Daily Tax Update - March 21, 2016: IRS Announces Crowdsourcing Competition With Cash Prizes

IRS Announces Crowdsourcing Competition With Cash Prizes:  Today, the IRS announced the Tax Design Challenge, a crowdsourcing competition to begin reimagining the taxpayer experience of the future.  The goal of the competition is to develop new concepts for designing, organizing, and presenting tax information in a way that makes it easier for taxpayers to understand their taxpayer responsibilities and effectively use their own taxpayer data.  Cash prizes up to $10,000 will be funded by the competition cosponsor, the Mortgage Bankers Association, and paid by the IRS.  For more information visit: www.taxdesignchallenge.com
House Ways and Means to Hold Hearing on Fundamental Tax Reform Proposals Tomorrow:  The Tax Policy Subcommittee will hold a hearing tomorrow at 2:30 p.m. on Fundamental Tax Reform Proposals.  Representatives Devin Nunes (R-CA), Michael Burgess (R-TX), and Rob Woodall (R-GA) will testify before the subcommittee on their tax reform bills.  The hearing is focused on legislative proposals that would move to a cash-flow or consumption-based approach to taxation.