Whether it’s a proposed law moving through Congress or a new framework proposed by a regulatory agency, the accounting profession is often affected by legislative and regulatory decisions.
And this year has been particularly busy with federal lobbying, tax advocacy, and state-level collaboration, said Mark Peterson, AICPA executive vice president – Advocacy. “We were positioned really well going into the new [presidential] administration,” he said.
AICPA is celebrating multiple legislative victories in 2025 and preparing a robust agenda for 2026 and beyond. Here’s a snapshot of key achievements for the accounting profession, and a preview of what’s ahead.
“A lot of the successes of H.R.1 were actually years in the making,” said Peterson. “We had some nice wins for the profession.”
Tangible legislative gains for CPAs and their clients
Peterson anticipated tax code changes. “There was a good chance, because of expiring tax provisions, we were going to have a [new] tax code regardless of who won the election. That happened.”
The changes ushered in by H.R. 1, commonly referred to as OBBBA, were significant and were representative of the years’ long effort by the AICPA advocacy team.
Successes within H.R. 1 included modified 1099-K thresholds, state and local tax (SALT) deductions, expanded eligibility of bonus depreciation, and permanency of the qualified business income (QBI) deduction for pass-through entities.
Several bills addressed common issues faced by victims of natural disasters. A governor’s declaration of disaster now qualifies an individual or business to claim casualty losses, as opposed to a federal declaration.
“All of these issues have an impact on [accounting] professionals and their clients,” said Peterson.
Federal agency shifts, STEM recognition, and licensing standards
While the enactment of these laws marks significant steps forward for the profession, the true measure of progress lies in their effective implementation; with additional initiatives already underway, momentum continues to build.
Peterson is closely watching how the Department of Treasury and IRS implement and monitor the significant tax code changes — especially as the makeup of federal agencies shifts.
“This administration is really remaking the construction of federal agencies, primarily around head count,” said Peterson. “We don’t make comments about how many people should work in [the U.S. Department of Treasury], but we do say, ‘We need guidance, service, and support from the agencies in order to provide accounting services and maintain compliance.’”
Accounting embodies science, technology, engineering, and math (STEM) principles, and work continues to have the profession recognized as a STEM field. If granted the federal STEM designation, more students would be exposed to accounting education and display the range of skills needed to work in the profession — from data analytics to information systems.
Peterson noted that professional licensing standards continue to be scrutinized at the state level, fueled by a heightened anti-regulatory environment. Introduced legislation that ultimately did not pass in Florida would have dissolved state licensing boards — including Florida’s own Board of Accountancy. Legislation that threatens licensure would also affect continuing professional education (CPE) credits and CPA mobility.
Other state-level issues being watched include taxes on professional services; the relevance of environmental, social, and governance (ESG) data; benefits of and ethical practices regarding artificial intelligence; and regulations on money laundering and cryptocurrency.
AICPA leads the charge on key profession-focused issues
The AICPA advocacy team is the collective voice of members and ensures that relevant issues to the profession are presented in a bipartisan manner to lawmakers, legislators, and regulators.
Given the highly partisan nature of the government, Peterson stresses the importance of member engagement. “There are fewer opportunities to get important things done, and one of the ways you can manage that dysfunction is through grassroots efforts. There are AICPA members in every congressional district and that gives us a voice.”
It’s important to stay updated on accounting-focused legislative issues like the first comprehensive regulatory framework for stablecoin, the advocacy efforts created by the tax code changes of H.R. 1, how the expansion of 529 savings plans benefits accountants and the profession’s future, or any proposed changes to Section 404(b) within the Sarbanes-Oxley Act.
Explore the efforts of the AICPA advocacy team.
“If we don’t use our voice, we will not have the outcomes we want,” said Peterson. “We work very hard to be the port in the storm.”