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CPA Success
CPA Success
http://www.macpa.org/blog/category/13/legislative--regulatory/files/ways_and_means_contacts.doc?i=42&amp;watch=rss
en-US
2016
blog@macpa.org (CPA Success)
Sun, 06 Mar 2016 04:25:37 GMT
Sun, 06 Mar 2016 04:25:37 GMT
BryceWebGroup.Blast
10
Maryland CPA legislative / regulatory update
&lt;p&gt;Do you want to be a victim or a participant?&lt;/p&gt; &lt;p&gt;Protecting the CPA license and your
profession is major part of our founding purpose since 1901. However, with the dizzying pace of
recent federal and state legislation and regulation, we are going to need your help to stay
successful.&lt;/p&gt; &lt;p&gt;Here is an update and how you can help.&lt;/p&gt; &lt;p&gt;Listen to our recap from our
year-end managing partner summit that talks about the &amp;quot;new math&amp;quot; of bad legislation and
our federal and state agenda.&lt;/p&gt; &lt;p&gt;Then read the rest of this post for updates on all of the issues and
make plans to join us at &lt;a
href=&quot;http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=11181000&quot;
target=&quot;_blank&quot;&gt;CPA Day in Annapolis on Jan. 19, 2011&lt;/a&gt;.&lt;/p&gt; &lt;p&gt; &lt;object
data=&quot;http://www.youtube.com/v/4AdJWSn4EVQ?fs=1&amp;amp;hl=en_US&quot; height=&quot;245&quot;
type=&quot;application/x-shockwave-flash&quot; width=&quot;440&quot;&gt; &lt;param name=&quot;data&quot;
value=&quot;http://www.youtube.com/v/4AdJWSn4EVQ?fs=1&amp;amp;hl=en_US&quot; /&gt; &lt;param
name=&quot;allowFullScreen&quot; value=&quot;true&quot; /&gt; &lt;param name=&quot;allowscriptaccess&quot; value=&quot;always&quot; /&gt;
&lt;param name=&quot;src&quot; value=&quot;http://www.youtube.com/v/4AdJWSn4EVQ?fs=1&amp;amp;hl=en_US&quot; /&gt;
&lt;param name=&quot;allowfullscreen&quot; value=&quot;true&quot; /&gt; &lt;/object&gt; &lt;/p&gt; &lt;p&gt;&lt;strong&gt;Federal legislation /
regulation&lt;/strong&gt;&lt;/p&gt; &lt;ol&gt; &lt;li&gt;&lt;em&gt;IRS tax preparer registration (PTIN).&lt;/em&gt; There has been
some major progress here. The IRS announced with Notice 2011-6 that non-signers in CPA firms will
be exempt from test and CE requirements. See our &lt;a href=&quot;http://www.cpasuccess.com/2011/01/irsoffers-ptin-exemptions-for-non-signing-preparers.html&quot; target=&quot;_blank&quot;&gt;post over at CPA
Success&lt;/a&gt; for details.&lt;/li&gt; &lt;li&gt;&lt;em&gt;Business 1099 requirement from the &lt;a
href=&quot;http://www.cpasuccess.com/2010/03/health-care-reform-whats-in-it-and-whats-not.html&quot;
target=&quot;_blank&quot;&gt;Health Care Act of 2010&lt;/a&gt;.&lt;/em&gt; There have been two attempts to repeal this
provision, both unsuccessful. We did get Maryland Sen. Ben Cardin to sign on as a co-sponsor in
December. This will be a major effort in the new Congress in 2011. (See &lt;a
href=&quot;http://www.cpalegislativeinsider.com/2010/08/1099s-cpas-are-crying-foul.html&quot;
target=&quot;_blank&quot;&gt;our earlier post here&lt;/a&gt;.)&lt;/li&gt; &lt;li&gt;Mon&lt;em&gt;itoring of the regulation process of the
&lt;a href=&quot;http://www.cpasuccess.com/2010/09/for-cpas-massive-changes-at-head-spinning-speed.html&quot;
target=&quot;_blank&quot;&gt;Dodd-Frank Wall Street Reform and Consumer Financial Protection Act&lt;/a&gt;.&lt;/em&gt;
We had five major successes in stopping unnecessary and onerous provisions, but there are more
than&amp;#0160;500 rules and regulations expected in the next few years&amp;#0160;that could adversely
affect CPAs. See our post, &lt;a href=&quot;http://www.cpalegislativeinsider.com/2010/07/top-5-things-thatalmost-happened-to-cpas-in-the-wall-street-reform-consumer-financial-protection-ac.html&quot;
target=&quot;_blank&quot;&gt;5 things that almost happened with Dodd-Frank&lt;/a&gt;.&lt;/li&gt; &lt;li&gt;&lt;em&gt;FTC &amp;quot;red
flags&amp;quot; mandated identity theft policies for small business&amp;#0160;and non-profits.&lt;/em&gt; CPAs in
practice were granted relief by year-end (&lt;a href=&quot;http://www.cpasuccess.com/2010/12/obamaofficially-exempts-firms-from-red-flags-rule.html&quot; target=&quot;_blank&quot;&gt;see our post at CPA Success&lt;/a&gt;),
but small businesses and non-profits (like the MACPA) will still have to comply by Dec. 31, 2010.
