April Trusted Professional: Mobility Bill, QROC, the CPAPAC & More

Have you seen the latest issue of The Trusted Professional? Stay on top of Society news and the key legislative, regulatory and administrative issues that affect you.

Mobility Bill Passes State Senate
By Melissa R. Hoffmann

The New York State Senate unanimously passed a bill, S. 2628, on March 2 that would allow for crossborder practice mobility for out-of-state CPAs as long as the CPA’s home state is deemed by New York to have licensing requirements that are substantially equivalent to New York’s requirements. Continue ...

NYSSCPA Members Tapped for N.Y. State Quality Review Oversight Committee
By Melissa R. Hoffmann

Four NYSSCPA members were appointed by the New York State Board of Regents to the state’s Quality Review Oversight Committee (QROC), the oversight body of the state’s new mandatory quality review program that goes into effect on Jan. 1, 2012. Continue ...

Accountancy Reform Law? NYS Tax Preparer Registration? Mobility Legislation?
Make Your Voice Heard Through the CPAPAC
By Anthony G. Duffy, CPA, CPAPAC President

Everyone is busy during this time of year, with financial statement and tax return deadlines looming, but I need to reach every NYSSCPA member with a message that affects each one of you. Continue ...

Remember: Quality Review Becomes Mandatory on Jan. 1, 2012
By Mark Rachleff, CPA, NYSSCPA Peer Review Technical Manager

New York State Education Law Section 7410 requires, with certain exceptions, that CPA firms undergo a mandatory quality review of their attest services every three years. Continue ...

NYSSCPA Committee Dialogues with IRS Officials
By Anthony Sarmiento

The NYSSCPA Relations with the Internal Revenue Service Committee recently hosted a panel discussion with several senior IRS personnel at the Society's offices in New York City as part of an ongoing dialogue between Society members and the IRS about the role of CPAs in compliance and enforcement of the tax code. Continue ...

Blue Ribbon Panel Proposal Enters Next Phase
By Chris Gaetano

The Financial Accounting Foundation (FAF) announced on March 4 the formation of a Trustee Working Group that will continue to explore the potential creation of a new standards setting board that would be responsible for proposing and implementing modifications to Generally Accepted Accounting Principles (GAAP) applicable only to private companies. Continue ...

CFO Committee Speaker on the Economy: Exercise Caution During Recovery
By Chris Gaetano

The U.S. economy has made much progress since the chaos of the most recent financial crisis, according to Patrick J. O'Keefe, a speaker at a meeting of the Chief Financial Officers (CFO) Committee, but he warned his audience not to be overly confident. Continue ...

Risk Management
CPA-to-Lender Letters: The Saga Continues
By Suzanne M. Holl, CPA, vice president of loss prevention services for Camico

In these challenging economic times, CPAs are being pressured by banks and other lenders to provide assurance-type opinions regarding the financial strength of their clients. Continue ...

Obama Proposes Additional Fee on Financial Institutions in 2012 Budget
By Chris Gaetano

Among the provisions of President Barack Obama’s proposed $3.7 trillion budget for the 2012 fiscal year is the establishment of a fee -- to be levied only against the nation’s largest financial institutions -- intended to recover taxpayer funds provided to them during the financial crisis through the creation of the Troubled Asset Relief Program (TARP). Continue ...

Click here for the official 2010-2011 Nominating Committee Report. Click here for the 2011-2012 Nominee Biographies.

Chapter News
What's been going on at the chapter level? Click here to find out!

Its Never Too Late: the CPA as a Second Career
By Chris Gaetano

For many CPAs, the path to becoming a trusted professional wasn’t so much a three-lane, high-speed expressway, but a long and winding road with several detours along the way to the ultimate destination. Continue ...

CPA Roundtable
In order to reduce the federal deficit, the National Commission of Fiscal Responsibility and Reform has proposed reducing -- or even eliminating -- deductions for  charitable contributions. How would this affect the nonprofit sector?

Jeffry Haber (Queens/Brooklyn Chapter), Gina Goodenow (Manhattan/Bronx Chapter), Derek A. Flanagan (Westchester Chapter) and David M. Rottkamp (Nassau Chapter) weigh in. Click here.