From Yahoo Finance: 2025-05-30 10:23:00

The American Institute of CPAs (AICPA) opposes proposed limitations on state and local tax (SALT) deductions for specified service trades or businesses (SSTBs) in the One Big Beautiful Bill Act. They have called for modifications to the ‘troubling’ tax proposals, emphasizing the need for business entities, including SSTBs, to deduct SALT paid or accrued in trade or business activities. The AICPA also highlighted concerns about contingent fee arrangements in tax preparation and the risk of permanently disallowing business losses without offsetting business income. They support certain provisions in the bill but urge Congress to create parity between all businesses to avoid negative impacts on the economy.



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