&lt;span class=&quot;asset asset-generic at-xid-6a00d834520c5769e20148c7816c1b970c&quot;&gt;&lt;a
href=&quot;http://cpasuccess.typepad.com/files/final_red_flags_template-1.doc&quot;&gt;Here is a sample
policy&lt;/a&gt;&lt;/span&gt;&amp;#0160;to get you started (courtesy of the AICPA) and&lt;a
href=&quot;http://www.ftc.gov/redflagsrule&quot; target=&quot;_blank&quot;&gt; FTC resources&lt;/a&gt;.&lt;/li&gt; &lt;/ol&gt;
&lt;p&gt;&lt;strong&gt;2011 Maryland legislation&lt;/strong&gt;&lt;/p&gt; &lt;ol&gt; &lt;li&gt;&lt;em&gt;Pass 120/150 legislation.&lt;/em&gt;
This legislation will allow students to sit for the CPA exam after completing the accounting
requirements in an undergraduate program. They can get their license upon completion of the 15o
credit hours. This bill (HB 1137) passed the House and Senate committee last year but ran out of time
before sine die. See our &lt;a href=&quot;http://www.cpalegislativeinsider.com/2010/04/clock-runs-out-onour-bills-as-sine-die-is-declared-for-2010-general-assembly.html&quot; target=&quot;_blank&quot;&gt;prior post about
this here&lt;/a&gt;.&lt;/li&gt; &lt;li&gt;&lt;em&gt;Stop sales tax on accounting, tax, and consulting services.&lt;/em&gt; The real
issue here is the compliance costs to CPA firms (and their clients) as intangible services are hard to
identify where and when they are delivered to and from.&lt;/li&gt; &lt;li&gt;&lt;em&gt;Exempt CPAs from proposed
regulation of debt counselors.&lt;/em&gt; CPAs&amp;#39; education, examination and experience requirements,
along with rigorous state licensing and oversight, make it unnecessary to include CPAs in this
legislation. See our &lt;a href=&quot;http://www.cpalegislativeinsider.com/2010/12/will-cpas-be-covered-bythe-maryland-debt-settlement-services-act.html&quot; target=&quot;_blank&quot;&gt;prior post here&lt;/a&gt;.&lt;/li&gt;
&lt;li&gt;&lt;em&gt;Stop the lawsuit tax.&lt;/em&gt; Efforts by the trial bar to liberalize tort law will be detrimental to
CPAs and small businesses as the basis to argue suits would increase and liability would be linked to
the entities with insurance. This means more suits and more settlements, creating effectively a lawsuit
tax. This is bad legislation even in a good economy.&lt;/li&gt; &lt;li&gt;&lt;em&gt;Pass &amp;quot;safe harbor&amp;quot;
legislation. &lt;/em&gt;This is a technical correction necessary since passing mandatory peer review
legislation in 2005. This will clarify the definition of &amp;quot;attest&amp;quot; and practicing certified public
accountancy in Maryland law. This will allow non-licensed&amp;#0160;accountants to prepare
compilations for clients provided that they do not use &lt;a
href=&quot;http://www.aicpa.org/RESEARCH/STANDARDS/COMPILATIONREVIEW/Pages/compilatio
n%20and%20review%20standards.aspx&quot; target=&quot;_blank&quot;&gt;AICPA SSARS&lt;/a&gt; language and state that
they are not required to undergo &lt;a href=&quot;http://www.macpa.org/Content/Peerreview-resources.aspx&quot;
target=&quot;_blank&quot;&gt;peer review&lt;/a&gt;.&lt;/li&gt; &lt;/ol&gt; &lt;p&gt;&amp;#0160;&lt;/p&gt;
http://www.macpa.org/blog/1437/maryland-cpa-legislative-regulatory-update
tom@macpa.org(Tom Hood)
Tue, 11 Jan 2011 13:07:28 GMT
http://www.macpa.org/blog/1437/maryland-cpa-legislative-regulatory-update
Welcome to tax season. Let's get busy!
