The Capitol Account August 2014 | Page 5

Capitol Hill Connection Federal Legislative Update In 2014, Congress assumed the lowest public approval rating in our nation’s history. In the last few years, we’ve seen the parties grow more polarized with less appetite for bipartisan legislation. This has led to little in terms of policy changes – nothing has been done on tax reform, immigration or the long-term financing of our federal government. Instead, we’ve seen last-minute and temporary budget solutions, the first government shutdown in nearly 20 years and a downgraded credit rating for the first time in our history. Politics at the Pub: Despite the gridlock, the Society, in accordance with the AICPA, was busy tracking several bills of interest to the profession and weighing in with our delegation on several matters. Here are a few highlights: Tax Reform: A provision to limit the use of the cash method of accounting to CPA firms and other businesses with more than $10 million in receipts was included in the House and Senate tax reform working drafts, details of which can be found here. The Society weighed in with our delegation in opposition to the measure. A copy of the letter can be found here. The AICPA has coordinated a letter to members of Congress asking them to oppose the measure. We have asked our delegation to join us in support of the profession and a copy of that letter can be found here. To date, 46 senators, including Senator Markey and 140 reps, including Massachusetts Congressmen Jim McGovern, Michael Capuano and William Keating have signed on. STAY TUNED Mobile Workforce Bill: The MSCPA petitioned our state delegation to support Senate bill 1625, the Mobile Workforce State Income Tax Simplification Act. The bill would create uniformity and enhance compliance with state personal income tax laws by providing a 30-day safe harbor for those working in multiple states from being subject to various income tax and withholding laws. Read More STAY TUNED Disaster Relief Tax Provisions: The MSCPA’s Federal Taxation Committee submitted a letter to Congress, through MSCPA President and CEO Eileen McAnneny, Esq., in support of the AICPA’s plan to make permanent tax provisions related to disaster relief. The plan includes nine proposals that would take effect immediately after an event occurs, providing consistency and fairness to all affected taxpayers. More Info For information on future events, contact Zach Donah, [email protected] or 617.303.2411. 4