“The IRS’ efficacy has historically proven more successful when a good faith, collaborative system is in place," said Brian Cove, Managing Director, Technical Activities at FEI, CEETA liaison.
Morristown, N.J (PRWEB) July 13, 2017
Financial Executives International (FEI), the association of choice for CFOs and other senior-level finance executives, announced its support of the Preserving Taxpayers’ Rights Act. The bill will strengthen consumer confidence in the Internal Revenue Service as it helps the agency conduct its services more efficiently. Representative Jason Smith (R-MO) and co-sponsors Representative Judy Chu (D-CA), Representative Carlos Curbelo (R-FL), Representative George Holding (R-NC), Representative Terri Sewell (D-AL) and Representative Mike Thompson (D-CA) introduced the legislation earlier today.
Advocating for this bill, FEI leveraged its membership expertise to coordinate the operations of the Coalition for Effective and Efficient Tax Administration (CEETA). CEETA took the lead in proposing necessary process reforms that helped inform the bill’s four major initiatives:
- Providing taxpayers the legal right to have cases heard by the IRS Office of Appeals
- Further defining which IRS cases can be designated for litigation
- Further defining when tax liability assessments can be levied
- Eliminating the use of outside law firms for federal tax audits
“The IRS’ efficacy has historically proven more successful when a good faith, collaborative system is in place. One in which the taxpayers are willing to participate, with the confidence that the IRS is able to productively work with them to resolve disputes,” said Brian Cove, Managing Director, Technical Activities at FEI, CEETA liaison. “FEI’s work as an active CEETA member aimed to restore that system by delivering needed process reforms to IRS examinations. These reforms, in turn, will reduce the time, cost and burden of current exam practices that, to date, have proven burdensome to our FEI members as well as the taxpayer at large.”
The Preserving Taxpayers’ Rights Act will reduce costs incurred by the IRS, courts, and taxpayers while empowering the IRS to deliver on its mission to help taxpayers meet their tax responsibilities.
Cove continued, “FEI applauds this bipartisan effort and is committed to supporting the bill’s authors as it moves through the legislative process.”
Financial Executives International (FEI) is the leading advocate for the views of corporate financial management. Its more than 10,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, research and publications. Members participate in the activities of more than 65 chapters in the U.S. and a chapter in Japan. FEI is located in Morristown, NJ, and Washington, D.C. Visit http://www.financialexecutives.org for more information.