CPE

Benjamin Brafman, Esq., the keynote speaker slated to appear at the June Foundation for Accounting Education Anti-Fraud Conference, was interviewed on the Piers Morgan Tonight program on Monday.

Brafman is the Principal of Brafman & Associates, P.C., where he specializes in criminal law, with an emphasis on white-collar criminal defense. Brafman, who has handled many high-profile cases, spoke about the challenges he faces as a defense lawyer, specifically in working white collar cases.

Certain tax preparers have to enroll for government-mandated continuing education starting next year. (CPAs, as noted earlier, are exempt.) The guidance paves the way for the implementation of new CE requirements for certain tax return preparers, also starting next year. 

Check out the October issue of The Trusted Professional for Society news and information on the key legislative, regulatory and administrative issues that affect you.

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.

New York State Education Commissioner David M. Steiner announced yesterday that he will be resigning from his position within the state government in order to focus on national education issues while teaching at the university level, according to the New York Times, planning to officially leave at the end of this summer.

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.

New York licensed-CPAs who are not currently registered, but required to register pursuant to New York’s accountancy law and regulations, have until July 31, 2010 to register with the State Education Department (SED) without having to document completion of 24 hours of CPE in the 12 months prior to their return to practice. Accordingly, after July 31, 2010, any unregistered CPA submitting an application to reactivate his or her registration will be required as a condition of registration to document 24 hours of CPE prior to his or her return to practice

For example, an unregistered CPA who submits an application to reactivate his or her registration between Feb. 1, 2009 and July 31, 2010 can return to practicing accountancy without having completed 24 hours of CPE in the prior 12-month period. However, an unregistered CPA who registers Aug. 1, 2010 or later will be required to provide proof that he or she had completed 24 hours of CPE in the 12 months prior to his or her return to practice.

The new accountancy reform law, enacted on July 26, 2009, requires all New York-licensed CPAs -- including those practicing public accountancy in public practice, industry, government and academia -- within New York state to be registered and earn CPE each calendar including the calendar year in which he or re-registers.

Following a speech by General George Patton, "Master Sgt." Ray Nowicki, accompanied by his top peer review officers, marched into a classroom on the 19th floor of NYSSCPA headquarters, and addressed his new generation of soldiers in classic drill seargant style:

"I eat bad peer reviewers for breakfast," Nowicki barked.

2:04 p.m.

With regard to executive fees, clients should know and be told that, in estate administration, the last person to be paid is the executor. Unless determined otherwise in a court of law, the executor takes their compensation only after everyone else has gotten paid. Not knowing this can lead to costly court battles and, potentially, an executor who ends up being overpaid.

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1:57 p.m.

What should a CPA working with trusts and estates focus on during tubulent economic times? How should the generation-skipping tax be handled? What does a CPA need to know about distributable net income and the separate share rule?

These are among the questions that will be addressed at the Estate Administration Conference, which is happening right now at the 3 Park Avenue FAE Conference Center.

At left, Conference Chair Ita M. Rahilly, vice chair of the Society's Trust and Estate Administration Committee, welcomes attendees and offers an introduction to the day's events -- which will include an interactive luncheon presentation by committee member James B. McEvoy. The sessions will also cover fiduciary accounting and responsibilities, foreign trust compliance and current events in the practice area.