Federal and State Election Results Could Impact CPA Profession

November 8 is Election Day in America, and voters are due at the polls to cast votes for their elected local, state and federal officials.  They will also decide the outcome of initiatives and referendums on the ballots in many states.

The results of these elections could have a direct impact on the accounting profession. 

At the federal level, voters will choose which presidential candidate will occupy the White House, as well as elect the lawmakers who will take office in January in the new 115th Congress.  The AICPA will continue to fight for improved IRS taxpayer service and to maintain the cash method of accounting for passthrough entities.  The 2017-2018 Congressional agenda is likely to include tax reform, which could have broad repercussions not only on the accounting profession, but also on individual and business taxpayers. 

At the state level, voters will select governors in 12 states.  Additionally, 3,407 state legislative seats are up for election in November.   Some of these races are tight, and those who vote will determine which party controls the legislative agenda in those states.  A number of state legislatures next year are expected to consider such priority issues as taxes on professional services and full CPA firm mobility.  CPA firm mobility, also known as mobility for attest services, allows CPAs and CPA firms to offer attest services such as audits and reviews without having to get a reciprocal license.

All of this illustrates how important it is for every American to cast his or her ballot.

The AICPA encourages all of its members to vote this Election Day: Tuesday, November 8, 2016.

AICPA Key Person Program

The CPAs who participate in the AICPA’s Key Person Program are the foundation of the Institute’s grassroots efforts in Washington and across the country.  These CPAs help the AICPA inform and educate elected officials about the federal issues that are important to the accounting profession by being the CPA voice to federal elected officials. 

If you are not a member of the Key Person Program, but have a relationship with a member of Congress and are interested in assisting the profession, please contact Vicki Simmons at congaffairs@aicpa.org to become involved.