Legislative Action Center
CURRENT ISSUES:
+ TXCPA Federal Tax Policy Committee Assists Senator Cruz’s Office with Panhandle Wildfire Federal Tax Relief Bill
Last month, TXCPA’s Federal Tax Policy Committee collaborated with the office of Senator Ted Cruz on a bill to create specified federal tax relief for qualified taxpayers who were victims of the February 2024 Panhandle wildfires. The total damage of these wildfires did not meet the qualification threshold of a major disaster declaration. The committee assisted with technical questions related to the definition of areas eligible for federal relief, clarification of allowable deductions and the tax treatment of benefits received. See Senate bill 4806
+ CPA Key Person Program Seeking Volunteers
Grassroots political action is a vital element of TXCPA’s advocacy efforts. The Key Person program is perfect for those with an interest in representing the CPA profession before elected officials. Get more details about Key Person responsibilities in TXCPA advocacy efforts. Also, see a comprehensive overview of the TXCPA advocacy program in our Member Involvement Guide.
Fill out the Key Person volunteer form.
+ Representing You on Capitol Hill
AICPA and TXCPA leaders visit with federal legislators annually to discuss the issues above and others related to protecting your profession and supporting your clients and companies. Stay tuned to your TXCPA member communications to learn more about this important advocacy issues.
+ Designating Accounting as a STEM Field
STEM is an acronym for Science, Technology, Engineering, and Math. Students looking for an area of study that will prepare them for a successful career often consider entering into a STEM field. TXCPA and advocates nationwide are encouraging Congressional action to designate accounting as a STEM field of study.
+ Beneficial Ownership Information (BOI)
TXCPA members are urged to reach out to the Senators Cornyn and Cruz urging their support for H.R. 5119 before the year concludes.
+ Employee Retention Credit (ERC)
+ Permanent Disaster Relief Provisions
AICPA and TXCPA support legislation to improve the IRS’ authority to provide federal tax relief and provide flexibility to recover from a disaster using retirement funds.
AICPA endorsed bills:
- The Filing Relief for Natural Disasters Act
- The Disaster Retirement Savings Act
+ Mobile Workforce Taxation
The pandemic fueled a rise in remote work across the country. More industries are now impacted by state tax withholding complexities. AICPA supports federal legislation of 30-days before income tax withholding. Read this article.
+ Fiscal State of the Nation Resolution
Bipartisan Senate and House resolutions related to the nation’s long-term fiscal picture are drawing attention from the public and policymakers. Read the resolution.
TXCPA Federal Tax Policy Committee
The committee provides feedback to the IRS and U.S. Treasury regarding proposed changes to federal taxation regulations.
Recent blog posts:
- Depreciation Rewind (Aug. 1, 2024)
- Remote Work and Circular 230 (July 29, 2024)
Visit the Federal Tax Policy blog.