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MACPA 2012 PIU / Town Hall Leg / Reg Update

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Tom Hood, CEO of Maryland Association of CPAs provides these special updates on the CPA Profession to their members. This is the latest developments in the CPA Profession featuring the latest developments in trends and issue in the legislative & regulatory areas. Covering the latest from the IRS, FASB, IASB, and the State of Maryland.

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MACPA 2012 PIU / Town Hall Leg / Reg Update

  1. MACPA Professional Issues Update Regulatory Edition By: Tom Hood, CPA, CITP, CGMA May 3, 2012 Columbia, MD
  2. The CPA •  Education (150 hours) •  Examination – Uniform CPA Exam •  Ethics – Separate Ethics Exam •  Experience – 2,000 hours of practical experience And CPE – - 80 hours of Continuing Professional Education reported every two (2) years, including four (4) hours of ethics training
  3. What CPAs think about the future 30 Future Forums 1,000 CPAs Identified these top tr
  4. •  Change•  Complexity•  Compliance•  Convergence•  Competition
  5. organizations fail?
  6. Complexitye biggest challenge ng enterprises frome on will be the elerating complexity the velocity of a 79% ld that is operatinga massively rconnected tem. 51%
  7. 6,000 pages 17,000 pages 500 Million words
  8. en do we think about infrastructure
  9. ssional dards Federal Laws State Law
  10. Our infrastructure for regulating the USfinancial markets has been created from aseries of reactions toses and changes and is m and Refor in needeet on Act of repair. Wa ll Str i-Frank er ProtectCo nsum Sarbanes-Oxley Act Finan cial R egulat dits ory Re
  11. MD Comptroller MD ComptrollerMD Comptroller CA
  12. “a series of steps or stages tonce initiated, continues to tfinal step because each steptriggered by the preceding oresulting in amplification of tsignal, information, or effect aeach stage.”
  13. Most changes come from regulators and standard sett Us – Associations Them – Federal & State MACPA & AICPA legislators Infrastructure OR New laws, reg & regulato
  14. Sarbanes-Oxley Act of 2003
  15. CPAs required to register as debt settlement advisorsodd-Frank - the bill that keeps on giv
  16. •  Accountancy bills (20 states) - 51 •  Auditor Rotation (3 states) - 8 •  Mobility (2 states) - 6 •  Regulation of Tax Preparers (3 states) - 5 •  Tax on Accounting Services (6 states) - 11•  Peer Review (4 states) - 7
  17. Maryland & Federal Tax Preparer Law Threats to your CPA License Well intentioned consumer group Solving a problem – low income tax frauds But…creating problems for CPAS –  Licensed / Certified Tax Preparers would be confusing to the public –  Tax Preparer Exam using ACAT / H&R Block designation (ATA, ATP) opens door for second tier license –  Misinformation / confusion
  18. hieved through collaboration in professio WA A MT ME ND K OR MN ID SD WI WY NY MI *PA CT R NE IA NV OH UT IL IN N DE CA CO WV VA HI •  Collaborative effort with AICPA – CPA/SEA –KYNASBA KS MO M & State CPA Societies TN NC DC •  48 + DC states passed legislation in four (4) yearsSC AZ NM OK AR •  Maryland enacted it in 2008 MS AL *GA TX LA FL CPA Mobility Legislation Pending - DC GU CPA Mobility Enacted 48 U.S. V * CPA Mobility Enacted Only for Other
  19. sunami of 1099K and info returns
  20. yland - 10 99R - 20 08CPAs in Tax e increase in IRStivity is swamping ourx practitioners and sting them hundreds hours in chasing wn IRS notices.
  21. oins AICPA States upporting overnment mployeemeeting ttendance
  22. we defeat the amendment!
