AICPA NATIONAL ISSUES

AICPA Finds Valuable Resource in RISCPA

When there is legislation of consequence to the accounting profession being debated on Capitol Hill, the American Institute of CPAs (AICPA) knows that in Rhode Island it has a tireless partner with political savvy.

Just ask Cynthia Lund, AICPA Vice President of State Society Affairs, who has come to know the Rhode Island Society of Certified Accountants (RISCPA) as a valuable ally.

“The AICPA and the RISCPA collaborate on a wide range of accounting profession initiatives,” she said. “Keeping members of Congress aware of the profession’s views and positions on issues is a vital role for the AICPA and RISCPA.”

The effectiveness of that collaboration was in evidence in recent weeks, as accounting professionals turned their attention to federal legislation regarding comprehensive patent reform. The AICPA, looking to advocate on its members’ behalf, reached out to the state societies to lobby for efforts to halt tax strategy patents.

The RISCPA answered that call.

Robert A. Mancini, the 1,834-member society’s executive director, takes great pride in RISCPA’s ability to connect directly – and quickly – with Rhode Island’s Congressional delegation.

“Being from a small state, it is often easier to connect with our delegation and express our point of view,” he said. “We are fortunate in that regard. When issues come to the table, the state societies are often asked to reach out to their Congressional delegations. It works. I’ve seen it work.”

And it did with S. 23, the comprehensive patent reform legislation.

In a letter to U.S. Sen. Jack Reed and U.S. Sen. Sheldon Whitehouse, both Rhode Island Democrats, Mancini urged them to champion the provision in the bill related to stopping tax strategy patents. In part, his letter read: “Tax strategy patents undermine the integrity of our tax code and unnecessarily complicate compliance. As such, we have previously expressed great concern to lawmakers about this issue and seek to ensure that our tax code is accessible to everyone, and that no one has a monopoly on a particular form of tax compliance. No taxpayer should risk litigation from a patent holder or be subject to royalties just for using the best means available to comply with federal tax law.”   

The letter went on to point out that there was broad, bipartisan and growing support for the legislation. The lobbying efforts paid dividends. In March, the bill was passed by the Senate. A similar bill has been submitted to the House of Representatives.

Such legislative success, said Mancini, is something the RISCPA’s members should come to expect.

“We are a member-centered organization,” he said. “And part of that whole wheel is that we are there on their behalf advocating on consequential issues.”

Mancini looks forward to collaborating with the AICPA in the future.

“We’ve become viewed as a positive player and we have a wonderful relationship with the AICPA.”

Lund echoes those sentiments.

“The RISCPA is a great partner in all of the advocacy work that the profession does in Congress,” said Lund. “It’s important that Senators and Representatives hear from constituent CPAs, and the RISCPA is a valuable partner in advocating in Washington on the profession’s issues.”

This month, James Morrison, current RISCPA Board Treasurer was appointed Chair of the AICPA Business and Industry Executive Committee. It is a three year position. Congratulations, Jim!