Washington, D.C. (March 19, 2015) – The American Institute of CPAs (AICPA) recently submitted suggestions to the Senate Finance Committee Working Group on Individual Income Tax that would simplify some areas of the tax code that individual taxpayers find the most difficult to understand and recommended provisions to combat identity theft and tax fraud.
The AICPA concentrated its suggestions in five key areas:
· Identity theft and tax fraud;
· Simplified income tax rate structure;
· Education incentives;
· Relief for missed elections (section 9100 relief), and
· “Kiddie Tax” rules.
Troy Lewis, CPA, CGMA, chair of the AICPA Tax Executive Committee, wrote, “We understand the challenges that Congress faces as it tackles the complex issues inherent in drafting tax legislation, and note that both taxpayers and tax practitioners are interested in, and need, tax simplification. Compliance burdens for individual taxpayers are too heavy, both in terms of time required and out-of-pocket cost.”