AICPA Hails House Adoption of Tax Reform Package; Seeks Same Tax Rate for All Passthroughs and SALT Deduction Preservation as Debate Continues

November 16, 2017

Washington, D.C. (November 16, 2017) – The American Institute of CPAs (AICPA) today applauded the U.S. House of Representatives for its passage of a tax reform bill that “moves the nation one step closer to a fairer, simpler Tax Code.”

“As a long-time advocate for an efficient and pro-growth tax system based on principles of good tax policy, we commend the House for expanding the number of taxpayers who may use the cash method of accounting,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA. “We also applaud the decision to maintain the current tax treatment of nonqualified deferred compensation. We are encouraged by the progress made by lawmakers in recent days and believe this vote moves the nation one step closer to a fairer, simpler Tax Code.”

As attention shifts to the U.S. Senate’s tax reform proposal, Melancon noted the profession appreciates the increasing recognition of the important economic role passthrough service entities play in job creation and that the AICPA looks forward to working with Congress as the bill continues to move through the process to ensure the full state and local tax (SALT) deduction for taxes paid or accrued in carrying on a trade or business is maintained.

To learn more about the CPA profession’s views on tax reform, visit the AICPA’s Tax Reform Resource Center.