September 23, 2021

AICPA Exec Under the False Impression That Congress Is Concerned About How Their Stalling Really Messes Things Up

Similar to the Ohio Society of CPAs, AICPA Tax Executive Committee Jeffrey Porter's request of Congress not only to act, but to act quickly, is charming. Charming in an Ernest P. Worrell kind of way, but charming nonetheless.

In written and oral testimony, Porter addressed the impact of tax uncertainty in several areas and made recommendations on behalf of the AICPA for alleviating some of that uncertainty. He emphasized the difficulties businesses are having in planning for the future when income tax rates, capital gains tax rates, and the tax rate for qualified dividends, and the availability of various deductions, credits, and exemptions are all uncertain. "Multi-year planning and the ability to predict (or at least estimate) business profits and taxes are critical in operating a business," he noted. He also pointed out that structuring business transactions, such as the sale of a business, depends on knowing future income tax rates. […] He told the subcommittee, "If Congress waits until late in the year—or even into next year—to enact tax law changes, the IRS and commercial software vendors must scramble to revise tax forms and update software." And he reminded them that just two years ago, the late passage of tax legislation delayed the initial date when many taxpayers could file their returns.

And two years later, in the midst of a presidential campaign, Mr. Porter concluded that the likelihood of a more collaborative Congress, one that is no longer caught up in petty bickering and is actually concerned with constituents' well-being, would suddenly emerge.

Like I said, charming.

[via JofA]

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