Tax Policy & Advocacy letters, testimony and related documents for 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2025.
December 20, 2024 - AICPA Comment Letter - IRS Strategic Operating Plan, Exempt Organizations Issues
AICPA's comment letter to the IRS addresses three main categories that the IRS could incorporate into its Strategic Operating Plan, namely electronic filing issues, the Exempt Organization Business Master File (EO/BMF), and correspondence between tax-exempt organizations and the IRS.
December 18, 2024 - AICPA Comments on 2024 Draft Form 709 and Updated Instructions
The AICPA submitted to Treasury and IRS 24 updated suggestions for improvements to the 2024 draft Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return and updated instructions as well as guidance and regulations updates if Treasury and IRS find that the issues are beyond changes to the form and instructions.
December 18, 2024 - AICPA Statement Expressing Optimism of Possible Delay for BOI Reporting
Following the release of language in the proposed continuing resolution relating to the beneficial ownership information (BOI) reporting requirement, the American Institute of CPAs (AICPA) released a statement, citing the language as a positive step.
December 4, 2024 - AICPA and State Societies Request Delay in BOI Reporting Requirements
The American Institute of CPAs (AICPA) and the State CPA Societies continue to voice their grave concerns with the rollout and continued push to implement BOI reporting requirements without regard for the impact to the small business community. The groups urged both FinCEN and the Treasury to suspend the program for at least one year in order to engage the stakeholder community supporting small businesses and work to better inform small businesses of their reporting requirement.
December 3, 2024 - AICPA Comments on Section 1202, Partial Exclusion for Gain from Certain Small Business Stock
In a letter to the IRS and Treasury, the AICPA recommended that both agencies provide guidance relating to section 1202, including clarification of the $50 million requirement, active business requirement as well as the applicability of corporate transactions.
December 1, 2024 - AICPA-Endorsed Tax Legislation 118th Congress
This document details federal tax legislation supported by the AICPA. The highlighted legislation would improve taxpayer compliance, strengthen tax administration, and invest in the future of the profession.
November 19, 2024 - AICPA Comments on a Joint Letter with Managed Funds Association and Alternative Investment Management Association on Form 8621
AICPA provided comments on a Joint Letter with Managed Funds Association and Alternative Investment Management Association on Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. The AICPA recommend the re-design of Form 8621 to allow for disclosure of more than one passive foreign investment company (“PFIC”) and the relevant elections in respect of PFICs.
November 13, 2024 - AICPA Comment Letter Urges Congress to Enact Federal Disaster Tax Relief
In this comment letter, the AICPA urged Congress to enact disaster tax relief legislation soon in order to provide timely support to taxpayers that have been impacted over the past many years and without delaying relief into the next tax year. The AICPA has supported numerous legislative efforts to provide taxpayers with permanent and consistent tax relief to individuals and businesses affected by natural disasters. Taxpayers have not been afforded such relief since the Taxpayer Certainty and Disaster Tax Relief Act of 2020, despite millions of taxpayers having been impacted by natural disasters since then.
November 12, 2024 - AICPA Letter Requests One Year Delay of FinCEN BOI Rule
In a letter to the House Financial Services and Senate Banking Committees, the AICPA expressed grave concerns with the current FinCEN BOI filing deadline of January 1, 2025. The deadline for most existing small businesses must be delayed or millions of small business owners will become accidentally and unknowingly delinquent in their compliance. To ensure small businesses remain above board with federal laws and regulations, the AICPA believes the rule should be suspended for at least a year.
October 30, 2024 - AICPA Letter Supports Tax-Free Pell Grant Act
In a letter to the U.S. Senate Committee on Finance, the AICPA endorsed the Tax-Free Pell Grant Act. The legislation helps simplify unnecessarily complex education-related tax provisions. It would exclude Pell Grants from being included in an individual’s income, which would simplify the calculation for determining an individual’s available American Opportunity Tax Credit and would not penalize students for using Pell Grant funds for necessary living expenses. Although there are many steps to further harmonize and simplify education-related tax provisions, the Tax-Free Pell Grant Act would provide needed relief for millions of students.
October 22, 2024 - AICPA Recommends Staggered Postponements for Taxpayers Affected by Disasters
As millions of Americans continue to endure natural disasters, the number and severity of which continues to rise, the AICPA submitted a letter to the IRS requesting additional administrative tax filing relief related to the timing of filing or payment deadline postponements that the IRS grants individuals and passthrough entities (“passthroughs”) under section 7508A.
