Buckle up, CPAs: Your regulatory ride is about to kick into high gear.
Donald Trump’s unprecedented ascension to the presidency and Republicans’ control of Congress have laid the groundwork for a series of reforms that could add a few more layers of complexity on a CPA profession that’s already struggling to keep its head above the regulatory waves.
Mark Peterson, executive vice president of advocacy for the American Institute of CPAs, offered a snapshot of the many ways in which a Trump administration will impact CPAs’ work during a riveting presentation at the MACPA’s 2016 CPA Summit in December.
Trump’s impact on the profession might be felt almost immediately, and tax reform might be an early target. Peterson said Trump’s tax reform proposal is a “kissing cousin” to the GOP’s tax blueprint.
When you add the fact that Republicans control the presidency and both houses of Congress, the stage is set for significant tax reform … and sooner rather than later.
It’s probably long overdue. According to Peterson, our tax law in 1986 spanned 26,000 pages. Thirty years later, it has swelled to more than 74,000 pages.
“Everyone is dying for some certainty and specifics around tax reform. We don’t have that yet,” Peterson said. Still, he added, “tax reform is very likely to happen, and quickly.”
But Trump might be ready to target a lot more than tax reform.
Join us at CPA Day
Trump’s election isn’t the only source of legislative and regulatory uncertainty.
Maryland’s General Assembly reconvenes next month in Annapolis, and a number of Maryland-centric issues will likely surface that will add to the already significant complexity that CPAs are feeling.
That’s why it’s more important than ever that you join the MACPA at the 2017 edition of CPA Day in Annapolis.
Scheduled for Jan. 26, the event will give CPAs an opportunity to discuss issues of importance to the profession directly with their legislators — but not before MACPA Executive Director Tom Hood coaches CPAs in the finer points of speaking with lawmakers.
Following the legislative meetings, CPAs will receive two free hours of CPE and enjoy lunch with their legislators and their aides.
The more CPAs who join us in Annapolis, the louder our collective voice becomes, and the stronger the profession becomes in the process.
For complete details and to register, visit MACPA.org/cpaday.