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.

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    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.

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    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!

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What TXCPA is doing

Browse through our latest feedback to regulators.

1099-Ks Will Reappear in This Filing Season

  • Published on Oct 11, 2024

William Stromsem, CPA, J.D., George Washington University School of Business 

Remember the problem with taxpayers bringing in Forms 1099-K to report income from third-party settlement networks like PayPal and the client having no business records of expenses to offset the reported revenue? Note that after suspending 1099-K reporting for 2022 and 2023, the IRS has set the dollar amount for 1099-Ks for 2024 (to be reported early in 2025) at $5,000. This is higher than the 2021 law, which required reporting of receipts of over $600, but the IRS is apparently prepared to implement the $5,000 requirement for 2024.  

This might be a good time to advise clients to be sure that expenses related to any reported revenue are supported so that they can take business deductions. The IRS has clarified that money taxpayers received from friends and family as a gift or repayment for a personal expense should not be reported on a Form 1099-K, as these payments are not taxable income. 

 Hopefully, you and your clients will be prepared for this upcoming filing season.