AICPA Commends Lawmakers' Important Work on Tax Reform and Urges Simplification of Tax CodeWashington, D.C. (November 2, 2017) – The American Institute of CPAs (AICPA) commends lawmakers in the U.S. House of Representatives on their introduction today of a tax reform bill by House Ways and Means Committee Chairman Brady.
“We want to acknowledge the efforts of Chairman Brady and others in developing the tax reform package,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA. “We look forward to continuing to work with lawmakers as they consider tax reform that meets the needs of taxpayers, tax practitioners and others.”
The proliferation of new income tax provisions since the 1986 tax reform effort has led to compliance hurdles for taxpayers, administrative complexity for CPAs and enforcement challenges for the Internal Revenue Service, Edward S. Karl, AICPA vice president for taxation, explained. “We encourage the 115th Congress to examine all aspects of the tax code to improve the current rules. We stand for a code that is simple, practical and administrable,” Karl said.
The AICPA has consistently supported tax reform simplification efforts because the AICPA is convinced such actions will significantly reduce taxpayers’ compliance costs and encourage voluntary compliance through an understanding of the rules, according to Karl.
“We will share our thoughts about particular provisions of the legislation after careful review, using our guiding principles of good tax policy as a benchmark,” Karl said. “And, as the debate continues, we reaffirm our commitment to provide the non-partisan expertise that the American people and policy makers have come to expect of the CPA profession.”
Professional services firms, including accounting firms, are an important sector in the U.S. economy. We encourage the committee to consider the contribution service firms make to the nation’s economic growth as it continues its work on tax reform.
You can find the entire text of the bill online – it’s more than 400 pages long.
There’s also a summary of the legislation – it’s only 76 pages long.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.
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