Daily Tax Update - November 18, 2015: Rep. Boustany Selected to Lead Ways and Means Tax Policy Subcommittee

Rep. Boustany Selected to Lead Ways and Means Tax Policy Subcommittee:  In a press release issued today, Rep. Charles Boustany (R-LA) announced that he has been selected to lead the House Ways and Means Committee’s Tax Policy Subcommittee, formerly known as the Select Revenue Measures Subcommittee.  In the press release, Rep. Boustany stated that he “look[s] forward to working with Chairman Brady to pursue a simpler, fairer, and more economically-friendly tax code to put Americans back to work.”  

IRSAC Publishes 2015 Annual Report:  Today, the Internal Revenue Service Advisory Council (IRSAC) held its annual public meeting and released its 2015 annual report.  The IRSAC is an advisory body whose primary purpose is to provide an organized public forum for IRS executives and representatives of the public to discuss tax administration issues.  The IRSAC's annual report contains a general report in addition to subgroup reports prepared by the Small Business/Self-Employed and Wage & Investment subgroup, the Large Business and International subgroup and the Office of Professional Responsibility subgroup.  The annual report provides recommendations on a broad range of issues and concerns, including the IRS’s need for sufficient funding to operate efficiently and effectively, identity authentication of the Form 1040 series, third-party payer arrangements for employment taxes, the statutory authority of the IRS to regulate tax practice, and international information return penalties.