Two ranking members of the Senate Finance Committee with the assistance of the American Institute of CPA’s has issued a discussion draft of legislation aimed at improving IRS Operations. Named the Taxpayer Assistance and Service Act, the improvements under discussion include…
1 – A requirement that the IRS to improve “math error” notices so that taxpayers are better positioned to timely respond to them.
2 – To streamline review of offers-in-compromise to facilitate the taxpayers’ resolution of tax debts.
3 – To simplify foreign bank account report (FBAR) compliance so that fewer taxpayers will fail to file key forms.
4 – To clarify and expand Tax Court jurisdiction so that more taxpayers can pursue their claims in an appropriate venue.
5 – To expand the independence of the National Taxpayer Advocate (NTA) from the IRS.
6 – To increase civil and criminal penalties on tax professionals that deliberately take actions to harm their clients.
7 – To expand taxpayer access to the IRS Independent Office of Appeals.
8 – To extend the so-called “mailbox rule” to electronic submissions so that taxpayers have certainty their materials are submitted on time.
9 – To protect taxpayers by adopting reasonable standards and due process for issuing and revoking return Preparer Tax Identification Numbers, or PTINs.
10 – To strengthen the IRS whistleblower program while protecting the confidentiality of taxpayer information.
11 – And to protect hostages from unfair tax processes and penalties.
It’s basically a cut and paste job of the improvements already proposed by the National Taxpayer Advocate.
Given the new administration’s actions to eliminate IRS Funding, the timing of this proposal is rather suspect. Even if the IRS wanted to do any of this in the first place, I can’t see them getting anything done without increased funding.
I don’t know what political points anyone is trying to score on this. If it goes anywhere, I’ll keep you updated.
Let me leave you with this…
The political heat over the GOP push to extend tax breaks is really heating up. House Republicans just had a three day conference in Miami where they tried to decide how to move this thing forward.
They left without anything that remotely resembled a consensus.
In response, the other side of the aisle has created a new coalition named Families Over Billionaires. This effort, led by Labor Unions and Grass Roots Activists, is to oppose certain extensions of the Tax Cuts and Jobs Act and other tax proposals.
In a press release, the coalition was launched on January 30th , and is an “eight-figure effort (that) will include paid media, rapid response, surrogate operations, and grassroots mobilization to hold Republicans accountable.” Their goal is to “lift up the voices of the broad and bipartisan coalition of Americans who oppose giving more tax cuts to the rich.”
We all knew that this thing was going to get ugly. I just wanted all of you to know what was going on behind the scenes before the attack ads hit your favorite cable station.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.SalarySolutions.net
www.AccountingSolutionsLtd.com
Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.