October 21, 2024 - AICPA Requests Guidance for Cannabis Businesses Transitioning Away from Application of Section 280E
AICPA submitted a letter to the Treasury and the IRS recommending guidance providing that cannabis businesses are permitted to take deductions for the full tax year in the year in which marijuana is rescheduled to a Schedule III controlled substance, as well as issuing guidance preemptively addressing the many tax and accounting issues that cannabis businesses will face when they are no longer subject to the section 280E limitation on deductions and credits.
October 15, 2024 - AICPA Comments on Permitting Electronic Transmission of Schedules K-1 (Form 1041) to Beneficiaries and Schedules K-1 (Form 1120-S) to Shareholders
AICPA submitted to Treasury and IRS comments requesting IRS to allow trustees and executors the option to only transmit Schedules K-1 (Form 1041), Beneficiary’s Share of Income, Deductions, Credits, etc., electronically to beneficiaries, and providing S corporations the option to only transmit Schedules K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc., electronically to shareholders. AICPA also attached a draft revenue procedure. These comments are in addition to our previously submitted comments on October 18, 2022.
October 14, 2024 - Guidance for Taxpayers to Allocate Basis in Digital Assets to Wallets or Accounts as of January 1, 2025
The American Institute of CPAs (AICPA) submitted recommendations urging the Department of the Treasury and the Internal Revenue Service (IRS) to provide additional clarity, further guidance, and greater awareness on critical issues stemming from Revenue Procedure 2024-28, Guidance for Taxpayers to Allocate Basis in Digital Assets to Wallets or Accounts as of January 1, 2025.
October 3, 2024 – AICPA Supports S. 5280, Improving IRS Customer Service Act (S.5280)
AICPA strongly supports the legislative proposals outlined in S. 5280, which provide taxpayers and their tax advisors with clear and detailed information from the IRS in an intuitive and interactive format. Additionally, S. 5280 strives to protect the most economically vulnerable taxpayers by doing away with installment agreement fees and offering collection alternatives to those facing economic hardships. Collectively, these proposals will strengthen the public’s confidence in the tax administration system, and we thank Senators Warner and Cassidy for their leadership on this bipartisan bill.
October 3, 2024 - AICPA Recommendations on Basis-Shifting Transactions Involving Partnerships and Related Parties
The AICPA is submitting recommendations to the Department of the Treasury and the IRS regarding the release of a guidance package addressing certain basis-shifting transactions involving partnerships and related parties. The guidance package consists of proposed regulations [REG-124593-23], Notice2024-54, and Revenue Ruling 2024-14.
October 3, 2024 - AICPA Request for Automatic FBAR and BOI Disaster
Millions of Americans are grappling with the aftermath of Hurricane Helene. The AICPA requests the Financial Crimes Enforcement Network (FinCEN) to implement a policy and ask for automatic relief for FBAR filings (due Oct 15) and BOI filings to the victims of major disasters.
October 2, 2024 - AICPA Provides a Written Statement for the Senate Committe on Finance Hearing on "Providing Small Business Relief from Remote Sales Tax Collection"
The AICPA's written statement focuses on what the U.S. Supreme Court specifically determined in Wayfair, the states’ reaction to the case, and how small businesses are affected. The AICPA also provided recommendations for Congress to assist in its consideration of whether federal legislation should address these pressing issues. The statement was in response to the September 25, 2024 hearing held by the United States Senate Committee on Finance on the subject.
October 2, 2024 - AICPA Comments on the Proposed Rules Regarding Dual Consolidated Losses and the Treatment of Certain Disregarded Payments
The American Institute of CPAs (AICPA) submitted to Treasury and IRS comments on the proposed rules regarding dual consolidated losses and the treatment of certain disregarded payments.
October 1, 2024 - Association Request for Clarification on Transitional CbCR safe harbour for non-implementing jurisdictions in 2024 under GloBE Rules
The Association submitted to OECD comments requesting clarification on the transitional CbCR safe harbour for non-implementing jurisdictions in 2024 under GloBE rules.
September 6, 2024 - AICPA position paper on 90-day protest period for all stages of states’ tax appeals process
AICPA has developed a position paper as a resource for state CPA societies to consider in advocating with their legislatures and state tax authorities to provide a protest period of 90 days in all stages of the administrative appeals process, especially the period after the initial assessment, and also for an appeal of the final decision to an independent tribunal or tax court.
