AICPA Opposes Taxpayer Confidentiality Provision

The American Institute of Certified Public Accountants (AICPA) has submitted written testimony for the record of the Senate Finance Committee’s April 12, 2007 hearing to examine tax administration and tax gap initiatives. The AICPA laid out its opposition to a particular taxpayer confidentiality provision it said would introduce “unnecessary burden and complexity that is at odds with well established modern business practices.”

The provision was included in S. 1321 from the last Congress that was crafted by the Senate Finance Committee.

The AICPA said it is “concerned the proposal has the potential to actually undermine the range and quality of professional tax services available to many taxpayers.”

In its testimony, the AICPA also commented on other provisions in S. 1321 regarding the understatement of taxpayer’s liability by tax return preparers, the penalty for aiding and abetting the understatement of tax liability, and the doubling of certain penalties, fines, and interest on underpayments relating to certain offshore financial arrangements.

You may like these other stories...

In a letter sent to Congress last week, the American Institute of CPAs (AICPA), the Virgin Islands Society of CPAs (VISCPA), and the Guam Society of CPAs (GSCPA) sought clarification regarding net investment income tax (NIIT...
The American Institute of CPAs (AICPA) on Thursday released a discussion paper seeking input from CPAs, regulators, financial statement users, and others in the profession on how better audit performance of private entities...
Recently, there has been a lot of buzz about the future of continuing professional education (CPE). The American Institute of CPAs (AICPA) created a task force on the Future of Learning with an accompanying fancy website. In...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.