By Bernie Becker - 01/16/14 06:26 PM EST
An advocacy group for accountants is backing many new proposals to streamline the tax code from the Senate’s current top tax writer.
The American Institute of Certified Public Accountants, or AICPA, said Thursday that it supported a raft of those ideas, including several measures to battle identity theft and putting scannable code on computer-prepared returns that are still mailed in.
“The AICPA consistently has supported tax reform simplification efforts because we are convinced such actions will significantly reduce taxpayers’ compliance costs, encourage voluntary compliance through a better understanding of the rules, and reduce the number of enforcement actions,” Jeffrey Porter, the chairman of the group’s tax executive committee, said in a letter to Baucus and Sen. Orrin HatchOrrin HatchTreasury officials to meet with lawmakers on inversion rules A bipartisan bright spot we can’t afford to pass up: child welfare reform Medicare trust fund running out of money fast MORE (Utah), the top Republican on the Finance panel.
Baucus’s tax simplification draft was one of four that he released late last year, and likely the least controversial.
Sen. Ron WydenRon WydenOvernight Cybersecurity: DNC hacker Guccifer 2.0 speaks out IRS inversion rules face blowback Senate faces critical vote on Puerto Rico MORE (D-Ore.) is expected to assume the Finance gavel when Baucus leaves for Beijing, and it remains to be seen how he’ll incorporate the Montana Democrat’s ideas into his own push for tax reform.
Baucus’s draft also had proposals mandating that more forms be filed electronically, and requiring more information for reporting mortgage interest. AICPA backs those proposals as well.