SDCPAS

Exemption for CPAs with New York Tax Clients to Register with the State Signed into Law

New York’s Governor David Paterson has signed into law the bill (A.40023) that eliminates the requirement for non-New York CPA tax preparers who file New York returns to register with the state. The provision (included in Section F) clarifies that all CPAs and attorneys and the people they supervise will not have to register with the New York State Department of Tax and Finance for the new Tax Preparer Registration Program. The legislation as originally passed exempted New York licensees, but not out-of-state CPAs. The tax preparer registration provision is scheduled to take effect on December 31, 2009.

Video Explains Developments on IRS Preparer Review Recommendations

In this video, AICPA President and CEO Barry Melancon, CPA, and Tax Executive Committee Chair Alan Einhorn, CPA, explain the AICPA’s position on IRS Commissioner Douglas Shulman’s tax return preparer review, an initiative the AICPA has been actively involved with from both a public and CPA member interest perspective. The Institute anticipates the IRS will release its recommendations regarding the Commissioner’s agenda for regulating tax return preparers at the end of this month. Read a summary of the initiative.

Federal Trade Commission Delays Red Flags Rule Until June 1, 2010

AICPA Files Lawsuit Challenging FTC’s Red Flags Rule for CPAs

On October 30, the Federal Trade Commission announced it was delaying enforcement of its “Red Flags” Rule until June 1, 2010, for financial institutions and creditors subject to the FTC. The action was in response to a request from Congress, which was encouraged to pursue the delay by numerous organizations, including the AICPA and many state CPA societies. The AICPA is continuing to seek an exemption for CPAs and CPA firms before the rule takes effect next year. On November 10, the AICPA filed a lawsuit in the U.S. District Court for the District of Columbia seeking an injunction barring the Federal Trade Commission from applying its “Red Flags” rule, which would impose onerous and unnecessary requirements on members. The FTC’s Red Flags rule was designed to help prevent identity theft and was promulgated under the Fair and Accurate Credit Transactions Act of 2003. Read the AICPA complaint and news release.

Find out specific provisions in 45 states with interstate practice privileges
Fully 45 states have passed CPA practice mobility legislation so far. This success is unprecedented and is a direct result of the collaborative efforts of the AICPA, state CPA societies, the National Association of State Boards of Accountancy, state boards of accountancy and The Accountants Coalition. Enactment of the legislation allows CPAs and CPA firms to serve their clients across state lines with minimal licensing barriers. These measures have had overwhelming bipartisan support in legislatures across the country and have been backed by governors and state attorneys general. As part of the AICPA's continuing efforts to help CPAs and firms navigate the new world of mobility, the Institute has created a clickable map that describes the basic components of state mobility provisions, as well as useful links to gaining supplemental information. In addition to this information, the AICPA encourages individual licensees and/or firms to contact the board of accountancy in the state in which they intend to practice to determine the applicability of the state's practice privilege requirements that have been adopted. Read the AICPA news release on the profession's mobility achievements for the nation's CPAs.

CCH Tax Briefings and Quick Tax Facts for the American Recovery Act of 2009

View a summary of the tax provisions and a Quick Tax Facts pdf of the new tax law which President Obama signed on 2/17/09.

Tax Season Resources Now Available

The AICPA's Tax Savings Tips for 2008 tax season resources, including a brochure, speech and PowerPoint presentation are now available through the CPA Marketing Tool Kit. This year’s resources provide the latest information on: energy tax incentives, disaster area tax relief, extended mortgage foreclosure tax relief, the AMT patch and more.

New Economic Crisis Resource Center Launched for CPAs

In this time of global economic turmoil, individuals and businesses alike are in desperate need of guidance and reliable information. CPAs are increasingly being called upon by employers and clients – as well as family and friends – for help in navigating current and future financial challenges.

