In a letter to the IRS, TXCPA opposed the merger of the Office of Professional Responsibility and the Return Preparer Office, saying it risks blurring the line between licensed and unlicensed preparers. TXCPA urged keeping the offices independent.
There are new IRS filing requirements affecting taxpayers with foreign Qualified Business Units. Fluctuations in exchange rates can create gains or losses when converting foreign income back to U.S. dollars, making compliance more complicated.
The AICPA and all 54 state CPA societies are urging Congress to recognize accounting as a STEM pathway to help strengthen the talent pipeline and reflect the profession’s growing role in technology and data.