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AICPA Opposes Joint Tax
Committee Proposals to Expand Self-Employment Tax Base
The Joint Committee on Taxation has made two proposals that would expand the
self-employment tax base as part of an effort to close the tax gap. The
AICPA has submitted comments to Congress opposing the proposals. The
comments to the House Ways and Means Committee and Senate Finance Committee
include the Institute’s 1) observations on the JTC proposals, 2) description
of the issues that should be considered before any change is made with
respect to the employment or self-employment tax for S Corporation
shareholders and partners; and 3) recommendations to effectuate tax
compliance without unduly burdening the current tax system. Read the AICPA’s
cover letter and
comments.
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SEC May Give Choice of
IFRS or GAAP
The SEC anticipates
releasing a proposal this summer that would allow the use of IFRS in
financial reports filed by foreign private issuers registered with the
Commission. The approach in the proposed rule would be to give foreign
private issuers a choice between IFRS and U.S. GAAP. In addition, the
Commission plans a Concept Release relating to issues surrounding the
possibility of treating U.S. and foreign issuers similarly in this respect
by also providing U.S. issuers the alternative to use IFRS. Comments on both
would be due in the fall.
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IRS Seeks Nominations for
Advisory Council
The IRS is requesting
nominations for the Internal Revenue Service Advisory Council (IRSAC).
Applications will be accepted from May 1, 2007 through June 15, 2007.
Originally called the Commissioner’s Advisory Group (CAG) and renamed in
1998, IRSAC’s purpose is to provide an organized public forum for IRS
officials and representatives of the public to discuss relevant tax
administration issues. The committee presents a report to the Commissioner
of Internal Revenue Service each year at a public meeting in the fall.
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Simplified
International Mailing Starts May 14, But it Will Cost More
Everyone knows the cost of a first-class stamp
jumps to 41 cents on May 14. International rates will change, too, but the
Postal Service is simplifying international mail options. Starting May 14,
2007, instead of eight options for international mail, the Postal Service
has simplified
international mail options to these four choices: Global Express
Guaranteed, Express Mail International, Priority Mail International and
First-Class Mail International. The same flat-rate packaging already in use
for domestic shipping can be used for international mailing. Rates will also be restructured. The cost to mail a letter to Canada
or Mexico will change from 63 cents to 69 cents. For a complete listing of
new prices, go to
usps.com/ratecase and select “New International Rates, Fees and Country
Listing.” Business customers may negotiate customized, flexible
international shipping solutions based on the Postal Service’s International
Customized Mail agreements.
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Look Twice Before You
Leap Into Vista
IT asset management (ITAM) tools should be
employed by small businesses prior to deploying Microsoft Windows Vista to
determine whether their hardware and software can handle the migration. By
analyzing the capabilities of every desktop, server, and mission-critical
application beforehand, companies can calculate how much they will need to
spend on upgrades. To read this article in its entirety and learn much more
about developments in technology, access
Technology and
Productivity Weekly, the MACPA's electronic technology newsletter for
industry professionals, sponsored by Information, Inc.
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