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Comprehensive tax reform continues to be a key component of the ongoing discussions surrounding the debt issues facing the country. The breadth of tax reform will impact all industries, businesses and charities as well as individual taxpayers. As a next step, the U.S. House Ways & Means Committee — which has jurisdiction over the tax code — has established 11 different congressional working groups to solicit information on their designated area. The announced working groups include:
- Charitable/Exempt Organizations
- Debt, Equity and Capital
- Education and Family Benefits
- Energy
- Financial Services
- Income and Tax Distribution
- International
- Manufacturing
- Pensions/Retirement
- Real Estate
- Small Business/Pass Throughs
In the last two years, this very important congressional committee has held more than 20 hearings on tax reform. Now, it has started the next stage for stakeholders and the general public. This is a perfect opportunity for interested parties to provide feedback on specific tax issues through letters and direct advocacy with the key members of these working groups. Why? The work of the 11 groups will be incorporated into a report prepared by the Joint Committee on Taxation. This report is scheduled to be completed by April 15, 2013. It will serve as a blue print for the largest tax reform package to be considered by Congress since the 1980s.
The establishment of these bi-partisan working groups is a clear indication of the seriousness with which the committee is approaching this issue, and the committee's solicitation for feedback provides an excellent opportunity for direct feedback on the impact of tax policy on an individual's business or way of life. This will be a topic worth following closely in the coming months.
