Jeffrey Hoops, chairman of the AICPA Tax Executive Committee, submitted comments in regard to an IRS hearing Thursday that weighed possible rule changes for employee stock purchase plans under tax code Section 423. Hoops urged the IRS to provide more clarity on the exclusion of some foreign citizens and residents from participation in employee stock purchase plans. Hoops also backed aspects of the proposed changes that grant stockholders of a subsidiary company the power to approve changes in the employee stock purchase plan. "We believe there is a strong statutory basis for doing so and believe that it will help streamline plan administration," Hoops said on behalf of the AICPA.

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