Legislative Action Center
FEDERAL
CURRENT ISSUES:
+ 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:
- The Filing Relief for Natural Disasters Act
- The Disaster Retirement Savings Act
+ 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 at Hill Visits this May
AICPA and TXCPA leaders will visit with federal legislators this May 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.
Federal Tax Policy Committee
The TXCPA Federal Tax Policy Committee regularly reviews and comments on IRS regulatory proposals.
- IRS Updates Guidance on State Tax Payments (2-15-23)
- IRS First Friday Hot Issues Summary - February Edition (2-9-23)
- Amending Your 2019 Return -- When is it Due? (2-7-23)
- FinCEN Issues Final Beneficial Ownership Reporting Rules (2-1-23)
- 2022 Schedule K-2/K-3 Update (1-31-23)
- TXCPA Participates in IRS Roundtable on Implementing Inflation Reduction Act Funding (1-31-23)
See more on the Federal Tax Policy blog.
Texas Members of Congress
In Need of a Key Person:
Rep. Greg Casar
(D-35) Austin
Rep. Jasmine Crockett
(D-30) Dallas
Rep. Monica De La Cruz
(D-15) Seguin
Rep. Wesley Hunt
(R-38) Houston
Rep. Morgan Luttrell
(R-8) Magnolia
Rep. Nathaniel Moran
(R-1) Longview
Rep. Keith Self
(R-3) Greenville
Email Patty Wyatt to volunteer or for more information.