Tax committee tackles compliance and reform

✍ Scribed by Caroline D. Strobel

• Publisher: John Wiley and Sons
• Year: 2005
• Tongue: English
• Weight: 40 KB
• Volume: 16
• Category: Article
• ISSN: 1044-8136
• DOI: 10.1002/jcaf.20140

✦ Synopsis

At the request of Senators Charles Grassley (R-Iowa) and Max Baucus (D-Montana), the Joint Committee on Taxation issued a report at the end of January that contained a number of significant tax proposals. The report presents various options to improve tax compliance and reform tax expenditures. It describes a number of proposals that would reduce the size of the tax gap by curtailing tax shelters, closing unintended loopholes, and addressing other areas of noncompliance in present law. The proposals attempt to reduce noncompliance, reduce complexity, and make the system fairer.

There are a number of proposals that directly affect corporations. In this column, I will discuss the international tax proposals. In the next issue, I will cover the remaining proposals that would impact corporations.