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April 2018

Senator Cornyn Presents Bill to Assist and Protect Small Business Owners

This week, Senator John Cornyn (R-Texas) introduced proposed legislation in S. 2689, the Small Business Taxpayer Bill of Rights Act of 2018. The bill, which is co-sponsored by Senators Dean Heller (R-Nevada) and Pat Roberts (R-Kansas), aims to reduce administrative and tax compliance burdens for small businesses dealing with the IRS.

It also intends to ban ex parte communications between the IRS Office of Appeals and the IRS and require taxpayer consents before allowing personnel from the IRS Office of Chief Counsel and IRS examination functions to participate in an Appeals conference.

TSCPA's Federal Tax Policy Committee assisted Cornyn's office with the bill’s summary review.

https://www.cornyn.senate.gov/node/4626


TSCPA Committee Requests Delay in Effective Date on Partnership Audit Rules

Recently, TSCPA’s Federal Tax Policy Committee urged Congress to delay for one year the effective date of the new centralized partnership audit provisions from the Bipartisan Budget Act of 2015. Taxpayers, tax professionals and the IRS need additional time to prepare for this complex legislation that applies to partnership tax years after 2017, particularly as the IRS continues to seek public comments on significant unresolved issues.

Read letter:
https://www.tscpa.org/docs/default-source/comment-letters/federal-tax-policy/2018/partnership-audit-provisions-fed-tax-policy.pdf?sfvrsn=4