Tax reform report.

The AICPA has released a report, Understanding Tax Reform: A Guide to 21st Century Alternatives, describing the nature of the issues leading to a tax reform debate, suggesting a balanced approach for reform proposals and summarizing key issues to be addressed, whether taxing income or consumption.

In addition to being an essential resource for anyone engaged or interested in the tax reform debate, the report provides a clear understanding of the issues and alternatives involved, details particular tax provisions that should be looked at closely and explains some of the most onerous problems taxpayers may face during what the AICPA believes will be a very difficult transition from one system to the next.

The report is available at wwwaicpa.org /taxreform. It supplements work done on tax reform issues in 1995; see AICPA Tax Division, Flat Taxes and Consumption Taxes: A Guide to the Debate (December 1995), available at www.aicpa.org/download/tax/ AICPA Flat Tax Study_Dec_1995.pdf.

For questions about the report, please contact Carol Ferguson at (202) 4349235 or [e-mail].

Lesli S. Laffie, J.D., LL.M.