To ensure CPAs have the essential information needed to serve as leaders at work, at home and in their communities, the AICPA has launched the Economic Crisis Resource Center (www.aicpa.org/economy), the most comprehensive online resource for the CPA profession during these challenging economic times. Developed in partnership with CPA2Biz, the AICPA’s marketing and technology subsidiary, the site features more than 200 items to address the concerns of every CPA work environment, including articles on strategic planning, budgeting and forecasting; webcasts on credit and financing impacts; tools for minimizing the effects of a recession; CPE courses on fraud detection and maintaining the public trust; and professional development resources, such as the new CPA Job Finder where CPAs can search active job listings and post openings.

To ensure that CPAs have access to the tools needed during these challenging times, the AICPA will continue to develop and add new resources to this centralized hub. In the coming weeks and months, AICPA members will be surveyed on their usage of materials and content on the Resource Center and feedback will be used to shape future development of the site. To suggest new content, please email economy@aicpa.org.

The AICPA and the South Dakota CPA Society are committed to supporting the CPA profession through these turbulent times. Together, we can help achieve better days for everyone.

AICPA, Ad Council launch new "Feed the Pig" public service announcementThe AICPA and the Ad Council are releasing new Feed the Pig public service announcements urging 25- to 34-year-olds to adopt money management habits that will help them build sound financial futures. The new PSAs highlight specific money-saving tips that offer simple, small solutions to reduce discretionary spending and encourage saving. Watch this 5-minute video to learn more about the PSAs and visit the redesigned, interactive campaign Web site, www.FeedthePig.org.

Surgent McCoy self-study course and webcast with Jack Surgent on 2008 year-end tax Planning

On-Demand Webcast Presented by Jack Surgent - After the Election: Critical Year-End Tax Planning for High-Income Individuals and Closely Held Businesses in Light of the Obama Tax Proposals (AFEL)

All accountants need to be aware that the recent Presidential election will likely bring substantial changes to the tax law in 2009. Many of your clients need to take action now, before the end of 2008, to take maximum advantage under the current system. Let Jack Surgent, the nation's #1 tax instructor, explore the best planning ideas that need to be considered and can result in substantial tax benefits to clients. These ideas are all specifically directed to address president elect Obama’s proposed tax changes.

This on-demand webcast is presented through a technology platform that allows for a rich "classroom" experience that you can complete at your own pace. Jack Surgent will take you through a variety of slides, worksheets, and examples to really illustrate the important points contained in the material. Your purchase of the webcast includes a full year's access to the broadcast, a self-study exam for two hours of CPE credit, and all written materials. As a special bonus, your written material includes client newsletters that we have prepared for you! Save time and effort while informing your clients of the most important year-end tax planning issues in a very long time. The webcast is priced at $49 per user and is available for sale and viewing on the Surgent McCoy website, http://www.cpenow.com, on Dec. 3, 2008.

For a complete course description, click here.

Downloadable Self-Study Course - After the Election: Critical Year-End Tax Planning for High-Income Individuals and Closely Held Businesses in Light of the Obama Tax Proposals (ELEC)

The historic election of Barack Obama has not only ushered in a new era in American politics. For accountants, it has also created a late fall/early winter busy season, as it appears that substantial changes in the tax law in 2009 will require many taxpayers to take action this year to take maximum advantage under the current system. Explore the best planning ideas that need to be considered and can result in substantial tax benefits to clients. These ideas are all specifically directed to address President-Elect Obama’s proposed tax changes. Plus, the course material includes client newsletters that we have prepared for you! Save time and effort while informing your clients of the most important year-end tax planning issues in a very long time.

This downloadable self-study course is an invaluable reference source for any CPA's practice and also includes two hours of CPE credit. Priced at just $39, it is available for download on the Surgent McCoy website, http://www.cpenow.com, on Nov. 25, 2008. For a complete course description, click here.

Peer Review Revised Standards Available

Click here to view revised Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards. The AICPA Peer Review Board has released revised Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards. These standards are effective for peer reviews commencing on or after January 1, 2009.

The revised guidance creates one set of Standards and Interpretations within the Program for all AICPA members’ firms subject to peer review. This includes those members’ firms currently enrolled in the Center for Public Company Audit Firms (CPCAF) Peer Review Program. Other revisions include a reengineered reporting process, changes to engagement and report reviews, and more principles-based Standards. These revisions, as well as others, are expected to result in a more efficient, and effective peer review process.

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