The following is a statement by Barry C. Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs, in support of the U.S. House of Representatives for passing H.R. 1864. The bill would establish a uniform national standard governing the withholding of state income taxes for non-resident employees. The bill passed by voice vote this afternoon.
“The House’s passage today of H.R. 1864, the Mobile Workforce State Income Tax Simplification Act of 2011, is a critical step toward balancing and streamlining onerous recordkeeping and reporting requirements for workers who are required to file non-resident personal income tax returns because they work temporarily outside their home state.
“The bill would establish a uniform requirement that non-residents would have to work in a state for more than 30 days before becoming subject to out-of-state income taxes. The uniform standard would improve compliance and still guarantee that state governments could collect the taxes owed to them.
“The AICPA strongly supports H.R. 1864, and we thank the many state CPA societies from across the country who wrote to their members of Congress in support of the bill. We also thank Representative Howard Coble, a Republican from North Carolina, and Representative Hank Johnson, a Democrat from Georgia, for their leadership in successfully steering this legislation through the House.
“We urge the Senate to pass the bill.”
About the AICPA
The American Institute of Certified Public Accountants (AICPA) is the world’s largest association representing the accounting profession, with nearly 377,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice including business and industry, public practice, government, education and consulting.
The AICPA sets ethical standards for the CPA profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.
The AICPA maintains offices in New York, Washington, DC, Durham, N.C. and Ewing, N.J.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here