News
AICPA Call to Action on PTET--updated 05/19/2025
May 17, 2025 —Please be aware that the AICPA has issued an all-member call to action regarding proposed federal legislation on the Pass-Through Entity Tax (PTET). You can see the call to action here:
They are asking for action to be taken by Wednesday, May 21.
As currently drafted, the legislation includes language that would disadvantage specified service trades or businesses (SSTBs) - including accountants, lawyers, dentists, and doctors - by subjecting them to the individual cap on state and local income tax deductions at the federal level. This would apply regardless of the partners’ or owners’ income level or the state in which they reside.
Given the significant implications for the CPA profession, clients, and the business community at-large, AICPA is urging members to contact their congressional representatives to oppose the bill in its current form. In addition to the all-member communication, targeted outreach will be sent to Major Firm Group (MFG) and G400, encouraging them to engage and send letters to Congress as well. This will be an urgent grassroots effort.
When you receive this information from AICPA, if you have any questions or need any assistance, please reach out to VT CPA (membersupport@vtcpa.org) and we can provide information and/or connect you directly with the appropriate AICPA staff people.
