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AICPA Rejects Option 2 of Camp Discussion Draft on Small Business Tax Reform

On July 30, the American Institute of Certified Public Accountants (AICPA) offered further comments on House Ways and Means Committee Chairman David Camp's (R-MI) discussion draft on tax reform for small businesses. The Camp discussion draft proposes tw
August 6, 2013

On July 30, the American Institute of Certified Public Accountants (AICPA) offered further comments on House Ways and Means Committee Chairman David Camp's (R-MI) discussion draft on tax reform for small businesses. The Camp discussion draft proposes two options for reforming the tax rules that apply to partnerships and S corporations. Option 1 would retain but amend the existing regimes applicable to these entities under Subchapters K and S, whereas option 2 would replace Subchapters K and S with a new, unified regime. Based on its July 30 comments, the AICPA does not support option 2, which the AICPA describes as a "one-size-fits-all approach" that would fail to simplify the Code.

Read the House Ways and Means summary of the discussion draft.

Read the AICPA's comments.

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