ICI Letter to the IRS on Inflation Reduction Act Funding

ICI submitted this letter to the Internal Revenue Service (IRS) with recommendations on how to utilize funds provided under the Inflation Reduction Act. The letter recognizes that this historic funding has the potential to transform and modernize taxpayer service capabilities and reduce taxpayer burden. Specifically, the letter recommends that the following tax forms be electronically processed:

• IRS Form 8802, Application for US Residency Certification;
• IRS Form 6166, Certification of US Tax Residency (CoRs);
• IRS Form 1120-RIC, US Income Tax Return for RICs; and
• IRS Form 8613, Return of Excise Tax on Undistributed Income of RICs (as well as filing extension requests on IRS Form 7004).

The letter describes that these investments will make the IRS more efficient and taxpayer friendly and result in a net positive to the US fisc as fewer taxpayers claim foreign tax credits. 

Read more in the comment letter.