Advocacy that Counts – TXCPA on Capitol Hill to Discuss the Accounting Profession’s Agenda

It has been four years since TXCPA’s AICPA Council delegation has participated in a Capitol Hill fly-in. We were excited to be back to tell our stories, make crucial asks and form and renew long-lasting relationships.

 

Last week, 15 TXCPA members—AICPA Council representatives and federal key persons—participated in 30 Capitol Hill meetings with our Texas congressional offices in Washington, D.C. We met with key legislators of the House of Representatives and both Senate offices. These visits allow TXCPA to foster important existing Hill relationships, forge new connections and use our collective voices to be heard on issues key to the CPA profession.

 

During these visits, our members encouraged Texas lawmakers to cosponsor or support several very important issues to the profession:

 

• H.R. 3541, Accounting STEM Pursuit Act (and S. 1705, STEM Education in Accounting Act), is a step toward expanding accounting into the Science, Technology, Engineering and Math (STEM) curriculum, specifically in the technology field. The legislation allows federal funds to develop and enhance accounting programs in K-12 grades.

• H.R. 1477, S. 722, Freedom to Invest in Tomorrow’s Workforce Act, would amend the Internal Revenue Code to broaden the allowance use of 529 savings plans to cover the cost of certain workforce training, credentialing program, certification exams, maintenance of certificate credentials and testing review courses. The bill would allow greater flexibility for accounting professionals to gain and maintain professional certifications, including the CPA licenses. We appreciate that Reps. Nathaniel Moran (R-1) and Beth Van Duyne (R-24) are early cosponsors.

• H. Con. Res. 46 and S. Con. Res. 10, Fiscal State of the Nation Reconciliation, which calls for the Government Accountability Office (GAO) Comptroller General to make a presentation to a joint session of the House and Senate Budget Committees on the GAO’s auditor’s report of the U.S. government’s financial statements. Enacting this resolution will ensure Congress is made aware of the information contained in the financials and better understands how current or future policy may affect the nation’s long-term fiscal health. Reps. Dan Crenshaw (R-2), Monica De La Cruz (R-15), Colin Allred (D-32) and Michael Cloud (R-27) are cosponsors.

• H.R. 3566, Simplify Automatic Filing Extensions (SAFE) Act, would allow taxpayers the ability to calculate and rely on a safe harbor of 125% of the prior year tax to be paid in by the original due date to avoid penalties when filing an extension. It would reduce burdens on practitioners and individuals preparing their own returns, minimize the processing of penalties by the IRS and simplify the work surrounding the filing of federal tax extensions.

 

These bills have bipartisan support and are not controversial. We are hopeful that there is some momentum to push these issues across the finish line.

 

Capitol Hill visits are the lifeblood of our federal advocacy. TXCPA members provide insight on legislation, serve as a resource to Capitol offices and ensure that the accounting profession is heard loud and clear. We appreciate the work of all those who participated in these meetings.

 

If you have not had an opportunity to advocate on behalf of the profession, reach out to TXCPA and we will get you involved in our Key Person program to participate on the federal or state level.