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Legislation: AICPA Comments on Inflation Reduction Act (IRC §56)

Aug. 5, 2022, 5:00 AM

AICPA Aug. 5 publicly release comments regarding important profession and tax policy issues that are in the Senate reconciliation legislation released on July 27, 2022. AICPA comments on the following areas: (1) Corporate Alternative Minimum Tax; (2) Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; and (3) Enhancement of Internal Revenue Service Resources. The minimum tax violates numerous elements of good tax policy by substantially increasing the complexity of the Internal Revenue Code and presents a fundamental shift in taxation of U.S. entities and could result in uncertain results to taxpayers and a costly ...