SMALL STATE, BIG IMPACT

R.I.’s Patricia A. Thompson to Chair Tax Executive Committee

Patricia A. Thompson, tax partner with Piccerelli, Gilstein & Company LLP, will assume her role as Chair of the AICPA Tax Executive Committee in October. She looks forward to having a broad impact while serving in that role.

“It is quite an honor to be able to represent Rhode Island and small firms at the national level,” Thompson said. “IRS and Congress continue to make changes to the tax laws and the way a tax practice is run.  I will have an opportunity to provide suggestions on how to minimize the overwhelming changes that are being suggested.”

One of her goals is to provide information to decision-makers in Washington that will help keep the tax profession attractive -- so young people want to build careers in the field, and experienced workers stay active even if they are eligible to retire.

Thompson’s role as a member of the AICPA Tax Executive Committee is to evaluate the impact of tax legislation and policy, especially on small firms. The Tax Executive Committee is tackling tax return preparer regulations and the disclosure of uncertain tax return positions.  The proposed IRS tax return preparer regulation includes a provision for non-signing tax return preparers. The provision for non-signing tax return preparers would affect all CPA firms, large and small, but small firms may feel the financial impact more than a large firm, so they need special attention.

“These issues impact small firms, and we are making suggestions to lessen the impact,” she said. “My plan is to raise the issues of the small practitioner.”

Thompson said her experience in RISCPA will help influence her work for the AICPA.

“The experiences gained from testifying on Rhode Island tax legislation have been very helpful,” she said. “Being in a small state helps, since you have the ability to pick up the phone and talk to Division of Taxation personnel to provide feedback on tax issues and concerns.”

She says she hopes to make the same kind of contacts at the national level.

“Two years may not be enough time, but I’ll give it a try,” she said.  

Thompson has been involved with the AICPA since 1993, serving on several committees before being appointed to the Tax Executive Committee. She was a member of the S Corporation Committee, and the Chair of the Individual Income Tax Resource Panel before becoming a member of the Tax Executive Committee.

After her three-year term on the Committee, Thompson was a member of the Tax Legislation and Policy Committee. She was then reappointed to the Tax Executive Committee in 2008.

Thompson was the Chair of the Strategic Planning Task Force that helped the Tax Executive Committee revise its strategic plan this year, so one of her goals is to ensure the committee implements the top strategies identified in the plan to move the Tax Section forward, she said.

“Bringing value to the members of the AICPA Tax Section and continuing to help create sound tax policy and effective tax administration are strategic issues identified in the strategic plan that are priorities of mine,” Thompson said.

“I also want to continue to suggest changes to the tax system so that it is fair, simple, transparent and equitable,” she added.

Another part of the strategic plan includes a focus on AICPA Tax Division young volunteers, so Thompson hopes to harness their enthusiasm and insight toward meeting the future needs of their peers.

Thompson added that she would like to hear from RISCPA members if they have any issues they would like her to raise on their behalf at the national level.