Law360, New York (March 22, 2017, 7:11 PM EDT) -- A group of certified public accountants Wednesday urged Congress to reintroduce and pass a bill to fix drafting errors in recent tax legislation, saying failure to correct mistakes in a 2015 budget act place a burden on the Internal Revenue Service and taxpayers alike.
The American Institute of CPAs said in a letter to congressional leaders that errors in the drafting of the 2015 Bipartisan Budget Act threaten to complicate partnership audits and efforts by overseas taxpayers to renew their Individual Taxpayer Identification Numbers if a bill to fix inadvertent changes to tax law made by the act is not reintroduced and signed into law.
“Several of the provisions included in the ‘act’ are of unusually high importance since failure to enact them has an immediate negative impact on both the IRS and taxpayers. In particular, two provisions warrant immediate action,” the letter states.
Read Entire Article: https://www.law360.com/articles/904888/cpa-group-urges-congress-to-fix-errors-in-tax-law