The American Institute of CPAs sent its members to visit lawmakers on Capitol Hill to advocate for various bills last week during the annual spring meeting of the AICPA Council in Washington, D.C.
Among the main issues on the agenda were a congressional resolution on the fiscal state of the nation and support for three big issues: establishing the accounting profession as a STEM career pathway, simplifying the tax filing extension process, and expanding eligible uses of 529 education savings plans to include fees and expenses required to obtain or maintain recognized postsecondary credentials, such as the Uniform CPA Exam.
“The AICPA has a long history of advocating for and supporting legislation to benefit taxpayers and their advisors and improve tax administration,” said AICPA president and CEO Barry Melancon in a statement Tuesday. “CPAs have a keen understanding of how good tax policy can create a more efficient tax system and they’ve come from around the country to share those insights with lawmakers.”
AL POWERS
One of the bills on the agenda was the Simplify Automatic Filing Extensions Act, or SAFE ACT (see story). The bill would allow taxpayers to automatically qualify for a filing extension without worrying about being subject to a penalty by paying an easily calculated amount based on 125% of their prior year’s tax liability. Advocates argue the legislation would help the IRS receive extensions earlier in the year, and the streamlined process would reduce the need for many penalty abatement requests.
CPAs also asked their representatives in Congress to support the Freedom to Invest in Tomorrow’s Workforce Act, a bill that would expand eligible uses of 529 education savings plans to include fees and expenses required to obtain or maintain recognized postsecondary credentials, including professional credentials and certifications, and provide accounting professionals with greater financial flexibility as they enter the workforce and seek to further their education.
CPAs also advocated for support of bills in both the House and Senate to establish the accounting profession as a STEM career pathway, recognizing the value of accounting professionals, including CPAs, as technological leaders.
Accountants also requested lawmakers’ support on the Fiscal State of the Nation resolution, which would require the comptroller general to make a presentation to a joint session of the House and Senate Budget committees on the Government Accountability Office auditor’s report of the U.S. government’s financial statements. The goal is to promote greater transparency of information within the government’s financial report.
“CPAs have weathered some of the most challenging times in the history of tax administration, and they have guided individuals and businesses through significant changes,” Melancon stated. “We are grateful to have the partnership of many members of Congress on these important issues, and we hope to gain the support of many more.”
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