The AICPA has expressed its support of a bipartisan bill that would expand eligible uses of 529 savings plans to include fees and expenses required to obtain or maintain recognized postsecondary credentials, including professional credentials and certifications.
The Freedom to Invest in Tomorrow’s Workforce Act (H.R. 1477) would provide accounting professionals with greater financial flexibility as they enter the workforce and seek to further their education. U.S. Reps. Abigail Spanberger, D-V.A., and Rob Wittman, R-V.A. sponsored the bill.
In a letter, the AICPA emphasized the importance of ensuring that 529 plan owners and administrators can easily understand and use the expanded benefit. The AICPA also encouraged increased clarity around the process used to identify a certification as a “recognized postsecondary credential,” as well as clarity on the qualifying expenses, fees and costs under the proposal.
“Certifications and continuing education are cornerstones of the accounting profession, as tax and accounting laws continue to evolve,” said Jan Lewis, Chair of the AICPA Tax Executive Committee. “This bill allows greater flexibility to accounting professionals to gain and maintain professional certifications, including the CPA certification, and better serve our clients.” Read the letter.