AICPA Writes Treasury Listing Items Needing Immediate Guidance
The AICPA Tax Executive Committee has sent Treasury a letter and memorandum outlining guidance that the organization is requesting regarding the Tax Cuts and Jobs Act.
While the memorandum provides a long list of guidance the AICPA deems necessary, the cover letter, signed by Tax Executive Committee Chair Annette Nellen, CPA, CGMA, Esq., points out three areas the AICPA believes require immediate guidance:
In particular, there are three areas of main concern. First, under section 199A, guidance is needed on the definition of specified service trade or business, the interaction of this section with other Code sections and the calculation of the section 199A deduction for complex business structures. Second, for section 481 accounting method changes, general procedural guidance is needed for making accounting method changes in order to comply with the new rules. Finally, penalty relief for underpayment of taxes is needed. Taxpayers and preparers need sufficient time to determine the appropriate withholding and estimated tax payments for businesses, individuals, trusts, estates, and other entities that may have a dramatically different tax liability in 2018 or that are affected by provisions effective for 2017.
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