The Tax Gap

By Jeffrey R. Hoops, CPA

Because the AICPA is the national professional organization of CPAs, comprising approximately 330,000 members, when it comments on regulatory and legislative proposals, it speaks from a broad base of experience. Members advise clients on Federal, state and international tax matters and prepare income and other tax returns for millions of Americans. They provide services to individuals, nonprofit organizations, small and medium-sized businesses and America’s largest companies. This “broad base of experience” can be used to develop practical suggestions for closing a tax gap estimated to be around $300 billion.

Earlier this year, AICPA members received and responded to a tax gap questionnaire. The results are now being compiled and will soon be shared with members of Congress and the Administration, and will also be published in a future issue of The Tax Adviser.

Newsletter Articles

TAX REFORM

Traps for the unwary: Tax Cuts and Jobs Act changes

By now many of us are familiar with the various provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. Here is a list of changes together with (perhaps) unexpected nuances.

DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.