&lt;p&gt;&lt;a href=&quot;http://cpasuccess.typepad.com/.a/6a00d834520c5769e20147e1392e32970b-pi&quot;
style=&quot;float: right;&quot;&gt;&lt;img alt=&quot;Taxes&quot; border=&quot;0&quot; class=&quot;asset asset-image at-xid6a00d834520c5769e20147e1392e32970b&quot;
src=&quot;http://www.macpa.org/blog/resources/assets/896241963.jpg&quot; style=&quot;margin: 0px 0px 5px 5px;&quot;
title=&quot;Taxes&quot; /&gt;&lt;/a&gt; The holiday season is over. Welcome to tax season!&lt;/p&gt; &lt;p&gt;Considering all the
new rules, regulations and legislation floating around, it&amp;#39;s going to be an eventful few months for
CPAs everywhere.&lt;/p&gt; &lt;p&gt;Let&amp;#39;s get things rolling with a bunch of online resources that might
prove helpful as you dive head-first into another busy season.&lt;/p&gt; &lt;p&gt;Good luck, everyone!&lt;/p&gt; &lt;ul&gt;
&lt;li&gt;&lt;a href=&quot;http://tax.cchgroup.com/downloads/files/pdfs/legislation/tax-yearend.pdf&quot;
target=&quot;_blank&quot;&gt;CCH special report: &amp;quot;Major Tax Law Changes In 2010&amp;quot;&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.taxfoundation.org/blog/show/26941.html&quot; target=&quot;_blank&quot;&gt;Tax season 2011: Tax
Foundation examines changes&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;http://www.macpa.org/Content/25958.aspx&quot;
target=&quot;_blank&quot;&gt;IRS kicks off 2011 tax season by extending deadline to April 18&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.macpa.org/Content/25988.aspx&quot; target=&quot;_blank&quot;&gt;IRS launches e-file; most
taxpayers can file immediately&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;http://www.macpa.org/Content/25946.aspx&quot;
target=&quot;_blank&quot;&gt;Tax season starts on time for &lt;em&gt;most &lt;/em&gt;taxpayers&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/12/analysts-dissect-bipartisan-tax-cut-package.html&quot;
target=&quot;_blank&quot;&gt;Analysts dissect bipartisan tax cut package&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.macpa.org/Content/25935.aspx&quot; target=&quot;_blank&quot;&gt;New withholding details
offered&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;http://www.macpa.org/Content/25912.aspx&quot; target=&quot;_blank&quot;&gt;IRS
announces 2011 standard mileage rates&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2011/01/irs-offers-ptin-exemptions-for-non-signing-preparers.html&quot;
target=&quot;_blank&quot;&gt;IRS offers PTIN exemptions for non-signing preparers&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/tax_issues/&quot; target=&quot;_blank&quot;&gt;Online resources offer details on efile rule&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;http://www.macpa.org/Content/25944.aspx&quot; target=&quot;_blank&quot;&gt;In 2011,
many tax benefits increase slightly due to inflation adjustments&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/10/5-tips-for-conquering-the-tax-season-marathon.html&quot;
target=&quot;_blank&quot;&gt;5 tips for conquering the tax season marathon&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.aicpa.org/Career/Marketing/Pages/Tax2011Resources.aspx&quot; target=&quot;_blank&quot;&gt;2011
tax resources, from the AICPA&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.aicpa.org/Career/Marketing/Pages/Tax2011MarketingMaterials.aspx&quot;
