AICPA Submits Suggestions for the 2023-2024 Guidance Priority List
Washington, D.C. (May 22, 2023) – The American Institute of CPAs (AICPA) submitted a letter to the Internal Revenue Service (IRS) containing 182 suggestions regarding the 2023-2024 Guidance Priority List. As the IRS plans to prioritize providing additional guidance as statedin the IRS Strategic Operating Plan, theAICPA encourages the IRS to issue guidance on recommended areas.
In addition, the AICPA encouraged the Department of the Treasury and the IRS to continue pursuing tax simplification, recognizing the balance needed for competing interests and concerns when drafting guidance. The AICPA urged the following as part of the process:
Use the simplest approach to accomplish a policy goal;
Provide safe harbor alternatives;
Offer clear and consistent definitions;
Use horizontal drafting (a rule placed in one Internal Revenue Code section should apply in all other Code sections) to the greatest extent possible;
Build on existing business and industry-standard record-keeping practices;
Provide a balance between simple general rules and more complex detailed rules; and
Match a rule’s complexity to the sophistication of the targeted taxpayers.
The AICPA’s recommendations come from the organization’s Taxation Technical Resource Panels, which cover the following areas: Corporations and Shareholders; Employee Benefits; Exempt Organizations; Individual and Self-Employed; International; IRS Advocacy & Relations; Partnership; S Corporation; Tax Methods and Periods; Tax Practice Responsibilities; and Trust, Estate and Gift Tax.
Eileen Sherr, Director of Tax Policy and Advocacy said, “The items are listed in priority order in each area, so we encourage Treasury and IRS to prioritize guidance for the top items in each area.”
About the American Institute of CPAs
The American Institute of CPAs®(AICPA®) is the world’s largest member association representing the CPA profession, with more than 421,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.
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Contact: Veronica L. Vera
202-434-9215
Veronica.Vera@aicpa-cima.com