  23. he DATAct
  24. State  Legisla+on  
  25. regulations, and procedures A Bill SB 128 Maryland Senate & Maryland Governor Lawom State Board House passes bill signs into law Maryland State Boa Public Accountan
  26. State  Legisla+on  
  27. Maryland’s  fiscal  crisis  
  28. Maryland  Regulatory  Update  CPA  Exam  Applica+ons  –  delays  up  to  120  days  CPA  Exam  Applica+ons  –  reasons  for  declineNew  safe  harbor  regula+ons  for  complila+oRecord  reten+on  Commissions  &  referrals  fees  CPA  licensing  Fee  reduc+ons  
  29. Top  reasons  for  CPA  Exam  deniaot  reading  and  following  the  direc+ons  for  submiLng  the  applica+on  (#1  reason  for  DELAY)  ot  comple+ng  the  applica+on  completely  and  accurately  ot  lis+ng  ALL  names  the  applicant  has  used  in  the  past  and  present.  ot  lis+ng  ALL  transcripts  on  the  online  applica+on.  ot  having  ALL  official  transcripts  sent  directly  from  ALL  schools  the  applicant  has  aWended.  We  DO  ccept  transfer  credits;  we  must  have  the  official  transcripts  from  EACH  school.    ot  reques+ng  transcripts  for  other  credits/exams  taken-­‐  AP,  CLEP,  DANTES  ACE  etc.  These  credits  mLSO  appear  on  a  regionally  accredited  schools  transcript  listed  with  +tle  and  credits  granted  for  thexam.  If  they  are  listed  in  a  lump  sum  we  must  receive  a  leWer  from  the  school  explaining  the  course e  exams  were  accepted  for.    ot  submiLng  course  descrip+ons  and  course  syllabi,  especially  for  courses  taken  from  out  of  state   hools.  If  the  +tle  of  the  course  doesn’t  match  a  +tle  shown  on  our  educa+on  requirements  we  muave  the  course  descrip+on  and/or  syllabi  from  the  catalog  for  the  year  you  took  the  course.  ot  comple+ng  the  curriculum  checklist  completely  or  not  comple+ng  it  accurately.  ot  having  a  course  by  course  evalua+on  done  for  the  purpose  of  taking  the  Uniform  CPA  exam  in   aryland  by  a  current  NACES  member  of  any  and  all  foreign  educa+on.   come  tax  not  taken  in  the  US  does  not  qualify  for  US  Federal  Income  Tax.  ou  have  not  taken  a  three  semester  credit  hour  course  devoted  en+rely  to  ethics.  NOTE***A  U.  S.  usiness  Law  course,  a  Law  and  Ethics  course,  an  audi+ng  and  ethics  course,  etc.  does  not  meet  the   quirements  for  ethics.    
  30. Safe  Harbor  =  6/1/2012   Compila,on  Repor,ng  Language.  ompila*on  does  not  cons*tute  the  prac*ce  of  cer*fied  blic  accountancy  if  the  compila*on  report:   ncludes  the  statement  “The  preparer  of  this  report  has  undergone  and  is  not  required  to  undergo  peer  review”.Does  not  reference  the  Statements  on  Standards  for   oun*ng  and  Review  Services  issued  by  the  AICPA.    
  31. Record  Reten+on  Furthermore, the interpretation now allows a member tocontract with a client in advance as to which member-prepared records or member’s work products constituteclient records and therefore will be returned to the client. Finally, guidance pertaining to electronic records wasrevised to clarify that members are to provide records in arequested format if such records are available in that formatand are within the member’s custody and control. However, if an electronic record contains formulas, themember can elect to provide the record without formulasunless the member was engaged to provide such formulaswith the work product.
  32. ne  of  the  most  essen+al  things  you  should  know  about  your  Mar A  license  is  that  your  license  expira+on  date  never  changes.  Onct,  it  stays  with  you  throughout  your  professional  life  as  a  CPA.  Ev ur  license  is  placed  on  inac+ve  status,  or  if  you  havent  renewedme,  the  month  and  day  of  your  expira+on  date  will  always  remaime.   erefore,  it  is  very  important  to  consider  your  license  expira+on  dyou  have  an  inac+ve  or  an  expired  license.  If  you  apply  to  the  Bo reac+vate  or  reinstate  your  license,  your  fees  and  80  CPE  hours ly  apply  to  the  remaining  length  of  your  current  two-­‐year  term. u  apply  to  the  Board  three  months  before  your  term  is  set  to  ex u  will  only  be  covered  for  those  three  months.     ms  Permit  -­‐  as  a  sole  prac++oner  is  not  required  to  hold  a  perm en  if  the  individual  chooses  to  organize  the  business  as  a  corpor a  limited  liability  company.    
