The American Institute of CPAs has written a letter to some of the top tax lawmakers in Congress asking them to grant relief to taxpayers in appropriate situations when they miss a statutory deadline or make an error in choosing an election.
Some of the many tax elections available to taxpayers permit administrative relief under section 9100 of the Tax Code if the election is made late or it wasnt executed correctly because the deadlines were established in Treasury regulations, but often the elections with deadlines set by statute do not offer the same relief, the AICPA pointed out in the letter it sent Friday to lawmakers.
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