Reconciliation Bill Deadline Looms in Congress – Potential Impact on Corporations
July 20, 2022
by WSCPA
As negotiations continue on the fast-approaching reconciliation bill, the AICPA remains active in its advocacy efforts, which includes pushing back on the implementation of a minimum book income tax on corporations.
During negotiations, major components of the reconciliation package could change or be dropped altogether from a final package while new provisions could be added. The deadline to pass a reconciliation bill is September 30; with a long August recess scheduled, there is little time to pass a bill and sign into law. The AICPA and the WSCPA will continue to provide updates on the reconciliation package and its various components.
Read more about the likely provisions and the profession's advocacy in this Journal of Accountancy article.