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- AICPA says firms need clearer guidance on SALT
AICPA says firms need clearer guidance on SALT
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I share the 4-5 most important accounting that actually matter. I scroll so you don’t have to.
So grab your coffee, take a quick break, and lets catch up.
In this issue:
The AICPA handed the IRS a 193-item tax guidance wish list.
Nonprofits may have a new million-dollar compensation tax problem.
America says Samuel L. Jackson is still cooler than almost everyone.
- Ledger Lowdown Team
WTF of the Day🤯
The AICPA Just Gave the IRS a 193-Item To-Do List
The IRS is deciding what tax guidance to prioritize for 2026 and 2027, and the AICPA basically showed up with a binder. The group sent nearly 200 recommendations covering issues from the One Big Beautiful Bill Act, including the expanded SALT deduction cap, Trump accounts, and research expensing. The letter pulls from 10 AICPA technical panels, which tells you this is not one niche complaint.
The bigger ask is simpler than the list sounds, make the rules usable. AICPA wants the IRS and Treasury to rely on clear definitions, safe harbors, consistent drafting, and rules that match how businesses already keep records. Kristin Esposito, AICPA’s director of tax policy and advocacy, said the goal is practical guidance that works in the real world. For CPAs, the story is not that AICPA sent a long letter. It is that OBBBA created a lot of gray areas, and firms are going to need IRS answers before filing season turns those gray areas into client problems.
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What’s poppin in accounting🍿
Nonprofits Just Inherited a New Tax Headache
A tax rule that used to mostly hit a nonprofit’s top five earners just got a lot wider. Under the One Big Beautiful Bill Act, the 21% excise tax on pay over $1 million can now apply to every employee at certain tax-exempt organizations. That matters because the tax is not just about salary. Deferred comp can pile up for years, vest all at once, and suddenly create a tax bill even when someone’s normal annual pay is under $1 million.
The AICPA is asking the IRS for relief before this turns into a compliance mess. Its worry is that nonprofits may have to track workers going back to 2017, including part-timers, interns, short-term staff, and even some volunteers tied to related entities. Without exceptions, the group says some nonprofits could face surprise taxes, heavier admin costs, and pressure to cut back or restructure. For CPAs, the warning is simple: tax-exempt compensation just became a much bigger watch item.
Weekly Trend Chart 📊
America’s Coolest Guy Is 77 Years Old
Cool is supposed to belong to the young. The sneaker people. The TikTok people. The people who somehow know what restaurant is about to get impossible to book. But YouGov asked Americans who they think is cool, and the winner was a 77-year-old actor who has been yelling, whispering, glaring, and stealing scenes for half a century… Samuel L. Jackson. He tied with The Beatles for No. 1, with Michael Jordan right behind them.
The funny part is that Americans still think they have it too. About 56% of adults said they are at least “somewhat cool.” Young people were the most confident, because of course they were, with 65% of adults under 30 saying yes. But even among people 65 and older, 45% still said they had some cool left in the tank.
Cool is not just youth, money, fame, or being current. It is staying interesting long enough that people still care when the trend machine has moved on.
Meme of the Day😂
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