Should we take it seriously this time?
Annette Nellen, CPA/Esq., in this week's AICPA Corporate Tax Insider, reports President Obamaâ€™s budget proposal has many wondering what a â€œrobust portfolio of IRS international tax compliance initiativesâ€ means for international tax reform.
Tax haven concerns date back over 50 years and discussions of modernizing US international tax rules date back to the 1990s.
The tax committees and Treasury should hold an international tax reform summit, appoint a task force of experts to derive a comprehensive business/international tax reform package of changes and then move to implement it during the 111th Congress. The federal budget, the economy and US business interests will suffer from continued delays in not moving all of the background information collected in the past many years to action.