News

For several weeks, the American Institute of CPAs (AICPA), along with various other stakeholders, have raised concerns over proposals to eliminate the pass-through entity tax (PTET) state and local tax (SALT) deduction for specified service trades or businesses (SSTBs). Following the release of the reconciliation bill by the Senate, the AICPA has identified several provisions it supports.

President Donald Trump expressed optimism that lawmakers could reach a compromise on the state and local tax deduction — a sticking point in his "One Big Beautiful Bill" — even as a key SALT advocate insisted a deal had already been reached.

The Senate Finance Committee on Monday released its version of proposed tax provisions to be included in the budget reconciliation bill being considered by Congress. The House of Representatives passed its version of the bill, H.R. 1, known as the One Big Beautiful Bill Act, in May. The Senate is considering its own version of the bill, which has to meet certain criteria to be exempt from the Senate’s filibuster rules and therefore eligible to be passed on a majority vote.

The AICPA recommended 183 changes to the IRS’s 2025–2026 Priority Guidance Plan and also encouraged the agency to continue to pursue tax simplification.

We’re collecting feedback on Executive Order 14247 “Modernizing Payments To and From America’s Bank Account.” Beginning September 30, 2025, all federal payments that are currently made by paper check—including Social Security benefits, tax refunds, and vendor payments—will be made electronically. All receipts to the federal government will also be required to be made by digitized payments (to the extent permissible under applicable law).

The One Big Beautiful Bill Act, as passed by the House and whose revised text was released Monday by Republicans on the Senate Finance Committee, includes a number of significant tax provisions for both corporate taxpayers and nonprofits.

New York’s accounting policy advisors secured two legislative wins this week, with CPA licensing reform and e-signature expansion both passing in the same session.

Republican senators are considering placing a $30,000 cap on the state and local tax deduction as a compromise between current law and the more generous limit in the House's version of President Donald Trump's tax bill, a key GOP negotiator said.

Eliminating the state and local tax deduction for service-based passthrough entities would “result in a tax increase for accountants throughout the country,” according to a letter addressed to leaders of the Senate Finance Committee by the AICPA and CPA societies from 53 states and jurisdictions.

A follow-up letter to congressional finance leaders last week and a new “Fact or Fiction” analysis underscore the AICPA’s opposition to several tax provisions in the House-approved budget bill, most notably the limitation of the passthrough entity tax/state and local tax (PTET SALT) deduction for specified service trades or businesses (SSTBs).

Republicans in Congress are inching closer to passing a significant piece of legislation that could affect everything from taxes to immigration to Medicaid.

Following its continued opposition to the severe limitations on the deductibility of state and local tax (SALT) for specified service trades or businesses (SSTBs) included in recent tax legislation passed by the House of Representatives, the American Institute of CPAs (AICPA) sent a second letter to leadership of the Senate Finance and House Ways & Means Committees urging modifications to troubling tax proposals in the One Big Beautiful Bill Act passed by the House and being considered by the Senate.

The decision to make non-audit CPAs stop using the credential may be less of a private equity strategy and more of a compliance response to regulatory structures.

The Financial Accounting Foundation (FAF) Board of Trustees today announced the search for a new member of the Governmental Accounting Standards Board (GASB). The seven-member, part-time Board will have an open seat beginning on July 1, 2026, when Jeff Previdi completes his second term on June 30, 2026.

A higher percentage of AICPA members got questions answered quickly by the IRS Practitioner Priority Service (PPS) line during the 2025 tax filing season, according to an annual survey, but they have concerns about the future of the IRS.

The House of Representatives approved an amended version of the budget reconciliation bill Thursday morning, sending it to the Senate for consideration. The bill, H.R. 1, known as the One Big Beautiful Bill Act, passed by a vote of 215 in favor, 214 opposed, with one member voting present.

The AICPA outlined its concerns to Congress about provisions in the tax bill that could hurt the accounting profession, including a section that allows long-debated contingent fees that it described as “an open invitation to unscrupulous tax preparers.”

The American Institute of CPAs is asking accountants to reach out to their congressional representatives and protest the proposed elimination of the ability of pass-through entities such as accounting firms to deduct state and local taxes.

The boards of directors of the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) have approved expansion of accountancy’s model legislation to include an additional path to CPA licensure. The optional path maintains public protection while providing added flexibility and options for CPA candidates.

Though Florida’s House of Representatives passed a bill that would eliminate licensing boards like the state’s Board of Accountancy, the state Senate has rejected the move for now.