The American Institute of CPAs (AICPA) has submitted a number of international tax position recommendations to Congress.
Sent to the Senate Finance Committee and the House Ways and Means Committee, the proposals are intended to correct technical problems in the internal revenue code and simplify existing provisions.
The body claimed that its recommendations will “help create a fairer tax system for taxpayers and create much-needed clarity of international tax rules”.
The AICPA claimed that its proposals focus on improving international tax administration and promote important policy objectives.
Moreover it said that “additional tax recommendations” are being considered, which will be presented to Congress as new legislative proposals are released.
The initial five recommendations include providing legislation to clarify section 958(b)(4) repeal, permitting taxpayers with outstanding installments to obtain refunds for overpayments of tax, and consolidating the reporting of foreign assets into a single report.
A six month extension to file international information returns and clarifications regarding “the section 78 gross up” are also included in the AICPA’s proposals.