Ron Gitz, CPA, CGMA, executive director of the Society of Louisiana CPAs, testified at a May 4 field hearing in Livingston, La. conducted by Senator David Vitter (R-La.), chairman of the Senate Committee on Small Business and Entrepreneurship, about the importance of reducing the burdens imposed by federal tax rules on small businesses.
In his testimony, Gitz highlighted areas that the American Institute of CPAs has identified as in need of reform, including permanently extending section 179 expensing, preserving the use of the cash basis of accounting and increasing the de minimis safe harbor threshold under the tangible property regulations from the current $500 to $2,500.
“It’s so important that our Washington lawmakers hear about how federal laws affect the residents and business owners in their states, as well as the CPAs who serve them,” Gitz said. “I’m glad the Society of Louisiana CPAs was so well placed to deliver an important message about small business tax reform on behalf of the profession.”
Gitz noted later that the three other panelists at the hearing, who either own or work for small businesses in Louisiana, recognized in their testimony all the expertise, help and attention that they receive from their CPAs.