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Sales tax proposals threaten to ensnare CPA firms
Source:
journalofaccountancy.com
- May 24, 2019
When Utah’s Legislature floated a proposal earlier this year to levy sales tax on a number of services, including accounting services, the Utah Association of CPAs quickly voiced opposition.
Susan Speirs, CPA, CGMA, the association’s CEO, called on members to voice their concerns about the negative impact the proposal would have on their firms as well as on their clients. The Utah reform proposal would have increased the list of services subject to sales tax, including legal and accounting services.
Within a few days, lawmakers received more than 500 emails and calls from accountants and other affected professionals. Lawmakers backed off of their plans to pass the wide-ranging tax reform plan.
“We were able to shut that bill down,” Speirs said. “We were nimble enough, and we were able to swing into action a lot faster” than other professional groups.
Utah isn’t the only place considering taxing accountants’ invoices, a situation that Speirs said would inevitably hurt both clients and firms.
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Category: General Business
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