Is 'tax simplification' in the works?

On April 15, President Obama acknowledged the complexity of the tax code in a speech commemorating the new economic stimulus law. The president expects to receive recommendations from his economic advisory board by the end of the year. He vowed to make it "easier, faster and less costly" to file income tax returns.

Other parts of the speech focused on new law provisions designed to help small business. The five-year carryback period for net operating losses (NOLs) is estimated to return $3.4 billion in 2009. Expanded depreciation is expected to create savings of $34 billion.