You know the drill—new tax legislation drops, and the scramble begins. Who's high-fiving their finance team? Who's calling their lobbyist in a panic? The scoreboard is lighting up with the House Ways and Means Committee rolling out its...
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AICPA Flags Unfair SALT Deduction Limits for Service Firms
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Subscribe16 MAY 2025 / AICPA UPDATES
The House Ways and Means Committee has introduced new tax legislation, offering increased deductions for Main Street businesses, R&D firms, and CPAs, and reinstating the $20,000 and 200 transactions rule for the Form 1099-K threshold. However, proposed changes could restrict service-based businesses from deducting state and local taxes at the entity level, leading to protests from the AICPA, which argues this favors manufacturing businesses over service providers and could prompt unwise conversions to C corporations.
You know the drill—new tax legislation drops, and the scramble begins. Who's high-fiving their finance team? Who's calling their lobbyist in a panic? The scoreboard is lighting up with the House Ways and Means Committee rolling out its...
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