Why the PTET SALT deduction is the AICPA’s ‘No. 1 priority’

It’s been a dizzying few months since Melanie Lauridsen, the AICPA’s vice president–Tax Policy & Advocacy, last appeared on the Journal of Accountancy podcast. In fact, just the past week has been chock full of tax-related developments, mainly in Washington.

Reflecting the news, this episode is publishing the same day it was recorded. In the Wednesday morning conversation, Lauridsen details the AICPA perspective on several aspects of the budget bill that could be voted on soon by the full House of Representatives.

She goes into detail about the passthrough entity tax/state and local tax deduction, also known as the PTET SALT deduction, and why the AICPA is urging that deduction be preserved.

What you’ll learn from this episode:

·         The status of the House budget bill.

·         An explanation of the PTET SALT deduction — what it stands for, why it’s complex, and why it’s the AICPA’s “No. 1 priority.”

·         Some of the “wins” in Lauridsen’s mind related to Sec. 529 accounts and the Form 1099-K reporting threshold.

·         The top concern from a survey of members just after tax filing season.

·         What Lauridsen means by “fractures.”