There is a growing talent shortage in the accounting profession, despite CPAs having a more essential role in business than ever before. We must take action to protect the future of our profession, and expanding access to affordable education is a big step in that direction.
H.R.1151 and S.756 The Freedom to Invest in Tomorrow’s Workforce Act would amend the Internal Revenue Code to allow 529 savings plans to pay for fees and expenses associated with obtaining or maintaining recognized postsecondary credentials and certifications—including the CPA license.
Why is this important?
- The need for accountants: The decline in accountants and auditors impacts businesses, individual taxpayers, and government entities that need accounting profession services to function properly.
- Reducing barriers: More flexibility in the use of 529 funds could help encourage more students to sit for the CPA Exam who otherwise might be deterred due to financial constraints.
- A benefit for licensed CPAs: For those who have already earned their CPA license, this proposal would allow the use of 529 funds to pay for continuing professional education required to maintain the license.
You can make a difference!
Contact Senator Ted Budd and your Representative today and urge them to cosponsor these bills. As a respected CPA and constituent, your voice carries significant weight. Together, we can shape the future of accounting and ensure our profession continues to thrive in the years to come.
Note: Senator Thom Tillis and Representatives Don Davis, Chuck Edwards, Valerie Foushee, Pat Harrigan, Richard Hudson, Greg Murphy, and Deborah Ross have already signed on as cosponsors.