In the letter crafted by the Federal Tax Policy Committee, TSCPA is asking the U.S. Senate and House Appropriations Committees to support full funding of the IRS FY 13 budget to help improve fiscal responsibility and fairness to taxpayers.
TSCPA is preparing its updated report on proposed legislation for taxation changes to domestic oil and gas development to U.S. Senate Finance Committee, House Ways and Means Committee, and other key lawmakers (including all Texas members of congress). The Federal Tax Policy Committee produced the report as a resource to legislators as they consider possible changes to tax law.
Read the report.
The Treasury Department’s Financial Crimes Enforcement Network has postponed until July 1, 2013, its requirement that Form TD 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR) be filed electronically. The initial e-file mandate was starting with FBARs due June 30, 2012. However, taxpayers with an FBAR filing obligation will still have to paper file their FBARs by the usual due date.
Read more from the Journal of Accountancy
On behalf of TSCPA, the Federal Tax Policy Committee sent a letter to select members of Congress for support on the state and local sales tax deduction legislation. In the letter, the committee urges lawmakers to make the deduction permanent in order to provide fairness and certainty to millions of taxpayers.