AICPA

Practice Management

Staffing needs dominate 2007 AICPA top MAP issues

Finding qualified staff at all levels is the most critical concern for the majority of firms with multiple professionals within the United States, underscoring the staffing crisis facing the accounting profession, according to the 2007 American Institute of Certified Public Accountants (AICPA) Private Company Practice Section's (PCPS) Top Management of an Accounting Practice (MAP) Issues Survey.

AICPA awards Distinguished Service medals

The American Institute of Certified Public Accountants has awarded Kathy Eddy, CPA, former Chairman, and Professor Gary John Previts, CPA, PhD, former member of its governing Council and Board of Directors, the 2007 Gold Medal for Distinguished Service. The award recognizes those individuals whose influence on accounting as a whole is especially notable in comparison to other profession leaders.

AICPA elects new chairman

Randy Fletchall, a partner with Ernst & Young LLP, has taken over the post of Chairman of the Board of Directors of the American Institute of Certified Public Accountants (AICPA). He is the 95th individual to serve in this volunteer position since the Institute's founding in 1887.As Chairman, Fletchall leads the nation's largest organization of CPAs.

AICPA's Melancon named to Treasury panel

Barry C. Melancon, President and CEO of the American Institute of Certified Public Accountants (AICPA), has been appointed to the U.S. Treasury Department's new Advisory Committee on the Auditing Profession."I am looking forward to working with Treasury to develop recommendations on all aspects of our profession, capital market competitiveness, and especially on attracting young people to accounting," Melancon said.Treasury Secretary Henry M. Paulson, Jr. created the Audit Profession advisory panel after convening top U.S.
Education & Careers

Beta Alpha Psi announces Medal of Inspiration program

Beta Alpha Psi, the honors organization for Financial Information students and professionals, has announced a new program for the 2007-2008 year, the Medal of Inspiration. The 2008 regional and annual meetings will focus on the theme: "Good to Great: From Student to Professional." Beta Alpha Psi students are already "good" students. They have strong GPAs, they contribute to their communities through service, and demonstrate commitment to professional ideals and ethics.
Education & Careers

Accounting professor stars in AICPA Foundation video

In April 1992, Tom Lopez, then a certified public accountant in California, started thinking about switching careers. "I decided that the thing I really wanted to do was teach at the college level," he said. And that would mean earning a Ph.D. in accounting. But Lopez, who is now an associate professor of accounting at the Moore School of Business, University of South Carolina, had a wife and three young children at the time. How could he possibly afford to quit his job and go back to school?
Tax

House passes legislation prohibiting patents on tax planning methods

The House of Representatives passed major reforms last week in the form of amending the Patent Reform Act. Hailed as the most significant change to the U.S. patent system in 50 years, the bill still faces an uphill climb as the Senate is working on its own version of patent legislation, and President Bush is seen as being lukewarm on the bill.Of most interest to accountants is one provision of the bill that prohibits patents on tax planning methods.
Practice

Women at work: AICPA guide addresses off-ramping issues

Over the past few years, it has become clear that organizations in the financial services, accounting, and consulting industries need to focus their energies on the attraction and retention of women professionals. The talent of these individuals is essential to the success of any professional services firm, and as the below statistics will reveal, this talent pool is experiencing tremendous change.

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.

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