Last Sunday night I was in Atlanta preparing for the Winter Meeting of Council of the AICPA. Of course my curiosity lead me to watch the historic vote in the House of Representatives passing the health care reform bill and sending the Senate version to the President for his signature. I do not think I have ever seen so much emotion in such opposite extremes. The reactions by the American public seem to be split rather strongly in both directions.
As a CPA, it is now our professional responsibility to gain an understanding of applications of the law and those that follow to amend it. As for the merits of its existence, the test of time will give us the report card. Now we must focus on the law itself and how our employers and clients can best comply with its requirements. It is my full expectation that our tax CPE will be more than sprinkled with courses that will help CPAs understand the applications of this new law.
The IRS has been assigned the task of much of the execution of assessing individuals and businesses for certain costs and penalties. It is without doubt that our clients and employers will turn to us, CPAs, to give rational explanations of these new applications of law. While we may hear more than a measurable amount of criticism, we may want to gently remind the critics that they should not shoot the messenger.
And upon reflection I recall having found that my wife kept our 1969 tax booklet. When I took a gander at the tax brackets, I saw that the top tax rate was 70%. Can you imagine that? While I do not look forward to computing future tax burdens, it is our responsibility to compute these taxes correctly. And I would fully expect that we will see hundreds of tax planning articles suggesting methods to save our employers and clients some tax dollars. I personally look forward to the challenge and invite my fellow SCACPA members to do the same.
For updates as this legislation develops, please frequently visit the news section of our Web site.
In the meantime, I suggest you consider reviewing the blog of our sister association, the Maryland Association of CPAs, CPA Success.
Blogger: Charles ‘Eddie’ Brown, CPA