Legislative Action Center
+ Beneficial Ownership Information (BOI)
+ Earned Income Credit information (ERC)
+ Accounting as a STEM Field
STEM is an acronym for Science, Technology, Engineering, and Math. Students looking for an area of study that will prepare them for a successful career often consider entering into a STEM field. The U.S. Bureau of Labor Statistics projects that occupations in STEM are expected to grow by 10.5% through 2030, compared with 7.5% for non-STEM occupations.
Recognizing accounting as a STEM field will align the perception of the accounting profession to its current reality:
- The accounting profession not only utilizes technology but innovates it to meet needs of businesses and protect the public interest.
- Significant shifts in recent years in collegiate education; over 50 have changed their accounting programs to be STEM-designated.
- Broader STEM designation will encourage younger and more diverse student engagement in accounting.
The following is the profession’s strategy related to pursing a STEM designation for accounting:
- Reintroduce bills from 117th Congress allowing STEM funding in K-12 schools.
- Renominate any not-approved Classification of Instructional Programs (CIP) codes from 2022.
- State CPA societies and AICPA to advocate with colleges for CIP change.
Learn more about TXCPA’s CPA Pipeline Strategy.
+ Permanent Disaster Relief Provisions
AICPA and TXCPA support legislation to improve the IRS’ authority to provide federal tax relief and provide flexibility to recover from a disaster using retirement funds.
AICPA endorsed bills:
+ Mobile Workforce Taxation
The pandemic fueled a rise in remote work across the country. More industries are now impacted by state tax withholding complexities. AICPA supports federal legislation of 30-days before income tax withholding. Read this article.
+ Fiscal State of the Nation Resolution
Bipartisan Senate and House resolutions related to the nation’s long-term fiscal picture are drawing attention from the public and policymakers. Read the resolution.
+ Representing You on Capitol Hill
AICPA and TXCPA leaders visit with federal legislators annually to discuss the issues above and others related to protecting your profession and supporting your clients and companies. Stay tuned to your TXCPA member communications to learn more about this important advocacy issues.
TXCPA Federal Tax Policy Committee
The committee provides feedback to the IRS and U.S. Treasury regarding proposed changes to federal taxation regulations.
Recent blog posts:
- TXCPA Committee Calls on FinCEN to Delay BOI Filing Deadline for All Entities by One Year
- Foreign Gift and Inheritance Trap
- Helping a Client Who Fell for an ERC Scam
- Tax Practitioner Responsibilities in Planning for His or Her Death or Disability
- TXCPA Committee Urges Clarification on SECURE Act Distributions from Inherited IRAs
Request to FinCEN to Delay BOI Filing Deadline
TXCPA Committee Calls on FinCEN to Delay BOI Filing Deadline for All Entities by One Year
The TXCPA Federal Tax Policy Committee, chaired by David Colmenero, J.D., LL.M., CPA-Dallas, responded yesterday to the FinCEN Notice of Proposed Rulemaking regarding the Beneficial Ownership Information (BOI) reporting that is scheduled to begin Jan. 1, 2024. FinCEN’s proposal temporarily extends from 30 days to 90 days the filing deadline for certain reporting companies to file initial BOI reports.
TXCPA’s Federal Tax Policy Committee suggests that the filing deadline for all existing entities be delayed one year until 2025, the 90-day deadline for new entities be made permanent and the period for reporting subsequent events be extended to at least 90 days, as well.
The BOI reporting, which is currently scheduled to begin Jan. 1, 2024, will require an estimated 32 million existing small businesses to disclose their beneficial owners to FinCEN, with five to six million new business entities required to disclose annually going forward.
IRS Regulations - Required Minimum Distributions from Inherited IRAs
TXCPA’s Federal Tax Policy Committee asked Senate Finance and House Ways and Means leadership to clarify legislative intent to the IRS on the SECURE Act provision requiring certain IRAs to be fully distributed by the end of the 10th year following the account owner’s death. The committee feels strongly that the IRS has overstepped its authority by requiring annual distributions, an interpretation that is detrimental to taxpayers. Additionally, given the lack of guidance, taxpayers who follow the statutory language and fully distribute inherited IRAs by the end of the 10th year should not be penalized until this matter is resolved.
- Section 174 R&E Amortization Requirement
- Inherited IRAs - Required Minimum Distributions
- IRS Form 3520 and Form 3520-A
- Exposure Draft – Revised Statements on Standards for Tax Services and Invitation to Comment
- Enhancing Video Conference Options for Taxpayers and Tax Professionals
- Use of Scanning Tech Recommended
- A Balanced Approach to IRS Funding Between Taxpayer Services, Technology, Training and Compliance
- Additional Relief Sought on Schedules K-2 and K-3 Requirements
- Third-Party Authentication to Access Certain IRS Online Resources (facial recognition)
- Changes to Simplify and Improve the AAR Process Under the Centralized Partnership Audit Regime and Proposed “AAR-EZ” Process Framework