AICPA's Resolution Underscores Need to Address US Debt

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Expressing concern about the growing federal debt and its impact on the long-term fiscal health of the United States, the Board of Directors of the American Institute of CPAs (AICPA) has adopted a resolution underscoring the need to put America on a better economic path and supporting two non-partisan efforts - the Campaign to Fix the Debt and the Comeback America Initiative.

The AICPA recognizes that the United States faces significant financial challenges that need to be addressed to promote fiscal responsibilities, and it believes the US government should operate on a sustainable budget and should address its current debt crisis. Earlier this year, the AICPA developed What's at Stake? A CPA’s Insights into the Federal Government’s Finances, a resource calling attention to how and why the financial sustainability of our nation is at stake.
 
The resolution will also be shared with state CPA societies as the AICPA continues to seek ways to advocate for reduced complexity for American businesses and individuals.
 
The resolution, which was adopted by the AICPA Board in New York on November 9, follows:
 
Board Resolution Regarding AICPA Support for Certain Non-Partisan Initiatives and Public Policies to Promote Economic Certainty
 
WHEREAS, The AICPA is very concerned about the growing federal debt and its impact on the long-term fiscal health of the United States; and
 
WHEREAS, The CPA profession has a long and deep commitment to the public interest and a history of advising businesses and individuals regarding decision-making on financial, tax and operational matters; and
 
WHEREAS, Navigating the complexity of the uncertain economic environment is difficult for businesses and individuals; and
 
WHEREAS, The AICPA has developed What's at Stake? A CPA’s Insights into the Federal Government’s Finances, a resource to call attention to how and why the financial sustainability of our country is at stake; and
 
WHEREAS, The AICPA believes that fiscally sound public policy is a key component in promoting certainty for American businesses and will lead to enduring economic growth; and
 
WHEREAS, The AICPA recognizes that America faces significant financial challenges that need to be addressed to promote fiscal responsibility and believes the United States government should operate on a sustainable budget and should address its current debt crisis; and
 
WHEREAS, The non-partisan movements Campaign to Fix the Debt and Comeback America Initiative align with the AICPA's goals of putting America on a better fiscal and economic path by promoting fiscal responsibility and sustainability; now
 
BE IT RESOLVED, That the AICPA shall continue to seek ways to advocate for reduced complexity for American businesses and individuals; and
 
BE IT FURTHER RESOLVED, That the AICPA shall inform its members about the Campaign to Fix the Debt and the Comeback America Initiative; and
 
BE IT FURTHER RESOLVED, That the AICPA shall also share this resolution with state CPA societies, and shall encourage state CPA societies to promote fiscal responsibility and consider involvement in the Campaign to Fix the Debt and the Comeback America Initiative.
 
Source: November 12, 2012, AICPA Press Release
 

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More than 60 million taxpayers might not be able to file a return or
receive a refund until March 2013 or beyond if the AMT isn’t patched, as
the IRS would be forced to scramble to reprogram its processing
systems. “Tens of millions of these taxpayers would unexpectedly have to
pay additional income tax for 2012, leaving them with a balance due
return or a much smaller refund than expected,” [IRS Acting Commish
Steven] Miller wrote. “For millions of other taxpayers, refunds would be
delayed.”