Pub. 1 2019 Issue 6

N O V E M B E R / D E C E M B E R 2 0 1 9 6 nebraska cpas The U.S. government’s balance sheet indicates that, over time, the nation has an accumulated deficit (from annual shortfalls) of approximately $21.5 trillion. To put that in perspective, if you made a stack of 21.5 trillion $1 bills, you would be able to go to the moon and back more than three times! Recently, Representatives Kathleen Rice (D-NY) and Andy Barr (R-KY) introduced the Fiscal State of the Nation resolution, H. Con. Res. 68, with 127 additional co-sponsors as of November 17, 2019. It provides “for a joint hearing of the Committees on the Budget of the House of Representatives and the Senate to receive a presentation from the Comptroller General of the United States regarding the audited financial statement of the executive branch.” The resolution ensures that members of Congress are made aware of the information in the federal financial statements and helps them to better understand how current and/or future policy may affect the nation’s long- term fiscal health. We thank Representatives Rice, Barr, and the more than 127 other members who signed on to this important resolution. Their leadership will help ensure that key policymakers are focused on some of the most important aspects of the consolidated financial statements, including financial and stability measures. The Nebraska Society of CPAs is encouraging each Nebraska member of the U.S. House of Representatives to also support this resolution by becoming a co-signer. AICPA suppor ts the Fiscal State of t he Nat ion resolut ion a s wel l. The profession believes that the consolidated f e d e r a l f i n a nc i a l s t a t eme n t s a nd the audit repor t of the Government Accountability Office (GAO) provide valuable information on the financial condition of the federal government and that policymakers should consider t h is i n format ion wh i le mak i ng key decisions. Pointers for Meeting With Elected Officials With state and federal legislative sessions convening in January, it’s a good time to review a few guidelines for visiting with elected officials. • Do your HOMEWORK. If you don’t know your legislator personally, research his or her background. • If you’re meeting about a specific issue, ask the legislator direct questions and leave a CLEAR MESSAGE about the action you want them to take. • Use PERSONAL EXAMPLES of how the issue affects your firm, your business, or your clients. Legislators want to know the impact on their constituents. • Leave fact sheets or issue papers with the legislator and offer to FOLLOWUP with supplementary information and assistance, if needed. • If you do meet with your legislator, REPORT the results of your meeting to the Society. The information you gather about the legislator’s positions on issues affecting the CPA profession, or business in general, is valuable to us. • After you have met, send the legislator a THANK YOU note. Mark your calendars and RSVP for the Society’s annual State Senators’ Reception scheduled for Tuesday, January 7, 2020, at the Nebraska Club in Lincoln! You’ll find details on page 7. t PRESIDENT’S MESSAGE BY JONI SUNDQUIST, NEBRASKA SOCIETY OF CPAS Joni Sundquist is president and executive director of the Nebraska Society of CPAs. You may contact her at (402) 476-8482 or joni@nescpa.org. A FISCAL REALITY