This year’s AICPA Governmental Accounting and Auditing Conference featured Ron Elving, a senior editor and correspondent for NPR’s Washington Desk, as the keynote speaker. He shared his insights on the current political environment and how it affects CPAs.
Elving said CPAs should be aware that the next round of real change in tax rules will be significant, either by extending TCJA or largely repealing it—depending on who wins the critical races in 2020. The importance of the 2020 election cannot be overstated.
Though not likely to be prominent in coming elections, taxation of the digital economy is an impending issue. A reluctance to restrain free enterprise or penalize an innovative industry prevents any current action on the power of the big platforms. In addition, government is often the last to accept cyber-related changes.
Although Congress has done little about cryptocurrency, CPAs might one day be required to work with cryptocurrency or value it in some way. It is still evolving, and greater acceptance could come rapidly.