AICPA

AICPA names three recipients for 2007 Outstanding CPA in Government Award

The American Institute of Certified Public Accountants (AICPA) has announced the three 2007 recipients of the Outstanding CPA in Government Award. The awards recognize CPAs working in the federal, state and local levels of government who have made significant contributions to increased efficiency and effectiveness of government organizations and to the growth and enhancement of the profession.The awards were presented by Susan S.
Education & Careers

AICPA names 2006 Elijah Watt Sells Award winners

The American Institute of Certified Public Accountants (AICPA) has announced the winners of the 2006 Elijah Watt Sells Awards. The award is presented annually to the 10 candidates earning the highest cumulative scores on the four sections of the Uniform CPA Examination.
Tax

AICPA weighs in on estate deduction proposed regulations

The American Institute of Certified Public Accountants (AICPA) has submitted comments on proposed regulations relating to the amount deductible from a decedent’s gross estate for claims against the estate under Internal Revenue Code (IRC) section 2053(a)(3). The proposed regulations will affect estates of decedents against whom there are claims outstanding at the time of their deaths.The AICPA is concerned that the proposed regulations will not accomplish their goal of reducing costs for both the estate and the IRS in administering IRC section 2053.

AICPA is looking out for rural CPA firms

The American Institute of Certified Public Accountants (AICPA) commended the U.S. House of Representatives' removal of a provision in the Farm Bill Extension Act of 2007 that would have resulted in unfair competition to small CPA firms. "The AICPA thanks House members for their vote because enacting such a provision would lead to unfair competition for CPAs, especially smaller CPA firms in agricultural communities," Barry C.

Financial executives indicate plans to shift healthcare costs to employees

Ninety-nine percent of financial executives polled at a professional conference are concerned about rising employee healthcare costs. Eighty one percent of the respondents said their employee healthcare costs have risen in the past year, from as little as 5 percent to more than 20 percent.While most of the executives said their organizations do not plan to reduce benefits, nearly a quarter indicated that employees would have to shoulder increased costs. Other tactics include offering high-deductible consumer driven plans and changing healthcare providers.
Tax

New provision would change tax preparers' role and increase fees

The American Institute of Certified Public Accountants (AICPA) is urging Congress to modify a provision it approved that has resulted in a fundamental change in the role of tax return preparers and will likely cause an increase in preparer fees for taxpayers.
Tax

Results are in from AICPA tax gap survey

The American Institute of Certified Public Accountants has issued the results of its Internet-based membership survey regarding the federal tax gap. The AICPA surveyed 1,290 participants in an effort to gain a better understanding about the tax gap.

EDGAR Online announces member discount arrangement with AICPA

EDGAR Online, Inc. has announced that it has arranged with the American Institute of Certified Public Accountants (AICPA) to offer AICPA members its award-winning I-Metrix subscription service at a discount. EDGAR Online's I-Metrix combines XBRL-enabled interactive data with web and Microsoft Excel analysis tools that will provide CPAs a streamlined method of doing company and financial research. "We are confident that I-Metrix can help CPAs perform faster, smarter and higher quality analysis of public company financial information," said Susan Strausberg, CEO of EDGAR Online, Inc.

AICPA issues Statement on Standards for Valuation Services No. 1

The Consulting Services Executive Committee of the American Institute of Certified Public Accountants (AICPA) announced today the release of a new professional standard on valuation services, Statement on Standards for Valuation Services No. 1 (SSVS No. 1) "Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset." The standard provides guidelines to CPAs for developing estimates of value and reporting on the results.

AICPA seeks S corp allowances

The American Institute of CPAs wrote to Congress this week supporting the inclusion of language that would allow S corporations to grow and attract capital from foreign sources in the small business tax package incorporated in H.R. 2206, the bill to provide supplemental funds for the war in Iraq, currently being considered by Congress. The AICPA said H.R.