August 30, 2024 - AICPA Comments on the Interaction between Section 266 and Section 163(j)
The AICPA also submitted to the Department of Treasury and IRS a request to clarify that section 163(j) and the Treasury Regulations promulgated thereunder apply after a taxpayer elects to capitalize interest expense under section 266 or other provision that allows elective capitalization of interest expense.
August 21, 2024 - AICPA Requests Guidance on Deductions Related to Employer-provided Eating Facilities
The Tax Cuts & Jobs Act changed the rules regarding the deductibility of expenses related to employer-provided eating facilities. As of January 1, 2026, certain related expenses will become fully disallowed. The AICPA is providing recommendations and requesting clarity on the scope and treatment of these expenses so that employers can effectively implement the rules.
July 31, 2024 - AICPA Comments on Notice 2023-38 and Notice 2024-41 DCBC Guidance
AICPA submitted comments to the Treasury and IRS regarding Notice 2023-38 and Notice 2024-41 on the domestic content bonus credit (DCBC) guidance.
July 19, 2024 - AICPA supports H.R. 8864, The Tax Administration Simplification Act
The AICPA Endorses the Tax Administration Simplification Act. In particular, the AICPA supports the provisions to apply the mailbox rule to electronically submitted tax returns and payments and to revise the estimated tax payments deadline to fall on a true quarterly interval. These provisions offer clarity and simplification to the payment and document submission process.
July 5, 2024 - AICPA Comments on Foreign Trust Proposed Regulations and Request to Testify and Oral Testimony
AICPA submitted to Treasury and IRS comments on the foreign trust proposed regulations (REG-124850-08). AICPA also requested to testify and did testify on these proposed regulations at the 8/21/24 IRS hearing on the proposed regulations
July 3, 2024 - AICPA Comments on Proposed Regulations on Excise Tax on Repurchase of Corporate Stock
The AICPA submitted to the Department of Treasury and IRS comments on proposed regulations on Excise Tax on Repurchase of Corporate Stock.
July 3, 2024 - AICPA Comments on Request for Clarification on Form 4626, Part V
The AICPA is submitting a request to clarify the instructions of Form 4626, Alternative Minimum Tax—Corporations, to provide that corporations that have already determined themselves to be an “applicable corporation” for purposes of the corporate alternative minimum tax may skip Form 4626, Part V, Members of a Controlled Group Treated as a Single Employer and Foreign-Parented Multinational Group (FPMG) Members Taken Into Account in “Applicable Corporation” Determination.
July 1, 2024 - AICPA Comments on Draft Form 1099-DA, Digital Asset Proceeds from Broker
The AICPA recommends simplifying Form 1099-DA in an understandable manner to taxpayers and reducing the information requested to necessary information.
July 1, 2024 - Proposed Rule: Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers
In response to the FINCEN/SEC proposal, these letters sent to the Financial Crimes Enforcement Network and U.S. Securities and Exchange Commission address concerns of redundant duties when a Registered Investment Advisor (RIA) holds all their investments with a custodian and the significant administrative burden on small CPA firms that are also small RIAs.
June 28, 2024 - AICPA Submit Recommendations on Centralized Partnership Audit Regime, Including Related Forms and Schedules
AICPA sends Treasury and IRS recommendations to continue to improve the implementation of the centralized partnership audit regime.
June 13, 2024 - AICPA Comments on Form 4797, Sales of Business Property - OMB Control Number 1545–0184
The AICPA submitted comments to Treasury and the IRS on Form 4797, Sales of Business Property, specifically, recommending clarity to the Instructions for Form 4797.
May 30, 2024 - AICPA Provided a Submission of 61 Tax Legislative Proposals to Yale Tax Reform Project
AICPA provided a submission of 61 tax legislative proposals, 14 updated disaster relief tax legislative proposals, and additional items for the Yale Tax Reform Project to consider.
May 17, 2024 - AICPA Comments on 2024-2025 IRS Priority Guidance Plan
AICPA submitted to IRS comments on the 2023-2024 IRS Priority Guidance Plan, listing 189 items of suggested and needed guidance.
