Identity theft and tax simplification are high priorities for members of Congress, the IRS, and all taxpayers. Though most people think the issues are unrelated, one potential way to decrease identity theft and preparer fraud is tax simplification.
Passage of major tax reform legislation appears unlikely soon, partly because of partisan gridlock in Congress as bad as any in the past century and a half, a noted tax lawyer told the AICPA Council.
The past year featured a large number of tax developments, some of which got extensive coverage in the media, and many of which got less coverage but affect almost all taxpayers and practitioners. As we get ready to welcome a new year, here’s a look back at the most important
The AICPA submitted recommendations for tax reform to five of the 11 working groups the House Ways and Means Committee has formed.
Witnesses gave the Senate Finance Committee a variety of suggestions on how to fight tax identity theft and fraud, reform the tax system, and fund the IRS during a hearing on Tuesday.
Developments since the 1986 Tax Reform Act was signed favor a successful outcome for the current reform effort, said two experts who worked for congressional committees producing the earlier legislation.
President Barack Obama unveiled his proposed budget for FY 2013. It includes several tax reform proposals, including plans to eliminate the AMT, to repeal LIFO, and to tax dividends of high-income taxpayers at ordinary income rates.