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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FASB Accounting Standards Update (ASU), Financial Instruments – Credit Losses (Sub Topic 326)

  • Published on Jan 14, 2025

    The Texas Society of CPAs' Professional Standards Committee (PSC) expressed support for the proposed Accounting Standards Update (ASU) to simplify credit loss accounting for current accounts receivable and contract assets under Topic 606. The PSC praised the Private Company Council's efforts and recommended extending the amendments to include public companies, not-for-profits, and other entities to enhance consistency and simplicity. They emphasized the importance of applying the proposed rules to various transactions, including accounts receivable acquired in business combinations, to avoid counterintuitive results. The PSC supported clear disclosure requirements, prospective transition, and early adoption, believing the amendments would reduce costs and improve the usability of financial information.

    Read the full comment letter here. View TXCPA PSC comment letter here.

    • 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.

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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.

    FASB Accounting Standards Update (ASU), Financial Instruments – Credit Losses (Sub Topic 326)

    • Published on Jan 14, 2025

      The Texas Society of CPAs' Professional Standards Committee (PSC) expressed support for the proposed Accounting Standards Update (ASU) to simplify credit loss accounting for current accounts receivable and contract assets under Topic 606. The PSC praised the Private Company Council's efforts and recommended extending the amendments to include public companies, not-for-profits, and other entities to enhance consistency and simplicity. They emphasized the importance of applying the proposed rules to various transactions, including accounts receivable acquired in business combinations, to avoid counterintuitive results. The PSC supported clear disclosure requirements, prospective transition, and early adoption, believing the amendments would reduce costs and improve the usability of financial information.

      Read the full comment letter here. View TXCPA PSC comment letter here.