Congressional Republicans created a juicy new break for business owners when they rewrote the U.S. tax code late last year. Three months later, hundreds of thousands of U.S. employers still don’t know if they can claim it.
The American Institute of CPAs is sending an urgent request to the Internal Revenue Service and the Treasury Department, asking for “immediate guidance” on the definition of the term “qualified business income” for pass-through entities under the new tax law.
American Institute of CPAs president and CEO Barry Melancon discussed how the AICPA pushed for changes in the new tax law, with mixed success, during a speech at an Accountants Club of America meeting in New York on Wednesday.
The American Institute of CPAs is asking the Internal Revenue Service to provide relief from tax penalties to taxpayers who are required for the first time to file information returns related to Controlled Foreign Corporations.
The American Institute of CPAs is asking Congress, the Internal Revenue Service and the Treasury Department for more guidance on the new Tax Cuts and Jobs Act, along with a dedicated service unit for tax practitioners.
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