TaxConnections Asks Tax Experts-Make Your Best Tax Recommendations
We know there are amazingly talented and forward-thinking tax experts with great ideas visiting TaxConnections. We ask you to share your best tax ideas so that we may forward them all to the next United States President and the United States Congress. This is an opportunity for real tax experts to advise the President and Congress! We are going to send them all to them by the end of the year.
Please Leave Your Comments To The President and Congress Below- Make Your Best Tax Recommendations:
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2 comments on “Make A Tax Recommendation To The President And Congress”
According to IRS statistics a 1% gross receipts tax on business receipts would produce approximately the same revenue as the current corporate income tax.
In addition,Iwould have all state and local corporate income taxes replaced by a tax on the current numerator of the sales factor.
This would save billions in compliance, administrative and litigation costs.
Unfortunately this would put most of the people here out of work.
My suggestion for an improvement in the tax law is a small change with insignificant revenue impact that would make tax planning and compliance much easier for thousands of homeowner associations and condominium associations. The proposal is to permit organizations filing Form 1120-H to use the regular corporate income tax rates instead of the flat 30% rate specified in section 528 of the Internal Revenue Code. The theory behind section 528 is to tax the association more or less the way the homeowners would be taxed, and the 30% rate was adopted when individual income tax rates were much higher than they are now. The 30% rate encourages homeowner associations to consider filing on the far more complicated Form 1120 to qualify for the regular corporate income tax rates, which begin at 15%. If those rates were available when filing Form 1120-H, nearly all homeowner and condominium associations would use the simpler form to file, reducing compliance burdens. The revenue impact would be nominal because associations for which the corporate rates save money can already obtain those rates by filing Form 1120.
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