CPA Observation Post

N.Y. Governor Signs Bill Exempting CPAs from Tax Preparer Registration Law

New York’s Governor David Paterson has signed the bill passed last week that eliminates the requirement for non-New York CPA tax preparers who file New York returns to register with the state. The provision 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.

As was reported in previous months, the tax preparer registration provision was passed as part of the Governor’s budget and is scheduled to take effect on Dec. 31, 2009. The legislation as originally passed exempted New York licensees, but not out of state CPAs.

N.Y. Regents Vote Brings Final Adoption to Accountancy Regs

After months of deliberations and revisions, the state Board of Regents unanimous vote on Dec. 15 for final adoption of the state’s new accountancy reform regulations came with little discussion and some news for retired CPAs who sit on non- or for-profit boards of directors. Read More>>

"Blue Ribbon Panel" Formed to Address Private Company Accounting Standards

The American Institute of CPAs and the Financial Accounting Foundation have announced the establishment of a “blue-ribbon panel” to address how U.S. accounting standards can best meet the needs of users of private company financial statements. The panel will provide recommendations on the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed. Read More>>

PCAOB Reproposes Auditing Standards on Auditor Risk Assessment

The Public Company Accounting Oversight Board (PCAOB) has voted to repropose for comment seven auditing standards and related amendments that collectively would revise the requirements for assessing risk in an audit. Read More>>

FDIC grants 1-year delay to implement accounting rule capital requirements

The Federal Deposit Insurance Corporation gave banks a year to implement new capital requirements stemming from an accounting rule change. The delay is seen as a small victory for financial and real-estate interests. The rule takes effect at the start of the new year. Read More>>

IRS Issues Proposed Regulations on New Basis Reporting Requirement

The Internal Revenue Service yesterday issued proposed regulations under a new law that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years. Read More>>

NJ Lt. Governor to Double Up as Secretary of State

Governor-elect Chris Christie has named Lt. Gov.-elect Kim Guadagno as New Jersey's next secretary of state.  He says she will lead his effort to create jobs and restore the stae's economy. Read More>>

Survey Finds Tax Prep Fees Average $229

A biennial survey by the National Society of Accountants found that the cost of preparing an itemized Form 1040 with a Schedule A and a state tax return averages $229.Read More>>

Report Identifies Emerging Opportunities for Firms

A new report from the Bay Street Group research firm describes the key factors driving new opportunities for accounting firms in this difficult business environment. Read More>>

Estate Tax to Temporarily Expire Until Next Year

Senate Finance Committee Chairman Max Baucus, D-Mont., dropped efforts to temporarily extend the estate tax at its current level in the face of Republican opposition. Read More>>

Society Executive Director cites 'Optimism' in Review of Economic Trends

Ralph Thomas, Executive Directory of the NJSCPA, was one of the experts commenting on recent statewide survey results suggesting that the worst part of the recession may be over in New Jersey. Read More>>