AICPA Advocacy

The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.

The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.

The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.

In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.

Tax practitioners have many questions about how to track and report the basis of digital assets, and no clear guidance exists. Here are tips from the AICPA Virtual Currency and Digital Assets Tax Task Force.

The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.