  33. Maryland  fees  effec+ve  6/1/2012 A  Exam   (1)  Audi+ng  and  AWesta+on  —  $[249]  200;     (2)  Financial  Accoun+ng  and  Repor+ng  —  $[237]  200;     (3)  Regula+on  —  $[211]  180;     (4)  Business  Environment  and  Concepts  —  $[198]  180;     ensing  Fees   Renewal  fee  —  $[80]  50;  for  two  years!   Applica+on  for  inac+ve  status  —  $[40]  25;     Renewal  for  inac+ve  status  —  $[40]  25;     Reinstatement  for  inac+ve  status  —  $[60]  50;     Reac+va+on  from  inac+ve  status  —  $[80]  50;     Reinstatement  of  expired  license  —  $[120]  100;     Firm  applica+on  fee  —  $[80]  60;     Firm  permit  fee  —  ${80]  60;     Firm  renewal  fee  —  $[160]  120;    
  34. Rights & Recognition Max Teichman, Frank Blacklock • Privilege of Self- AG opinion of 1981 & William Rogers Regulation Grants rights to non- SB 560 Defeated Maryland Corporate • Right to Sole Control CPAs for Reviews & Accountability Act Comps. over an Area of Practice MACPA requests reversal of AG Opinion – “This is not an audit” language added / stops MACPA wins use of ACPA “consultants” in firm MarylandS M al sever to letterhead at State pts Special attem 1924 Board d Session State Board of amen Accountancy law Accounting Oct – Nov Reform formed Maryland gin task Force As bendS becomes the 1st n-CP at 2 No pts addresses SOX MA attem license S state to restrict Tier HB 1261 re-writes State Board Hearing practice for CPA Law - 1986 May 1, 2003 Ame MACPA amendments Tax CPAs to ed requirements fail tries MAC PA CPE MAC to pass 74 sim n 19 Bill i 975 MACPA Forms Task Force and Ed &1 surveys members • CPA Bill signed April 10, 1900 88% Sub Equivalency 76% Peer Review & Safe • MD is 3rd state (NY & PA) Harbor Terry Hancock 68% Non-CPA Ownership chairs/ Larry Kamanitz Dawson Grove Legislative Allen Del/ chairs chairs Committee chairs Legislative Legislative Legislat Committee Committee Commit
  35. Public Private Int’l Company Company Compa cial rting ting cs State Boards of Accountancy
  36. Private Company Standards cision Due May 24th
  37. Auditor Rotation
  38. he CPA Brand
  39. Why MACPA?
  40. CPAs CPAs Candidates
  41. rotect – Protecting the CPA
  42. MANAGING THE SEA CHANGEBe the Captain of your own ship! ontinuousearning ompetency ollaboration
  43. Workforce"Priorities pidly developingorkforce skills and pabilities stering collaboration knowledge sharing veloping futureaders
  44. Critical Turning Point-level CFOaff Supervisor Controller Manager
  45. become the household names of this century will be renowned for sustained, large-scale, efficient innovation. The key to that capability is neither company loyalty nor free-agent autonomy but, rather, a strong collaborative community. HBR, July-August 2011collaboration curve replaces the
  46. 1835 a sentiment or an idea that they want to produce in the world, they seek each other out; and when they have found each other, they unite. From then on, they are no longer isolated men, but a power one sees from afar, whose actions serve as an example; a power that speaks, and to which one listens. – Alexis de Tocquevillesociations in America were seen as
  47. leader sob is to set ontext and rovide ope andnspiration..."
  48. Tom  Hood,  CPA.CITP   CEO   Maryland  Associa8on  of  CPAs   Business  Learning  Ins8tute   (443)  632-­‐2301   E-­‐mail  tom@macpa.org   Web  hNp://www.macpa.org  Blog  hNp://www.cpasuccess.com