Federal Tax Policy 

Advocacy That Makes a Difference

The TXCPA Federal Tax Policy Committee is dedicated to advocating for our members and the accounting profession at the national level. Our team of experienced professionals reviews federal tax legislation, regulations, and administrative pronouncements to ensure your voice is heard in Washington. Through proactive engagement, we provide thoughtful feedback and expert input to policymakers, striving to shape fair and effective tax policy that supports the needs of our members and the broader accounting community.

What We Do

  • Analyze proposed federal tax laws and regulations for their impact on our members and the profession.
  • Submit formal letters, comments, and recommendations to key government agencies and officials.
  • Keep TXCPA members informed about critical policy developments and opportunities for engagement.
  • Represent the collective expertise and interests of Texas CPAs in the federal policy-making process.

Response Letters and Articles

We are committed to transparency and keeping you updated on our advocacy efforts. View the most recent letters submitted by the Federal Tax Policy Committee, as well as articles drafted on recent federal tax issues here.

Protect the CPA Profession

Protect and promote the profession—contribute to the member-managed, member-driven, and member-focused TXCPA PAC and ensure CPAs have a strong voice in Texas.

TXCPA PAC
  • Question

    Why This Matters

    This incredibly important work helps ensure that tax regulations and accounting standards are fair, practical, and serve the public interest. Discourse with regulatory bodies during rulemaking can make a huge impact on our economic well-being.

  • Feedback

    A Public Service

    Providing feedback to standard setting and regulatory bodies on proposed rules is of crucial importance. Accounting professionals provide a grassroots perspective from those who understand the wider ramifications of rules compliance.

  • Hand pointing with motion lines

    We Need You!

    Volunteerism is at the heart of our all our advocacy efforts. Fresh faces and new perspectives are always much welcome - and much needed. Make your voice heard and make a difference!

    Volunteer

What TXCPA is doing

Browse through our latest feedback to regulators.

A Review of IRS Notice 2024-35, Certain Required Minimum Distributions for 2024

  • Published on Apr 22, 2024

By Rick Allen, CPA-East Texas  

Notice 2024-35 is a detailed analysis and explanation of what the final regulations will say regarding required minimum distributions (RMDs) related to retirement accounts of decedents who died after 2019. The IRS seems to be giving taxpayers one more year of not taking RMDs without assessing an excise tax … that being 2024. So, taxpayers are protected if they did not take post death RMDs for 2021 (the first year they would have been required to take an RMD under the IRS interpretation), 2022, 2023 or 2024.  

It appears as if the relief will stop there. RMDs will be required to be made beginning in 2025. The notice seems to be silent about whether distributions which (in the IRS’ view) should have been made in 2021, 2022, 2023 or 2024 will need to all be made in 2025 or if the taxpayer can just begin taking normal RMDs in 2025. 

The analysis is thorough, but I am unsure whether the IRS properly tied the RMD rules to the five-year rule (now changed to the 10-year rule) correctly. 

I think TXCPA Federal Tax Policy Committee’s efforts in pushing back against the IRS regarding their late roll-out of the RMD rules bought taxpayers four years of free space not being required to take RMDs on inherited retirement accounts, and correspondingly, helped CPAs in working with these clients.  

Taxpayers with illiquid retirement assets and other reasons to delay taking distributions have benefited by the delay and should be prepared to start taking RMDs in 2025. Texas CPAs should work to notify clients impacted by these rules accordingly.