April 26, 2024 - AICPA Suggestions Regarding the Tax Classification of Purpose Trusts
AICPA suggested Treasury and IRS consider suggestions regarding the tax classification of purpose trusts, and functionally similar structures, for federal income tax purposes. Our recommendations will simplify filing for taxpayers and practitioners and will reduce the administrative burden on the IRS as well.
The AICPA provided feedback to the IRS on the proposed regulations related to the changes made to the rules by SECURE 2.0, regarding long-term, part-time employees in relation to when they are permitted to participate in an employer-sponsored, tax-qualified retirement plan.
April 16, 2024 - AICPA Letter to Congress Supporting H.R. 8007, the Disaster Tax Lookback Parity Act of 2024
The AICPA submitted a letter to Congress in support of H.R. 8007, the Disaster Tax Lookback Parity Act of 2024.
The AICPA Personal Financial Planning Executive Committee comments in response to FINCEN-2024-0006 and RIN 1506-AB58, Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers as proposed by the Financial Crimes Enforcement Network (FinCEN) on February 15, 2024.
April 4, 2024 - AICPA Comments on Form 990 Series
The AICPA submitted comments on Form 990, Return of Organization Exempt from Income Tax, Form 990-T, Exempt Organization Business Income Tax Return, and Form 990-PF, Return of Private Foundation, and Related Instructions.
April 3, 2024 - AICPA letter requesting delayed enforcement of BOI reporting
The AICPA asks that FinCEN suspend all enforcement actions until one year after the conclusion of all court cases related to NSBA v. Yellen.
April 2, 2024 - AICPA Comments on the Election Out of Generation-Skipping Tax (GST) Exemption Deemed Allocations
AICPA submitted to Treasury and IRS comments on the election out of Generation-Skipping Tax (GST) exemption deemed allocations.
March 4, 2024 - AICPA Requests Guidance Related to Section 461(l) – Limitation on Excess Business Losses of Noncorporate Taxpayers
The AICPA submitted updated comments requesting guidance related to section 461(l) – Limitation on Excess Business Losses of Noncorporate Taxpayers. These comments update and replace the prior comments submitted on February 28, 2019.
The AICPA submitted to Treasury and IRS additional comments on the proposed regulations on section 6045 regarding gross proceeds and basis reporting by brokers and determination of amount realized and basis for digital asset transactions (REG-122793-19, August 29, 2023). These comments are in addition to the comments submitted on November 8, 2023.
February 12, 2024 - AICPA Comments on Form 5472 E-Filing for Foreign-Owned U.S. Disregarded Entity
AICPA submitted to Treasury and IRS comments recommending foreign-owned U.S. disregarded entity be allowed to electronically file their Form 5472 with their U.S. federal income tax return.
February 12, 2024 - AICPA Comments on REG-132422-17, Income and Currency Gain or Loss With Respect to a Qualified Business Unit
AICPA Comments on REG-132422-17, Income and Currency Gain or Loss With Respect to a Qualified Business Unit.
AICPA submitted to Treasury and IRS comments and recommendations regarding the foreign tax credit and dual consolidated losses in relation to Pillar Two (Notice 2023-80, published on December 11, 2023).
February 5, 2024 - AICPA Comments on Needed Guidance on International Information Reporting for Domestic Grantor Trusts
AICPA submitted to IRS comments on needed guidance on international information reporting for domestic grantor trusts.
January 30, 2024 - AICPA Comments on FBAR Extensions for Taxpayers Affected by Major Disasters
AICPA provided feedback and recommendations to the IRS and FinCEN on FBAR filing extensions for taxpayers affected by major disasters
.January 29, 2024 - AICPA Comments on Proposed Regulations Dealing with Donor-Advised Funds
AICPA submitted feedback and recommendations to the Treasury and the IRS on the proposed regulations dealing with Donor Advised Funds (REG-142338-07).
January 17, 2024 - AICPA Comments on Notice 2023-62 Guidance on Section 603 of the SECURE 2.0 Act with Respect to Catch-up Contributions
The AICPA sent recommendations to Treasury and the IRS on Notice 2023-62 which addresses changes made to catch-up contributions by the SECURE 2.0 Act of 2022. The SECURE 2.0 Act of 2022 requires certain catch-up contributions to be made as Roth IRA deferrals. In turn, this mandates that retirement plans permitting catch-up contributions must offer a Roth contribution feature to their plan. Our comments focus on the administrability of the changes to catch-up contributions due to the addition of the Roth IRA deferral mandate.