During a White House press conference this week, President Obama seemed to place responsibility with the accounting profession for the increased number of U.S. corporations employing tax inversions to reduce their U.S. tax obligation. See here.

As President of the New York State Society of Certified Public Accountants, I believe President Obama should be aware that U.S. corporations hire accountants for their distinct ability and expertise in seeing that clients fulfill their tax obligations as required by the laws adopted by Congress. In fact, it is a CPA's unique ability to legally navigate an extraordinarily complex tax code that makes a CPA's services so valuable to his or her individual and corporate clients.

If President Obama wants to point fingers, perhaps he should point them at Congress for creating the very loopholes he vilifies. Sustainable corporate tax reform is the elephant in this room. President Obama’s goals would be best served by looking to his fellow lawmakers if he wants a solution to this problem. The accounting profession stands ready to help.

Contact New York State Society of CPAs Media Relations Manager Alonza Robertson at 212-719-8405, if you would like additional comments or to interview one of our members about tax inversions or President’s Obama’s statement. 

About the NYSSCPA

Founded in 1897, the New York State Society of CPAs is the premiere professional accounting association for more than 29,000 members residing and practicing in New York State encompassing all areas of public practice including government, education and industry. Visitwww.nysscpa.org for more information.