Advocacy | Legislative & Regulatory

5 things that almost happened to CPAs in finance reform

The subtitle should be, "How we spent our summer vacation."

This summer has set a record for the number of issues we have had to address on your behalf. I want to thank the AICPA and its"Capitol Hill" team for itsefforts and coordination with the state CPA associations. Together, we make a formidable team.

You won't want to miss CPA Day in Annapolis on Jan. 19, 2011, where we will need to be very visible and make our voices heard. Registration is FREE and includes two hours of CPE. It's most important thing you can do to help us protect the profession! Register here.

Check out my update on the video as I cover the following issues:

Federal issues

  • Wall Street reform, the Consumer Financial Protection Act (Dodd-Frank Act) and the five major areas that effect CPAs.
  • FTC Red Flags Rule.
  • The latest from the IRS on tax preparer registration, 1099s, Sub S, PTIN, and uncertain tax positions (Fin 48)

State issues: 2100 agenda

  • Pass 120/150 CPA exam requirements legislation (carryover from last year).
  • Stop sales taxes on tax, accounting and consulting services.
  • Stop CPAs from registering with proposed "Debt Counseling Board."
  • Stop increased liability from tort reform proposals.
  • Respond to tax policy issues during the session as requested.

Financial accounting standards

Resources:

Here are some of our recent letters to Congress:

Let me know if you have comments or suggestions, and thanks for your leadership and support!