Capitol Hill Connection
Federal Legislative Update
In 2014, Congress assumed the lowest public approval rating in our nation’s history.
In the last few years, we’ve seen the parties grow more polarized with less appetite for
bipartisan legislation. This has led to little in terms of policy changes – nothing has
been done on tax reform, immigration or the long-term financing of our federal
government. Instead, we’ve seen last-minute and temporary budget solutions, the first
government shutdown in nearly 20 years and a downgraded credit rating for the first
time in our history.
Politics at the Pub:
Despite the gridlock, the Society, in accordance with the AICPA, was busy tracking
several bills of interest to the profession and weighing in with our delegation on several
matters. Here are a few highlights:
Tax Reform: A provision to limit the use of the cash method of accounting to CPA
firms and other businesses with more than $10 million in receipts was included in the
House and Senate tax reform working drafts, details of which can be found here.
The Society weighed in with our delegation in opposition to the measure. A copy of
the letter can be found here. The AICPA has coordinated a letter to members of
Congress asking them to oppose the measure. We have asked our delegation to join us
in support of the profession and a copy of that letter can be found here. To date, 46
senators, including Senator Markey and 140 reps, including Massachusetts
Congressmen Jim McGovern, Michael Capuano and William Keating have signed on.
STAY
TUNED
Mobile Workforce Bill: The MSCPA petitioned our state delegation to support
Senate bill 1625, the Mobile Workforce State Income Tax Simplification Act. The bill
would create uniformity and enhance compliance with state personal income tax laws
by providing a 30-day safe harbor for those working in multiple states from being
subject to various income tax and withholding laws.
Read More
STAY
TUNED
Disaster Relief Tax Provisions: The MSCPA’s Federal Taxation Committee
submitted a letter to Congress, through MSCPA President and CEO Eileen
McAnneny, Esq., in support of the AICPA’s plan to make permanent tax provisions
related to disaster relief. The plan includes nine proposals that would take effect
immediately after an event occurs, providing consistency and fairness to all affected
taxpayers.
More Info
For information on future events, contact
Zach Donah, [email protected]
or 617.303.2411.
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