In a letter addressed to leaders of the Senate Finance Committee, the AICPA and 53 CPA societies, including the WICPA, said eliminating the state and local tax (SALT) deduction would result in a tax increase for accountants throughout the country.
The AICPA and CPA societies nationwide have expressed repeated opposition to several aspects of the House-approved budget bill, known as the One Big Beautiful Bill Act, most notably the limitation of the passthrough entity/state and local tax (PTET SALT) deduction for specified services trades and businesses (SSTBs), including accounting firms.
In the letter, the AICPA, WICPA and other CPA societies said that accountants would be “worse off” than they were with the passage of the Tax Cuts and Jobs Act in 2017.
“The [PTET] deduction of state and local taxes has mostly provided for parity between corporations and pass-throughs,” the letter said. “The House bill targets professionals simply based upon their chosen occupation. We believe that this is discriminatory and unfair.” Read the letter.