AICPA backs tax planning patent legislation

The American Institute of Certified Public Accountants (AICPA) applauded the introduction by Rep. Rick Boucher (D-VA), with co-sponsors Reps. Bob Goodlatte (R-VA) and Steve Chabot (R-OH), of H.R. 2365, legislation that would limit damages and other legal remedies available to holders of patents for tax planning methods.“Tax strategy patents may make it impossible for the U.S. Tax Code to be applied equally to all taxpayers,” said Barry C. Melancon, AICPA President and CEO. “We want to thank Reps.
Education & Careers

Kansas State chair earns AICPA award

Dan S. Deines, Ph.D., CPA, the Ralph Crouch KPMG Chair in Accounting at Kansas State University, is the 2007 recipient of the Distinguished Achievement in Accounting Education Award from the American Institute of Certified Public Accountants (AICPA). Jimmy Williamson, AICPA Chair, presented the award at the spring meeting of the Institute’s governing Council, which began today in Washington, DC.“The future of our profession is largely built on the quality of the young people who join us,” Williamson said.

AICPA Opposes Taxpayer Confidentiality Provision

The American Institute of Certified Public Accountants (AICPA) has submitted written testimony for the record of the Senate Finance Committee’s April 12, 2007 hearing to examine tax administration and tax gap initiatives. The AICPA laid out its opposition to a particular taxpayer confidentiality provision it said would introduce “unnecessary burden and complexity that is at odds with well established modern business practices.” The provision was included in S. 1321 from the last Congress that was crafted by the Senate Finance Committee.
Technology

AICPA Offers Online SAS Toolkit

The Private Companies Practice Section (PCPS) of the American Institute of CPAs has developed an online toolkit designed to help members understand and implement Statement on Auditing Standards (SAS) No. 112. SAS No. 112, "Communication of Internal Control Related Matters Identified in an Audit," is effective for audits performed on or after Dec. 15, 2006. The complete toolkit, accessible to PCPS Member Firms, is available at www.pcps.org.
Tax

AICPA Opposes Tax Base Expansion

The American Institute of Certified Public Accountants (AICPA) has submitted comments to Congress opposing proposals made by the Joint Tax Committee that would expand the self-employment tax base as part of an effort to close the tax gap. The AICPA said in its cover letter, “We believe the JCT proposals are fundamentally wrong in that any abuse with the current system is not related to the SECA/FICA tax base and therefore such tax base should not be expanded to combat the tax gap. The tax gap represents an underpayment by taxpayers who are not complying with existing law.

AICPA Survey Bullish on Business

Reversing a trend of declining optimism over the past three years, CPAs serving as chief executive officers, chief financial officers and in other executive financial positions have a favorable view of the economy, according to the first quarter 2007 Business and Industry Economic Outlook Survey. The study, conducted by the American Institute of Certified Public Accountants (AICPA), shows that 68 percent of these executives expect their businesses to expand over the next 12 months.

AICPA Launches 'Feed the Pig' Podcasts

Feed the Pig, the American Institute of Certified Public Accountants’ (AICPA) public service campaign, this week launched a free podcast series to instruct 25- to 34-year-olds on how to take control of their finances. The first podcast, "Managing Your Student Loans," is available now through Apple iTunes store:

AICPA Invites Int'l Auditor Independence Comments

The International Federation of Accountants (IFAC) is proposing changes in international auditor independence standards that could significantly impact U.S. CPAs.As an IFAC member, the AICPA routinely comments on the organization’s proposals and determines whether to revise its own Code of Professional Conduct to harmonize with international standards. IFAC’s exposure draft, issued on Dec. 29, 2006, contains auditor independence standards more restrictive than those of the AICPA.

States Seek Improved CPA Interstate Mobility

Several states are seeking to change state law to allow for individual CPAs licensed in other states with substantially equivalent licensing requirements to provide client services in person, by mail or electronically without securing an additional license or temporary registration, reports the Ohio e-CPA Weekly.Following Ohio’s lead, a total of six states have already introduced “no notification/no fee” legislation and six others are planning do to so this year. Virginia, Wisconsin and Missouri have previously adopted mobility laws similar to Ohio’s.
Education & Careers

AICPA Urges Students To 'Feed The Pig'

With the ringing in of the Chinese Year of the Pig this week, Benjamin Bankes is urging 25 to 34 year-olds to “feed the pig.” Benjamin Bankes, a pig in a pink suit, is the official icon of Feed the Pig™ (www.feedthepig.org), a national public service campaign of the American Institute of Certified Public Accountants (AICPA) and the Ad Council. The campaign delivers a strong message to career builders – those 25 to 34 years of age – about the importance and benefits of saving to build a solid financial future.

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