CPA Profession Perspective & Tools
Deficit Reduction a Top Priority for CPAs
Fifty-four percent of CPAs identified deficit reduction as the top economic priority for the United States--ranking it ahead of creating jobs, tax reform, and ensuring the long-term stability of Social Security and Medicare--reports an AICPA survey.
Federal Keyperson Visits Focus on Nation’s Fiscal Health
While on Capitol Hill, a common concern voiced by MSCPA and congressional members alike was the annual deficit spending and the resulting national debt. Find out what you can do to help.
What’s at Stake Initiative
The AICPA's “What’s at Stake” initiative offers a non-partisan and clear analysis into how and why the financial sustainability of our country is at stake. This video explains the CPA profession's perspective on federal fiscal responsibility and reviews recent federal financial reports. Share this video with your colleagues, clients and communities to provide an explanation of the country's financial statements in layman's terms. CPAs are encouraged to use these resources to help policy makers and the public better understand the nation’s impending fiscal crisis.
Total Tax Insights Calculator
Use this unique tool to gain a better understanding of the federal taxes you pay, and help your colleagues and clients calculate what they provide to fund the government.
Fiscal Cliff, Debt Ceiling & Sequestration Resources
Overview of Fiscal Cliff Act
Review provisions in the new legislation that impact the CPA profession, as reported in the Journal of Accountancy.
American Taxpayer Relief Act of 2012
This CCH special report summarizes the tax implications of the legislation.
American Taxpayer Relief Act
Read the full text of the bill passed by the House and Senate.
Debt Ceiling Backgrounder
The AICPA has prepared this backgrounder to help members understand the issue, manage clients’ uncertainty and provide guidance to employers and others.
Understanding the Sequester
This market bulletin from JP Morgan examines the sequester and its possible impact on the economy.
Budget Sequestration Reduces Some IRS Credits and Awards
The IRS has announced required cuts to certain credits and awards, effective March 1, due to federal budget sequestration. Required cuts include a reduction to the refundable portion of the Small Business Health Care Tax Credit for certain small tax-exempt employers, a reduction in award payments to whistleblowers, and a reduction to refundable credits applicable to certain qualified bonds. The Tax Adviser outlines some of the other spending cuts the IRS plans to make, including employee furloughs.
AICPA's Fiscal Fix Resources
Visit the AICPA's dedicated page for resources related to the fiscal cliff, debt ceiling and tax legislation, along with the Journal of Accountancy's resource page.
Campaigns for Fiscal Responsibility
Government Transformation Initiative
Guided by the leadership of David Walker, former U.S. comptroller general, and Barry Melancon, AICPA president and CEO, the GTI is a coalition of corporations, nonprofits, academics and others interested in contributing to the achievement of federal fiscal transformation.
Comeback America Initiative
CAI strives to promote fiscal responsibility and sustainability by engaging the public and assisting key policymakers on a non-partisan basis in order to achieve solutions to America’s fiscal imbalances.
Fix the Debt Campaign
This non-partisan movement strives to put America on a better fiscal and economic path by educating legislators and citizens on the need for a comprehensive plan to fix the nation's long-term debt and deficits. MSCPA representatives took part in the press conference launching the Missouri Chapter of this campaign and are serving on the state steering committee. The Fix the Debt Campaign is an initiative of the Committee for a Responsible Federal Budget, which offers in-depth research and statistics explaining the nation's fiscal situation.
Photo above right: State Treasurer Clint Zweifel speaks to MSCPA members at CPA Day regarding
the Missouri Fix the Debt Campaign.
Other Resources
AICPA Health Care Reform Resource Center
Use these resources for assistance navigating the complexities of the health care reform provisions so you can make informed decisions for your organization and clients.
Budget of the United States Government
Review the federal budget for fiscal year 2013, which contains information on the President’s priorities, budget overviews organized by agency, and summary tables.