Tax Executive Committee’s List Includes AMT Repeal, Retirement Savings Plan Harmonization, Simplification of Education-Related Provisions and
“We commend lawmakers for signaling that tax reform will be a top priority in the next Congress,” said
After meeting in
- Follow principles of good tax policy including equity, simplicity, minimum tax gap, transparency and economic growth and efficiency
- Repeal the Alternative Minimum Tax for simplicity and transparency
- Harmonize and simplify education-related tax provisions
- Make adjustments via the tax rate schedule (and avoid phase-ins and phase-outs wherever possible) to promote transparency
- Eliminate temporary provisions that cause tremendous uncertainty for taxpayers
- Simplify retirement savings for both individual plans, employer-provided plans and those plans for self-employed individuals
- Simplify or repeal the “Kiddie Tax” provisions for calculating the tax on unearned income of a child
- Reduce tax rates for businesses operating in the corporate form as well as a rate reduction for other forms of business
- Preserve the current availability of the cash method of accounting for tax purposes
- Focus on
Internal Revenue Serviceimprovement of the taxpayer and tax preparer experience by utilizing modern and secure technology, hiring and training knowledgeable employees, and seeking and utilizing stakeholder engagement
Fifteen years ago, the AICPA developed Guiding Principles for Good Tax Policy which the Institute continues to utilize in evaluating tax proposals. More recently, the Institute has also taken a global perspective on tax policy, as well as considering the importance of information security and the risk for identity theft.
“The AICPA has long advocated for simplification to the tax system because we are convinced such actions will reduce taxpayers’ compliance costs, encourage voluntary compliance through an understanding of the rules and greater respect for the system, and improve enforcement actions,” explained
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