Wednesday, May 28, 2008

Practicing CPAs Meet with House Ways and Means Members

The National Conference of CPA Practitioners (NCCPAP) recently held a meeting with members of the House Ways and Means (tax writing) Committee and the Internal Revenue Service. Stated priorities of the NCCPAP include "above the line" deductibility for both long-term insurance care premiums and tax preparation fees (the latter dependent on disclosure by preparer of his/her/their tax ID number) and adjusting the 1041 and 1065 extension date to September 15 to avoid conflict with the 1040 extension date. Issues discussed with the IRS included the 1041/1065 date and recent modifications to Section 121 (principal residence gain exclusion).

Was interested in the priorities of the NCCPAP, I have seen no discussion of any of these issues before (although I admit to being behind on blog reading). Although not a bad idea, the proposed above the line deductibility of long-term care insurance seems a long shot with the 7.5% general floor on medical deductions. The tax prep fee idea might have a chance of getting "half a loaf," I could conceive of Congress reclassifying tax preparation fees as a miscellaneous deduction NOT subject to the 2% AGI limit.


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