Simpler Tax Code Won't Hurt Tax Professionals' Business, Analysts Predict

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

Attention tax preparers: If the leaders of the congressional tax-writing committees have their way, more Americans may soon be filling out their own tax returns.
But lobbyists and tax practitioners told BNA they doubt the professionals have much to fear from a tax overhaul, even though politicians promise a new tax code so simple the average taxpayer can understand it. Some say tax-related immigration and health reform policies may deliver fresh business to tax preparers in the years ahead.
Taxpayers' need for professional tax help has become a rallying cry for lawmakers trying to rewrite the tax code. Sen. Max Baucus (D-Mont.), chairman of the Senate Finance Committee, railed against tax complexity in a floor speech July 26, calling the tax code “maddeningly complex.”
 For full access to this article, please register for a free trial to Daily Tax Report®.