AICPA Urges End to Abusive Tax Shelters


Exploitative tax shelters are an insult to honest taxpayers and their CPA advisers, the Institute’s tax executive committee said in a letter to Senator Charles E. Grassley, chairman of the Senate Finance Committee, who is proposing legislation to curtail such arrangements. Besides supporting Grassley’s position, the AICPA letter also noted that “deterrence from and the eventual eradication of abusive transactions are best accomplished through disclosure, higher nondisclosure penalties, clearer standards for reasonable cause penalty relief and opinion letters, aggressive enforcement and continued evolution of appropriate solutions by an informed judiciary” ( www.aicpa.org/download/members/div/tax/grassley_letter.pdf ).

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.