Legislative Action Center

CURRENT ISSUES:

+ 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)

+ Employee Retention Credit (ERC)

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.

VOLUNTEER TO BE A KEY PERSON

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:

IRS Survey on Services to Tax Practitioners and Clients (Oct. 31, 2024)
IRS to Stop Automatic Penalties on Late Forms 3520 (Oct. 28, 2024)

Visit the Federal Tax Policy blog.

Proposal Comments:

IRS Proposal - Advance Notice of Third-Party Contacts
Read the letter
September 3, 2024 - TXCPA’s Federal Tax Policy Committee issued a comments letter to the IRS on rulemaking that seeks to limit taxpayer rights.
The proposed regulations REG-117542-22 would give the IRS discretion to reduce a congressionally-mandated 45-day notice to 10 days to taxpayers before contacting a third party – friends, colleagues, employers, vendors – with respect to the determination of tax collection.
Imminent statute situations often occur because of decisions made by the IRS regarding resources or in some cases due to lack of diligence by IRS employees. The committee feels strongly that the 45-day notification period should be respected unless there is some compelling reason to disregard it. Taxpayers should not be disadvantaged by possible IRS delays.
Request to FinCEN to Delay BOI Filing Deadline
TXCPA Committee Calls on FinCEN to Delay BOI Filing Deadline for All Entities by One Year
Read the comment letter
The TXCPA Federal Tax Policy Committee, chaired by David Colmenero, J.D., LL.M., CPA-Dallas, responded yesterday to the FinCEN Notice of Proposed Rulemaking regarding the Beneficial Ownership Information (BOI) reporting that is scheduled to begin Jan. 1, 2024. FinCEN’s proposal temporarily extends from 30 days to 90 days the filing deadline for certain reporting companies to file initial BOI reports.
TXCPA’s Federal Tax Policy Committee suggests that the filing deadline for all existing entities be delayed one year until 2025, the 90-day deadline for new entities be made permanent and the period for reporting subsequent events be extended to at least 90 days, as well.
The BOI reporting, which is currently scheduled to begin Jan. 1, 2024, will require an estimated 32 million existing small businesses to disclose their beneficial owners to FinCEN, with five to six million new business entities required to disclose annually going forward.
IRS Regulations - Required Minimum Distributions from Inherited IRAs
Read the letter
TXCPA’s Federal Tax Policy Committee asked Senate Finance and House Ways and Means leadership to clarify legislative intent to the IRS on the SECURE Act provision requiring certain IRAs to be fully distributed by the end of the 10th year following the account owner’s death. The committee feels strongly that the IRS has overstepped its authority by requiring annual distributions, an interpretation that is detrimental to taxpayers. Additionally, given the lack of guidance, taxpayers who follow the statutory language and fully distribute inherited IRAs by the end of the 10th year should not be penalized until this matter is resolved.
Section 174 R&E Amortization Requirement
Read Comment Letter.
Inherited IRAs - Required Minimum Distributions

Read comment letter.
IRS Form 3520 and Form 3520-A

Read comment letter.
Exposure Draft – Revised Statements on Standards for Tax Services and Invitation to Comment

Read comment letter.
Enhancing Video Conference Options for Taxpayers and Tax Professionals

Read the letter
Use of Scanning Tech Recommended
Read the letter
A Balanced Approach to IRS Funding Between Taxpayer Services, Technology, Training and Compliance
Read the letter
Additional Relief Sought on Schedules K-2 and K-3 Requirements
Read the letter
Third-Party Authentication to Access Certain IRS Online Resources (facial recognition)
Read the letter
Changes to Simplify and Improve the AAR Process Under the Centralized Partnership Audit Regime and Proposed “AAR-EZ” Process Framework
Read the letter.