AICPA recommends changes to tax code

The American Institute of Certified Public Accountants (AICPA) is recommending more than 60 changes to the current tax code. In a recent letter to the chairs and ranking members of the Senate Finance and House Ways and Means Committees, the AICPA raised “noncontroversial” issues that its members believe should be addressed in the interest of simplicity. An enclosed compendium of proposals focuses on ways to improve tax administration, make the tax code fairer and promote important policy objectives. For example, the AICPA endorses the introduction of a reasonable cause exception for penalties applied to taxpayers who fail to disclose reportable transactions.