AICPA flags compliance with new dividend tax rate as biggest challenge for taxpayers and practitioners this tax season.Complying with the new 15% dividend tax rate was the biggest challenge for taxpayers and practitioners this tax filing season, the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). said in testimony before Congress in late Mar. The Institute said brokerage firms and mutual funds were having "major difficulties" determining which dividends received by a taxpayer qualify for the 15% rate. Consequently, large numbers of erroneous erroneous adj. 1) in error, wrong. 2) not according to established law, particularly in a legal decision or court ruling. Forms 1099-DIV, used to report dividend income, were being mailed to taxpayers. Aside from the Form 1099-DIV Form 1099-DIV A form sent to investors by investment fund companies. The form is a record of all taxable capital gains and dividends paid to an investor, including those that have been re-invested in a given taxation year. problem, Robert Zarzar, chair of the AICPA's Tax Executive Committee, said the tax filing season "is progressing largely without any significant problems." However, Zarzar emphasized that the AICPA believes "enactment of tax simplification measures is integral to the success of future filing seasons" and he complimented Rep. Amory Houghton Amory Houghton (July 27, 1899-February 1981) served as United States Ambassador to France and was an early Boy Scouts of America Scouting notable. Family His father, Alanson B. Houghton, served as a United States Representative from New York, as well as U.S. (R-N R-N Raion (Russian, district; used in postal addresses) .Y.), the chairman of the Oversight Subcommittee, for supporting H.R. 22, a bill that would simplify taxes for individuals and small businesses. |
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