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.

Earlier today, the AICPA and state CPA societies in 53 states and jurisdictions sent a letter to the Senate Committee on Finance urging the retention of the ability for all pass-through entities to deduct state and local taxes at the entity level.

The Senate is considering a sweeping bill that effectively targets particular pass-through businesses by indirectly raising taxes on those entities that are considered the backbone of the American economy but maintain deductions for large corporations. The legislative package, known as the “big beautiful bill,” is expected to undergo additional changes before the Senate’s upcoming vote. Join ARCPA and AICPA in raising awareness of this issue by encouraging other members to contact their senators by Friday, June 13

Governor of the State of Arkansas and pursuant to Ark. Code Ann. §§ 12-75-101, et seq., and the state of emergency declared in Executive Order 25-07, amends Executive Order 25-08 to include additional counties.

In the wake of recent reports of workforce reductions at the Internal Revenue Service (IRS), President and CEO, Mark Koziel, CPA, CGMA, of the American Institute of CPAs (AICPA) released a statement regarding IRS Services for this tax season

In the wake of recent reports of workforce reductions at the Internal Revenue Service (IRS), President and CEO, Mark Koziel, CPA, CGMA, of the American Institute of CPAs (AICPA) released a statement regarding IRS Services for this tax season

The American Institute of CPAs (AICPA) president and CEO, Mark Koziel, CPA, CGMA, released the following statement highlighting the need for the Internal Revenue Service (IRS) to have the ability to meet the needs of taxpayers and tax preparers during this filing season: “For many years, one of the top priorities at the AICPA has been to promote efforts that ensure the IRS has the appropriate resources to meet the needs of taxpayers and preparers. Our goal is to support taxpayers and our members during times of uncertainty and to provide guidance to help navigate any changes that may affect critical, time-sensitive interactions with the IRS. “Many are concerned with potential challenges that could arise from recent changes throughout government. While there is a lot of speculation and many unknowns, the AICPA is actively monitoring the situation and engaging with IRS leadership and other key stakeholders to understand and mitigate the impact of these changes on IRS services. “IRS service levels and modernization efforts have seen progress since the COVID-19 pandemic and we are committed to seeing those efforts continue. Americans deserve a fully functioning agency that can be respected by taxpayers and their preparers, thereby allowing them to comply with their tax obligations.”

The United States Senate Committee on Finance has released a bipartisan discussion draft that will help to improve Internal Revenue Service administration - the AICPA has endorsed numerous provisions in this draft. Many of the provisions that the AICPA and state societies have long advocated for have been included in this discussion draft.

IRS quarterly update to the Strategic Operating Plan news release IR-2024-310: IRS recovers billions in tax, financial criminal cases focused on drug trafficking, terrorist financing; launches new business online account features

Arkansas Governor Sarah Huckabee Sanders has signed an executive order to extending tax relief granted due to severe storms in Baxter, Benton, Boone, Carroll, Fulton, Grant, Greene, Madison, Marion, Nevada, Randolph, Sevier, and Sharp counties.