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The AICPA represents the CPA profession and its interests before the government and regulatory bodies. The AICPA regularly meets with the White House, Congress and regulators, such as the Securities and Exchange Commission and the Internal Revenue Service.

 

 

 

 

 

 

 

 


 

Tax Reform and Fairness – A Necessary Balance

Barry

We are fast approaching what many believe is crunch time for tax reform. There is a renewed push by the White House and Congress to enact tax reform by year’s end. President Trump is urging Congress to “move fast,” while the House and Senate work to identify a process to make it possible.

As the debate intensifies, policy goals will be fleshed out, trial balloons will be floated in the media, and key lawmakers will get down to business in assembling a package of reforms to the tax code that can pass muster in both chambers.

A mainstay of the tax reform discussions is a call for cuts in the corporate tax rate. Since the vast majority of U.S. businesses operate as pass-through businesses, tax reform plans have also applied the benefits of lower tax rates to certain pass-throughs. These pass-throughs, including S corporations and partnerships, don’t pay taxes themselves, but pass their earnings through to their owners who pay taxes at their individual rates.

Some in Washington have suggested that professional services pass-throughs – such as accounting firms – should not be treated like other businesses because of the mistaken belief they don’t help drive the economy. We know that’s not the case.

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How the New Congress Might Affect the CPA Profession

Capitol2Meet the new Congress. Same as the old Congress? That remains to be seen. The 114th Congress opened on January 6 with 74 new members of the House and Senate, 104 women – more than ever before, and the largest House Republican majority since 1929. Those are the numbers, but let’s look at what they mean for the CPA profession.

Our profession’s core services are greatly impacted by the legislators and regulators who set policy and standards. The November election brought many changes and several new faces to Washington. One thing that did not change, however, was a strong CPA presence. I was very pleased that nine CPAs were reelected to the House. I know that these nine individuals, as well as other CPAs, whether as elected officials or active constituents, will continue to provide crucial experience and guidance. In light of the new representatives, staff members and committee chairs in the Congress, we have been reviewing our advocacy and education efforts on initiatives affecting the profession and the public.

We expect Congress to focus on certain issues in 2015. Here is a brief summary of the more significant ones.

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Strengthening the Profession’s Core with Relevance, Rigor and Reach

Tommye_barie_headshot2I am excited to write to you as the new chair of the AICPA Board of Directors. I hope to meet many of you at the numerous conferences, state society meetings and firm visits that I have lined up between now and next October. The Chair’s Letter also is a great forum to discuss common experiences and important developments. Throughout the year, I will share my thoughts on key trends and emerging professional issues. I hope you’ll share your comments with me and our fellow CPAs so we can have a robust dialogue.

Let me begin by telling you a little about myself. I grew up in the tiny town of West Liberty, Kentucky, home to about 2,000 people and two stoplights. I was raised on small-town values that remain with me today. These values – hard work, integrity, community and commitment – first attracted me to the accounting profession, and now they will shape my stewardship as AICPA Chair.

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AICPA President and CEO Looks Ahead to 2015

In an interview with CPA Letter Daily, AICPA President and CEO Barry Melancon, CPA, CGMA, reflects on the accounting profession’s successes in 2014 and discusses the opportunities and challenges of 2015. Below is an excerpt from the interview; for the full interview, watch the accompanying video.

 

 

 

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5 Key Regulations to Get Right in Crowdfunding

Crowdfunding-keyFrom the newest design inventions to the Thai food truck that showed up in your town last week, the crowdfunding movement is allowing individuals to unleash their entrepreneurial spirit and turn their dreams into reality. By sharing their ideas on the web, users can raise funds to support the launch of their small businesses.

Numerous crowdfunding platforms exist, many focusing on the type of project being funded. For example, certain platforms serve non-profits and philanthropic causes, music, theatre, small business and so forth. Even with such specialization, investing comes with risk. Crowdfunding indeed opens investment opportunities to a new pool of potential stakeholders.  Many of those investors may not fully understand the risks involved. During the next few weeks on AICPA Insights, we will look at the benefits and risks of crowdfunding.

Continue reading "5 Key Regulations to Get Right in Crowdfunding" »

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