Tax Resource Advisory Council
The Tax Resource Advisory Council (TRAC) shall assume primary responsibility for considering legislative policies, current position statements and other legislative or regulatory activities as it relates to tax issues. TRAC furthers the development of fair and reasonable systems of taxation. All actions shall be consistent with the INCPAS mission statement. TRAC shall discharge its duties by:
- Developing, monitoring and responding to legislation, regulation, or rules affecting the tax practice in the CPA profession.
- It shall consider but not be limited to the AICPA, IRS, IDR and other taxing authorities as sources and shall further consider but not be limited to the following topics: ethics, education, professional standards, professional liability, licensure, state and local taxes, compliance and enrolled agents.
- As appropriate and without Board approval, TRAC shall develop communication in matters which it feels appropriate to comment whether in favor or in opposition, and further, where appropriate, develop legislative policy for consideration and approval by the Board related to taxation.
- Serve as a resource to legislative bodies including the Ways and Means Committee and other tax related entities.
- In the fall of each year, TRAC shall prepare and document an annual topics agenda which prioritizes issues for TRAC’s consideration and action. Such agenda shall be coordinated with GRAC and submitted to the Board and may be modified as appropriate and circumstances warrant.
- Meet on an annual basis with IDR and IRS.