AICPA comments on proposed tax legislation, expresses deep concern over certain provisions.The AICPA AICPA
See American Institute of Certified Public Accountants (AICPA). sent Congress a comment letter on several revenue provisions contained in S. 2020, the Tax Relief Act of 2005. Our comments related specifically to the bill's Sec. 501, Understatement of taxpayer's liability by income tax return preparer; Sec. 511. Clarification of economic substance doctrine: and Sec. 523, Partial payments required with submission of offers-in-compromise.
The AICPA has a clear position on abusive Tending to deceive; practicing abuse; prone to ill-treat by coarse, insulting words or harmful acts. Using ill treatment; injurious, improper, hurtful, offensive, reproachful. tax transactions--they should be eradicated. However, the Institute believes Sec. 501 and Sec. 511 are counterproductive coun·ter·pro·duc·tive
Tending to hinder rather than serve one's purpose: "Violation of the court order would be counterproductive" Philip H. Lee. , and strongly supported their elimination in conference. Doing so would still allow tax administrators to move forward productively to curb abuses while retaining taxpayers' respect for the tax system. The AICPA said it firmly believes Sec. 501 and Sec. 511 would have long-term, negative effects on both taxpayers and the government.
"We appreciate the opportunity to continue working with Congress, the Treasury Department, and the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. to reach our common goals of eliminating abuse of our tax laws and ensuring that sanctions Sanctions is the plural of sanction. Depending on context, a sanction can be either a punishment or a permission. The word is a contronym.
Sanctions involving countries: