on technical terminations; that partners be treated as employees in certain circumstances; and that section 118 allow them to exclude contributions of capital.

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