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Jorge Castro Comments on Uncertainty Surrounding Biden Administration's Information Reporting Proposal in Tax Notes

"Fear, Uncertainty, Doubt Cloud Arguments for Info Reporting Plan"

Tax Notes

Jorge Castro, former Counselor to the IRS Commissioner during the Obama Administration and former Democratic Congressional tax aide, commented on the uncertainty surrounding the Biden Administration's proposal to expand financial reporting. "Congress could reduce the uncertainty around the new reporting plan by specifying the types and amounts of income that would be reported, as well as issuing clear instructions about reporting exemptions," Castro said, adding that "You really have to try to limit the amount of open questions for the IRS to determine."