On behalf of its members, the AICPA monitors and advocates on legislative and other matters that affect the accounting profession. Working with state CPA societies and other professional organizations, the AICPA provides information to and educates federal, state and local policymakers regarding key issues.
Troy K. Lewis, chair of the American Institute of CPAs’ Tax Executive Committee, will urge Congress to pass permanent tax disaster assistance legislation, which would be automatically triggered by a declaration of a federal disaster, so that taxpayers would be fairly treated and have prompt access to relief.
Puerto Rico's new law was signed on August 28 by Governor Alejandro Garcia Padilla and is effective as of the signing of the legislation. Puerto Rico is the 52nd jurisdiction to pass an individual CPA mobility law, which allows out-of-state CPAs to operate in their jurisdictions without having to obtain a reciprocal license or register in the state.
The tax reform discussion drafts released by the House Ways and Means and Senate Finance Committees include provisions of the due dates simplification bill the AICPA has pushed Congress to enact in order to alleviate the problem of receiving late Schedule K-1 information and provide a chronologically-correct flow of information between pass-through entities and their owners and beneficiaries.
Advocacy Efforts by Accounting Areas of Specialization
Through its volunteer committees, the AICPA advocates on behalf of the membership by writing comment letters on technical proposals issued by various standard-setting bodies.