State and Local

AICPA Committee Seeks Interstate Practice Solutions

The American Institute of Certified Public Accountants (AICPA) has created a new volunteer committee, the special Committee on Mobility, to identify unnecessary burdens and requirements blocking CPAs from easily practicing across state lines.
Tax

Lawmakers Calling for Windfall Profits Tax on Oil Companies

With gas prices at the pumps averaging $3 a gallon around the country, lawmakers in state capitols and Washington, are questioning high profits in the oil industry and are considering imposing windfall profits taxes on oil companies.

Costs of Lifetime Injuries In Billions

A new study shows that medical expenses and losses in productivity amount to an estimated $406 billion for the lifetime cost of injuries for a single year in the United States.

Proposed GASB Document Intends to Improve Derivatives Accounting

The Governmental Accounting Standards Board (GASB) voted unanimously this week to issue a Preliminary Views document that is intended to improve the accounting and financial reporting of derivatives by state and local governments. The New York Times reports that derivatives are increasing in popularity among local governments as a means of reducing their cost of borrowing. The governments enter into derivatives contracts at the same time they issue bonds, in what is known as interest rate swaps.

March Madness: Beyond Basketball and Office Pools

We’ve all seen the reports that surface during NCAA men’s basketball tournament time that estimate employers will lose billions of dollars in productivity as workers focus on office pools instead of the tasks at hand.Advertisement
Practice Management

More Setbacks for H&R Block as it Launches New Bank

Within the last few months, H&R Block Inc., which is preparing to open H&R Block Bank in April, has been challenged in the courts on several fronts, admitted to mistakes on its own taxes, and acknowledged that it mailed out free software with the recipient’s Social Security number on the label.
Community News

PCAOB Find Their Audit Concerns Addressed

The Big Four accounting firms criticized in the Public Company Accounting Oversight Board’s (PCAOB) first-ever regulatory report cards issued in 2004, have made progress addressing their “significant accounting and audit issues”, according to Marketwatch. If the firms had not addressed these problems cited within 12 months of the issuance of their report cards, the confidential portions of their reports would have been made public.
Education & Careers

Pennsylvania Poised to Join 47 CPA Jurisdictions with 150-Hour Rules

The 150-hour rule, hotly debated a few years ago, is gaining new attention in Pennsylvania where a bill winding its way through the Legislature would place that state with the other 47 CPA jurisdictions that require candidates to complete 150 hours of undergraduate study to qualify for the CPA license.Advertisement
Tax

Ratio of Federal Spending to Tax Revenue Favors Low Income States

A study released last week by the nonprofit Tax Foundation found that states with concentrations of higher income taxpayers sent more money to Washington than they got back in federal spending.
A&A

Introducing the First Real-World CFO/Controller Training Course

At 5 p.m. Eastern Time, on Thursday, May 4, 2006, accounting professionals in the New York metropolitan area who aspire to become chief financial officers (CFOs) or Controllers will have the opportunity to learn about advanced training courses at the Regev Institute CFO/Controller seminar. The two hour seminar, which is also open to CFOs and controllers seeking to sharpen their professional skills, will focus on critical but frequently overlooked financial executive tasks and responsibilities.

GASB Identifies Key Differences Between Governmental & Business Financial Reporting

The Governmental Accounting Standards Board (GASB) released a white paper last week describing how the information needs of individuals and organizations interested in the financial performance of state and local governments differ from those following the financial performance of for-profit businesses. According to the GASB, these diverse needs result from basic environmental differences between governments and businesses. The primary purpose of governments is to enhance or maintain the well being of citizens by providing services in accordance with the public policy goals.
Tax

A Conversation With...Lou Grumet

In the eight years that Lou Grumet has been executive director of the New York State Society of CPAs (NYSSCPA), he and the nation’s largest CPA society have assumed a high profile in an array of accounting profession issues, sometimes in tandem and sometimes at odds with the American Institute of CPAs (AICPA). This year is no exception.With Grumet as their point person, the 33,000-member NYSSCPA has stepped to the forefront in the nation’s tax reform debate, proposing its own resolution and using its perch in the nation's media capital, New York City, to draw attention to its cause.
Tax

State Guidelines, Accounting Issues Hold Up Disaster Relief Funds in Louisiana

State officials in Louisiana are delaying access to $7.5 billion in Gulf Opportunity Zone bonds (GO Zone) to public and private companies for nonresidential reconstruction and renovation projects until the state establishes new standards for these projects.
Tax

Fight Looming in Michigan Over Single Business Tax; Dayton’s Earnings Tax Up for Renewal

Officials and voters will be deciding state and local tax policies in Michigan and Ohio in coming weeks. Michigan lawmakers took the first step toward repeal of the state’s 30-year old Single Business Tax (SBT) last week when a House committee voted to repeal the tax, although it is not due to expire until 2009.
Tax

Perspectives Into Tax Reform at the State Level

It's easy to think of tax reform at the federal level. The American tax system is notoriously complex. There is more to America than the federal government, however. There are states and local governments as well.
Community News

AICPA and NYSSCPA Differ Slightly on Peer Review

The American Institute of CPAs’ (AICPA) proposal to enhance peer review and to get all states to mandate it, is drawing mixed support from the New York State Society of CPAs (NYSSCPA), the nation’s largest society and one of the few states that does not currently mandate peer review.Advertisement
Tax

Experts Say High Price Deters Would-be Smokers

Americans bought as many cigarettes last year as they did in 1951, when the population was half what it is today.A new report by the National Association of Attorneys General said that the nation's per capita consumption of tobacco fell to levels last found in the 1930s.Advertisement
Tax

Tax Cheats Beware: Compliance Support at All-Time High

The 2005 IRS Oversight Board Taxpayer Attitude Survey, released in late February, revealed that 88 percent, or nearly nine out of ten Americans, feel that it is “not at all” acceptable to cheat on your income taxes. This is the highest level of support since the Internal Revenue Service (IRS) Oversight Board began tracking attitudes towards tax cheating in 1999.
Education & Careers

Minority High School Students to Explore Accounting Careers in June

Latino/a and African American high school juniors will have an opportunity to explore the accounting profession and the key role accountants play in society, during PricewaterhouseCoopers (PwC) Accounting Careers Leadership Institute program, being held June 18 to 23, at Bryant University in Rhode Island.Advertisement
Practice

Crowe Chizek Among Best Places to Work in Northeast Indiana

Commitment to outstanding employment practices and support for staff has earned the Fort Wayne office of Crowe Chizek and Company LLC a Best Places to Work in Northeast Indiana Award from the Fort Wayne Business Journal and the Preston Joan Group.

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