US CPAs Bemoan Tax Cuts And Jobs Act Raw Deal
by Mike Godfrey, Tax-News.com, Washington
26 December 2017
The American Institute of Certified Public Accountants (AICPA) has criticized the recently passed Tax Cuts and Jobs Act for excluding accounting firms from its 20 percent deduction of qualified business income from certain pass-through businesses.
"While the tax reform legislation contains several provisions that should be welcomed by CPAs and their clients, the AICPA is very disappointed by lawmakers' decision to exclude CPAs from the measure's treatment of pass-through entities," said AICPA President Barry C Melancon in a statement on December 20.
"The professional services sector, a critical element of America's economic success, has been ignored. Those who suggest that CPA firms can adjust to the change by reforming as C corporations do not understand that the nature of state licensing regulations make such a transition impractical, if not impossible."
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