HR 285. (AICPA Activities).The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). has submitted comments to the House Ways and Means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. Committee on HR 285, the Fairness, Simplification and Competitiveness for American Business Act of 2003, concluding that the bill is both timely and a welcome simplification. The AICPA supports the following provisions of the bill: * Expanding the subpart F Subpart F Special category of foreign-source "unearned" income that is currently taxed by the IRS whether or not it is remitted to the US de minimis rules. * Deleting overlapping provisions (e.g., by repealing the foreign personal holding company and foreign investment company rules). * Repealing the controlled foreign corporation Controlled foreign corporation (CFC) A foreign corporation whose voting stock is more than 50% owned by US stockholders, each of whom owns at least 10% of the voting power. rules on foreign base company sales and services income. * Reducing the number of foreign tax credit (FTC FTC See Federal Trade Commission (FTC). ) baskets to three. * Eliminating the reporting requirements for foreign-owned domestic corporations with immaterial cross-border transactions. * Allocating interest on a worldwide basis. * Rationalizing the FTC rules. The AICPA's comments are available at www.cpa2biz.com/Resource Centers/Tax/International/HR285. htm. |
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