The AICPA on Thursday, May 7, made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
The pandemic has exposed the antiquated nature of certain tax provisions and calls for a modernization of the tax system, the AICPA stated in a letter to the tax-writing committees of the U.S. Congress. The letter recommends technical corrections to the Coronavirus Aid, Relief and Economic Security Act and other legislative fixes.
The AICPA recommendations include creating a tax credit to encourage small businesses to invest in technology, repealing flexible spending account caps and changing the due dates for estimated taxes.