Due to urging from Congress, the U.S. Federal Trade Commission (FTC) announced late Friday, October 30, that it has delayed enforcement of the “Red Flag” Rule until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC. Read more online at www.vscpa.com.
Check out an earlier post on this issue, and read a letter the VSCPA sent to Sen. Jonathan D. Leibowitz on August 5, 2009, detailing several reasons CPAs should be exempt from the Rule.
It’s no secret that the United States income tax system is complicated and unnecessarily cumbersome in many cases. The CPA profession considers these complexities hurdles to economic recovery.
The VSCPA believes changes need to be made, most immediately in the areas of alternative minimum tax (which is projected to impact 30 million middle-class Americans in 2010) and estate and gift tax rules.
On October 16, 2009, American Institute of CPAs (AICPA) President & CEO Barry Melancon testified before the President’s Economic Recovery Advisory Board (PERAB) at the White House, laying out principles for effective tax reform.
The VSCPA applauds the AICPA’s efforts to improve our federal tax system and promote simplicity and fairness.
In a nutshell, Melancon recommended the administration and Congress simplify and ease the alternative minimum tax (AMT), offering 13 alternative solutions to mitigate complexity and inequity. While the AICPA says outright eliminating the individual AMT is preferable, the Institute recognizes that course of action may not be feasible due to the reality of potential revenue losses.
The AICPA also urged Congress to reform immediately the estate and gift tax rules before 2010, when the estate tax is scheduled to be repealed. Suggestions included increasing the exemption and indexing it for inflation; retaining the full step-up in basis for inherited assets and avoiding the complexities of carryover basis; providing broad-based liquidity relief, rather than targeted relief provisions, and providing portability to a surviving spouse to simplify estate planning and estate administration for married couples.
In its report to policymakers and the public, “Tax Reform Alternatives for the 21st Century,” (PDF) the AICPA provides expert analysis of the issues and fleshes out the abovementioned alternatives for federal tax reform. The AICPA also outlines its recommendations in a recent press release. Stay tuned for updates.
Stephanie R. Peters, CAE, is president & CEO of the Virginia Society of CPAs (VSCPA), the statewide professional association for CPAs. She leads the VSCPA on national and state professional issues, legislative and regulatory oversight, strategic planning, Board of Directors relations, Board resolutions and policies and external relations. She is also a member of the VSCPA Board of Directors and Executive Committee.
It’s official! The VSCPA (originally the Virginia Society of Public Accountants, Incorporated) was chartered by the State Corporation Commission exactly 100 years ago today. Today, we celebrate 100 years of success …and counting!
The Richmond CPA Center will be full of visitors today — members stopping by to join in the celebration. This afternoon, we’re holding the official 100th Anniversary Celebration, so watch our Twitter feed (www.twitter.com/VSCPANews) and Flickr pages (www.flickr.com/groups/607760@N22/) for photos.
This occasion is all about members. The VSCPA wouldn’t be where it is today without the dedication of its thousands of members, volunteers and supporters. The organization has enjoyed 100 years of successfully protecting and promoting the CPA profession, only because members of the CPA profession have been so devoted to the organization’s mission. Thank you, VSCPA members, for making the success of your profession a priority! Clearly, it’s paid off, which is why we’re celebrating today.
In addition to today’s shindig, tomorrow the VSCPA's 100th anniversary will be mentioned on The Today Show during Willard Scott's special birthday and anniversary segment! Tune in tomorrow, Wednesday, October 7, at around 8:30 a.m. to catch what Scott has to say about the VSCPA and its loyal members. Visit www.vscpa.com/Centennial/ for a complete list of recognition and attention the VSCPA received throughout its Centennial anniversary year.
And watch your mailbox! Later this month, you’ll receive a commemorative Centennial issue of Disclosures magazine featuring a 16-page timeline illustrating the Society's background, articles highlighting various aspects of VSCPA history, a recap of the year-long anniversary celebration and much more.
Finally, the VSCPA Educational Foundation has launched a Centennial fundraising campaign, with the goal of reaching $250,000 by April 30, 2009. Honor the past by securing the future: Donate to the VSCPA Educational Foundation. All contributions will support the Foundation’s programs, services and scholarships aimed at attracting future CPAs.
The CPA profession in Virginia is 100 years old today! So is your professional association. Way to go!
Today has been an amazing day. Not only was it the final weekday of Virginia CPA Week, but it was also the first-ever CPA Day of Service. More than 500 CPAs all around Virginia took the time to volunteer for organizations in their communities today. And that number represents just those CPAs who signed up to volunteer. I’m sure the number of volunteers, in reality, was much higher.
This afternoon, I worked alongside the Richmond Chapter of the VSCPA at the Central Virginia Food Bank for a bit. While we were there, The Roseline Group was working in the kitchen down the hall and Yount, Hyde & Barbour dropped off an impressive amount of food their firm has been collecting. The VSCPA staff also donated 169 pounds of food and approximately $500 in cash to the Central Virginia Food Bank this afternoon in honor of CPA Day of Service.
Immediately after, I headed to the Ronald McDonald House in Richmond, where volunteers from Clifton Gunderson were painting, doing yard work, organizing food supplies and cleaning.
It was a great feeling knowing that CPAs all across Virginia were giving back today through CPA Day of Service. I’m so proud of Virginia CPAs and the firms and companies that supported this volunteer event.
Check out photos from the Day of Service, and be sure to e-mail us your photos so we can add them to the collection! And check out the list of volunteers (that we’re aware of) and the organizations they served.
Thanks again, everyone! I look forward to next year’s event.
Yesterday, I spent time promoting the CPA designation in our nation’s capital. In my opinion, it was the perfect way to kick off Virginia CPA Week.
I addressed U.S. Department of Defense employees regarding the importance of seeking a professional designation or certification — with particular emphasis on finance professionals becoming Certified Public Accountants (CPAs).
My message? That CPAs are state-certified professionals who serve the public by providing sound, reliable financial counsel. That those who achieve the CPA designation are held to high standards of ethics, financial and business acumen, and professionalism. That both companies and the public know they can turn to CPAs for sound financial guidance and accurate information. That the CPA designation is both trusted and respected.
Gov. Timothy Kaine included a similar message in his proclamation (PDF) recognizing this week, September 13–19, 2009, as Virginia CPA Week in conjunction with the VSCPA’s Centennial anniversary.
“It is fitting to recognize CPAs’ contributions to the well-being and success of citizens and commerce in the Commonwealth of Virginia and across the nation,” the proclamation states.
CPAs are so highly regarded by employers, clients, investors and the public at large, and they deserve this recognition. I am proud of Virginia CPAs, and I am proud to represent the CPA profession day-to-day.
Happy Virginia CPA Week!
The VSCPA has serious concerns regarding potential tax preparer registration. Check out a letter the VSCPA sent the Internal Revenue Service (IRS) on August 31, 2009, regarding Notice 2009-60, Standards of Conduct for the Tax Return Preparer Community and Increased Taxpayer Compliance.
"The VSCPA is extremely concerned about redundant regulation and enforcement on CPAs who prepare tax returns," the letter says, outlining various requirements CPAs must already meet. "Adding an additional level of registration and regulation would only cause confusion and redundancy."
Another concern? The VSCPA believes that creating a registration requirement for all tax preparers could give the public the impression that all tax preparers possess the same level of expertise and knowledge as CPAs, adding to an already existing misconception that all accountants are CPAs.
Instead of adding a separate set of procedures and oversight, the VSCPA suggested that the IRS expand its existing procedures and regulations to include unlicensed preparers.
