AICPA Hails House Adoption of Tax Reform Package; Seeks Same Tax Rate for All Passthroughs and SALT Deduction Preservation as Debate Continues
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.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.
Media representatives are invited to visit the AICPA Press Center at www.aicpa.org/press.
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