The American Institute of CPAs (AICPA) submitted more than 140 recommendations to the IRS regarding its 2019-2020 Guidance Priority List. This list identifies and priorities items the AICPA believes the U.S. Department and Treasury and the IRS should address.
The AICPA is suggesting these items be addressed through regulations, revenue rulings, revenue procedures, notices and other published administrative guidance.
Many high priority items stem from the TCJA. These are tax issues that affect individuals, businesses and exempt organizations.
Some guidelines the AICPA is urging the IRS to reconsider include:
- 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.