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 Debt — Modifications and Extinguishments of Liabilities

  • Published on May 25, 2025

The TXCPA Professional Standards Committee (PSC) submitted a comment letter to the Financial Accounting Standards Board (FASB) in response to the proposed Accounting Standards Update (ASU) on Debt-Modifications and Extinguishments and Liabilities–Extinguishments of Liabilities (File Ref. No. 2025-ED200).

The PSC commended FASB’s efforts to simplify accounting for debt exchanges involving multiple creditors, supporting the proposal to treat such exchanges as extinguishments of old debt and issuances of new debt. The committee believes the amendments will improve consistency, align better with economic substance, reduce costs, and provide investors with more decision-useful information. The committee also supported prospective application and early adoption without requiring retrospective adjustments or extensive transition disclosures.

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

FASB Debt — Modifications and Extinguishments of Liabilities

  • Published on May 25, 2025

The TXCPA Professional Standards Committee (PSC) submitted a comment letter to the Financial Accounting Standards Board (FASB) in response to the proposed Accounting Standards Update (ASU) on Debt-Modifications and Extinguishments and Liabilities–Extinguishments of Liabilities (File Ref. No. 2025-ED200).

The PSC commended FASB’s efforts to simplify accounting for debt exchanges involving multiple creditors, supporting the proposal to treat such exchanges as extinguishments of old debt and issuances of new debt. The committee believes the amendments will improve consistency, align better with economic substance, reduce costs, and provide investors with more decision-useful information. The committee also supported prospective application and early adoption without requiring retrospective adjustments or extensive transition disclosures.

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