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Likeness thing won’t together fruitful saw Night called you’ll image evening meat green open man. Multiply hath life own days third yielding grass lights male shed earth morning one.
Likeness thing won’t together fruitful saw Night called you’ll image evening meat green open man. Multiply hath life own days third yielding grass lights male shed earth morning one.
In a detailed letter to Congress, the AICPA raised concerns about the One Big Beautiful Bill Act. Specifically, the letter addressed provisions advanced by the House Ways & Means Committee on May 14, 2025. Moreover, the AICPA directed the letter to key tax leaders in both the Senate and House committees. Through this letter, the AICPA emphasized its commitment to fair, simple, and efficient tax policy. Importantly, these principles reflect our mission at Scout Financial to support responsible and effective tax policy.
AICPA warned that certain bill provisions may unintentionally harm taxpayers and the accounting profession. Furthermore, AICPA urged tax legislation that supports compliance without overburdening individuals or businesses.
Specifically, the AICPA urged Congress to:
The AICPA strongly recommended preserving the ability of all pass-through entities to deduct state and local taxes (SALT) at the entity level. Furthermore, this ensures tax equity among business structures.
Concerns were raised about the inclusion of a provision allowing contingency fees for tax services, which could lead to conflicts of interest and compromise the integrity of the tax profession.
The AICPA called for legislation that enables taxpayers to use excess business loss carryforwards against both business and nonbusiness income, preserving essential flexibility in loss recovery.
While expressing concern over some areas, the AICPA also acknowledged and supported several important tax proposals within the bill:
Allowing 529 plan funds to be used for post-secondary credentialing expenses broadens educational access and encourages workforce development.
Lawmakers took action to provide tax relief for disaster-affected individuals and businesses, recognizing it as key to recovery.
The AICPA supports making the qualified business income (QBI) deduction permanent, increasing its percentage, and expanding the phase-in range for limits, thereby offering long-term planning certainty to small businesses.
The creation of a new section 174A for domestic research and experimental expenditures, along with suspending required capitalization, is a welcome change for innovation-focused enterprises.
These long-standing provisions continue to simplify tax reporting and reduce burdens on smaller businesses and individuals.
Raising the Form 1099-K threshold for third-party payment platforms addresses inflationary impacts. Additionally, it reduces administrative overload for casual sellers.
Provisions like paid leave credits and GILTI updates reflect a push for a competitive, compassionate tax framework.
Echoing the views of many in the profession, the AICPA emphasized the importance of long-term stability in the tax code rather than relying on temporary tax laws that expire unpredictably.
Along with these comments, AICPA shared its Tax Compendium with 69 proposals aimed at simplifying and correcting the Internal Revenue Code. Moreover, the letter cites AICPA’s tax policy principles and endorsed bills, reinforcing its collaborative role in Washington.
At Scout Financial, we understand how legislative changes can impact your business and personal finances. As tax reforms evolve, we help you navigate the One Big Beautiful Bill Act with clarity and confidence.
From QBI changes to disaster relief credits, we keep you prepared, compliant, and ready for success.
Stay Ahead of the Curve with Scout Financial
New tax legislation is always around the corner, and being prepared is half the battle. Let Scout Financial help you build a proactive tax strategy today. Contact us to schedule a consultation and ensure your finances are structured for both current advantages and future resilience.
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