PTET SALT deduction: AICPA's "No. 1 priority"

Note: This episode was recorded on Wednesday, May 21, 2025, prior to the House of Representatives vote early Thursday morning May 22, 2025 — 215 in favor, 214 opposed, 1 voting present. See this Journal of Accountancy (JofA) article for updates on the bill that occurred overnight prior to the vote. In this joint episode with the JofA podcast, host Neil Amato discusses with Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA, the AICPA's perspective on several aspects of the budget bill that was voted and approve by the House of Representatives in the early morning hours of May 22, 2025.   What you'll learn from this episode: ·       An explanation of the pass-through entity tax (PTET) state and local tax (SALT) deduction ·       Some of the AICPA "wins" in the legislation ·       The top concern from a survey of members just after tax filing season ·       The definition of "fractures" AICPA resources 2025 Tax Reform Advocacy  — AICPA tax advocacy efforts on current developments on the tax changes that Congress is considering in 2025, including the expiring provisions of the Tax Cuts and Jobs Act of 2017 (TCJA). Planning for tax changes and tax reform — CPAs need to not only brace for tax law changes such as the Tax Cuts and Jobs Act (TCJA) and expiring provisions but also be proactive in planning for them. FAQs on Tax Reform via Budget Reconciliation — Tax reform FAQs that explain the budget reconciliation process, legislative timing, key issues and practical tips for CPAs.   Tax Section news and member FAQ — Get the latest tax news, a digest of key tax topics and commonly asked questions about resources and benefits.