Estimated reading time: 1 minute, 13 seconds

Annette Nellen, AICPAThe Alternative Minimum Tax should be repealed for simplicity and transparency, the American Institute of CPAs' Tax Executive Committee said recently. That provision was one of several the committee made for the next Congress in order to reform tax policy.

"We commend lawmakers for signaling that tax reform will be a top priority in the next Congress," Annette Nellen, the committee chair, said in a prepared statement. Nellen, who had served as the committee's vice chair, moved into her position in October.

The committee also urged Congress to simplify or repeal "Kiddie Tax" provisions for calculating the tax on unearned income of a child, and to simplify retirement savings plans for individuals, those provided by employers and those plans for self-employed individuals.

It also called for a reduction of taxes on corporations and other forms of business and the preservation of the cash method of accounting for tax purposes and eliminating "temporary provisions that cause tremendous uncertainty for taxpayers".

Some general recommendations included following principles of good tax policy including equity, simplicity, minimum tax gap, transparency and economic growth and efficiency and harmonizing and simplifying education-related tax provisions. The committee also recommends making adjustments via the tax rate schedule to promote transparency and avoiding phase-ins and phase-outs wherever possible.

The committee urged a focus on improvement of the Internal Revenue Service experience for taxpayers and tax preparers by utilizing modern and secure technology, hiring and training knowledgeable employees, "and seeking and utilizing stakeholder engagement."

Last modified on Tuesday, 29 November 2016
Read 1256 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline