Daily Tax Update - June 19, 2013: Electronic Tax Administration Advisory Committee Releases Report

Electronic Tax Administration Advisory Committee Releases ReportThe Electronic Tax Administration Advisory Committee (ETAAC) released its 2013 Annual Report to Congress.  The report discusses five groups of recommendations on issues in electronic tax administration.

The report includes recommendations on the following:

  • “Approve standards for security, privacy and fraud prevention
  • Provide incentives for e-filing employment tax returns
  • Expand access to data and online tools
  • Leverage relationships in the electronic filing community
  • Fund CADE 2 and the 1040 Modernized e-file (MeF) programs”

Alice Burnett, ETAAC Chair said, “With extraordinary challenges facing all sectors of the federal government along with unprecedented budgetary constraints intensified by the 2013 sequester, ETAAC commends the IRS in effectively and efficiently addressing its strategic priorities and, in particular, the significant progress the agency has made toward achieving its 80 percent electronic filing goal.  The committee further recommends the IRS continue its steadfast focus on fraud and identify theft prevention, as well as the development of additional online tools to better serve the taxpayer and tax preparation community.”

TAX BILL INTRODUCED JUNE 18:
S.1181: A bill to amend the Internal Revenue Code of 1986 to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property interests, and for other purposes. 

Sponsor: Sen Menendez, Robert [NJ] (introduced 6/18/2013)      Cosponsors (23) 
Latest Major Action: 6/18/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.