Published:
U.S. House of Representatives Passes Tax Provision Essential to CPAs
WASHINGTON, May 21 /PRNewswire-USNewswire/ -- The U.S. House of
Representatives passed a bill that includes a provision the accounting
profession and the American Institute of Certified Public Accountants have
supported that would equalize the tax return reporting standards for tax
preparers and taxpayers.
"Today's action by the House is a significant step forward in our fight to
solve a critical problem for CPAs nationwide," said Barry C. Melancon,
president and chief executive officer of the AICPA. "We extend our thanks to
House Ways and Means Committee Chairman Charles Rangel for his steadfast
support to enact this provision into law. CPAs regard it as essential."
The language is included in H.R. 6049, the "Renewable Energy and Job
Creation Act of 2008," which is commonly known as the tax extenders bill. The
House approved the bill by a vote of 263 to 160.
Melancon said legislation is the only way to correct the flawed law passed
by Congress in May of 2007 that raised the tax return reporting standards for
tax return preparers to a level higher than that required of taxpayers. He
explained that the unequal thresholds produced by that law can create
conflicts of interest between preparers and their clients, and consequently
would affect the nature of taxpayers' representation.
Melancon also recognized the important efforts of Representative Joseph
Crowley, aNew York Democrat, and Representative Jim Ramstad, aMinnesota
Republican, who introduced H.R. 4318, a bill to equalize the tax return
reporting standards, which was incorporated into H.R. 6049.
About the AICPA
The American Institute of Certified Public Accountants (www.aicpa.org) is
the national, professional association of CPAs, with more than 350,000 CPA
members in business and industry, public practice, government, education,
student affiliates, and international associates. It sets ethical standards
for the profession and U.S. auditing standards for audits of private
companies, non-profit organizations, federal, state and local governments. It
develops and grades the Uniform CPA Examination.
The AICPA maintains offices inNew York,Washington, D.C.,Durham, N.C.,
Ewing, N.J., andLewisville, TX.
Media representatives are invited to visit the AICPA Online Media Center
at www.aicpa.org/mediacenter.
SOURCE American Institute of Certified Public Accountants (AICPA)
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