TXCPA, AICPA and 52 other CPA societies sent a letter to the Senate Committee on Finance on June 6 urging the retention of the ability for all pass-through entities to deduct state and local taxes at the entity level.

The TXCPA Federal Tax Policy Committee expressed concern to the IRS about delays in the processing of time-sensitive taxpayer correspondence, often due to both postal service slowdowns and inefficiencies within the IRS.

Proposed federal tax legislation could significantly raise taxes on millions of small and mid-sized businesses by eliminating the deductibility of Pass-through Entity Taxes (PTET).