Today, Senate Finance Chairman Max Baucus released proposed reforms to the administration of U.S. tax laws. The discussion draft outlines several reforms to “modernize tax administration, minimize compliance burdens, reduce tax-related identity theft, and shrink the tax gap.” Tomorrow, Baucus plans to release proposals to reform cost recovery and accounting. Feedback on the tax administration discussion draft is requested by January 17, 2014.
The discussion draft offers proposals to:
- “Simplify the tax filing process and greater utilize technology.
- Provide the IRS with new tools to combat tax-related identity theft and assist victims of this crime.
- Reduce the tax gap by increasing information reporting and providing IRS with additional collection tools.”
The full staff discussion draft in legislative language can be found here.