alliantgroup Hosts Meetings with IRS Commissioner and Senior Tax Officials for CPA Firm Partners Discussions Focus on Issues and Challenges Facing Small and Medium Sized Businesses and their Tax Advisors
HOUSTON, Dec. 1, 2010 /PRNewswire/ -- alliantgroup, a leading tax advisor, recently brought a group of fourteen of its CPA firm partners to Washington, DC for meetings with IRS Commissioner Douglas Shulman and senior IRS officials. The session, which also included IRS LB&I Commissioner Heather Maloy and LB&I Deputy Commissioner Paul Denard, focused on enhancing the relationship of the IRS with middle market accounting firms and the businesses they serve. The meetings were organized by alliantgroup Vice Chairman and former IRS Commissioner Mark Everson.
"alliantgroup is pleased to have been able to bring together the leadership of the IRS and our CPA firm partners for an unprecedented discussion of the challenges facing small and medium sized businesses and we thank Commissioner Shulman and his team for taking the time to meet with us," said Dhaval Jadav, CEO of alliantgroup. "It is critical, particularly during a time of economic uncertainty and increasing regulatory requirements, that these businesses and their advisors be able to engage in productive discussions with leadership at the IRS."
The roundtable discussions focused on a number of important issues including:
- Credits and Incentives for Businesses: Attendees discussed the importance to small and medium sized businesses of tax credits and incentives as vehicles to drive job creation, expand R&D and spur growth. In particular, alliantgroup thanked the IRS for its assistance in the efficient administration of the recent Qualifying Therapeutic Discovery Program and relayed the significant impact this program has presented for smaller biotech firms. (The program awarded $1 billion in tax credits and grants to small and mid-sized biotech companies).
- Current Economy: CPA firm partners stated that companies are wary of spending, hiring and expanding operations because credit is still very tight and the economic forecast remains clouded.
- Compliance: CPA firm partners expressed concern about increasing compliance requirements and the difficulty for many accountants to stay current on technical compliance issues in complex areas such as international tax. The CPAs also suggested that it would improve tax compliance if the IRS used more discretion in the application of penalties in connection with compliance issues. The subject of Uncertain Tax Positions was also raised as a milestone tax issue at the forefront of every CPA's mind; CPA firm partners requested that the IRS provide taxpayers with more guidance on UTP and expressed concerns about the UTP program being expanded to smaller companies. Additionally, there was a good dialogue on the pros and cons of the newly enacted Preparer Tax Identification Number registration system.
"The meeting with Commissioner Shulman and IRS Senior officials was encouraging as advisors from small and mid-sized businesses were able to share views of a sector that is rarely afforded a voice," added Shane Frank, COO of alliantgroup.
"I think all of us agree that this was just a starting point in building closer ties between the IRS and the middle market and we look forward to additional opportunities to share our views as well as meet with IRS officials on the regional and industry level," stated Dean Zerbe, National Managing Director at alliantgroup.
alliantgroup is the nation's premier provider of specialty tax services. Headquartered in Houston, TX, alliantgroup works with CPAs and their clients to ensure that they receive the full benefits of all available federal and state government sponsored tax credit and incentive programs, such as the research and development tax credit, export tax incentives, manufacturing tax incentives, federal and state hiring credits, sales and use tax consulting services and reviews, and a dedicated tax controversy services team.