target=&quot;_blank&quot;&gt;Tax Saving Strategies&lt;/a&gt;, a brochure from the AICPA&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.aicpa.org/Career/Marketing/Pages/Tax2011Booklet.aspx&quot; target=&quot;_blank&quot;&gt;Trusted
Financial and Tax Planning from Your Local CPA&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.aicpa.org/Career/Marketing/Pages/CPAmarketinghomepage.aspx&quot;
target=&quot;_blank&quot;&gt;CPA Marketing Toolkit&lt;/a&gt;, from the AICPA&lt;/li&gt; &lt;/ul&gt; &lt;div class=&quot;mcePaste&quot;
id=&quot;_mcePaste&quot; style=&quot;position: absolute; width: 1px; height: 1px; overflow: hidden; top: 0px; left: 10000px;&quot;&gt;?&lt;/div&gt;&lt;!-- Imported Assets --&gt;
http://www.macpa.org/blog/1877/welcome-to-tax-season-lets-get-busy
bill@macpa.org(Bill Sheridan)
Mon, 03 Jan 2011 13:00:00 GMT
http://www.macpa.org/blog/1877/welcome-to-tax-season-lets-get-busy
IRS offers PTIN exemptions for non-signing preparers
&lt;p&gt;&lt;a href=&quot;http://cpasuccess.typepad.com/.a/6a00d834520c5769e20147e1389ca6970b-pi&quot;
style=&quot;float: right;&quot;&gt;&lt;img alt=&quot;Chains&quot; border=&quot;0&quot; class=&quot;asset asset-image at-xid6a00d834520c5769e20147e1389ca6970b&quot; src=&quot;http://www.macpa.org/blog/resources/assets/188444671.jpg&quot; style=&quot;margin: 0px 0px 5px 5px;&quot; title=&quot;Chains&quot; /&gt;&lt;/a&gt; Good news from the &lt;a
href=&quot;http://www.aicpa.org&quot; target=&quot;_blank&quot;&gt;AICPA&lt;/a&gt;: The profession has won a victory of sorts
on the PTIN front.&lt;/p&gt; &lt;p&gt;Don&amp;#39;t get &lt;em&gt;too&lt;/em&gt; excited: You tax-preparing CPAs are still
required to have one. But thanks to some new guidance, the &lt;a href=&quot;http://www.IRS.gov&quot;
target=&quot;_blank&quot;&gt;IRS&lt;/a&gt; now says that non-signing tax preparers who work in a CPA firm and are
supervised by a CPA do not have to meet the continuing education and exam requirements found in the
PTIN regulations.&lt;/p&gt; &lt;p&gt;The guidance is found in &lt;a href=&quot;http://www.irs.gov/pub/irs-drop/n-1106.pdf&quot; target=&quot;_blank&quot;&gt;IRS Notice 2011-6&lt;/a&gt;.&lt;/p&gt; &lt;p&gt;“The AICPA is pleased that the IRS has
issued this notice,&amp;quot; AICPA taxation Vice President Edward Karl &lt;a
href=&quot;http://www.journalofaccountancy.com/Web/20103705.htm&quot; target=&quot;_blank&quot;&gt;told the Journal of
Accountancy&lt;/a&gt;. &amp;quot;New ramifications of this program come to light every day; the issuance of
this notice shows that the (IRS) is willing to make changes that benefit everybody — taxpayers,
practitioners and tax administration.”&lt;/p&gt; &lt;p&gt;CPAs themselves had already been exempt from the
CPE and exam requirements.&lt;/p&gt; &lt;p&gt;You&amp;#39;ll find details about the new IRS guidance in &lt;a
href=&quot;http://www.journalofaccountancy.com/Web/20103705.htm&quot; target=&quot;_blank&quot;&gt;this
comprehensive JofA article&lt;/a&gt;.&lt;/p&gt; &lt;p&gt;Here are a few other PTIN resources that might be
helpful:&lt;/p&gt; &lt;ul&gt; &lt;li&gt;&lt;a href=&quot;http://www.irs.gov/taxpros/article/0,,id=210909,00.html?portlet=7&quot;
target=&quot;_blank&quot;&gt;Online PTIN registration&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.irs.gov/taxpros/article/0,,id=218611,00.html&quot; target=&quot;_blank&quot;&gt;IRS FAQs&lt;/a&gt;&lt;/li&gt;
&lt;li&gt;&lt;a
href=&quot;http://www.aicpa.org/InterestAreas/Tax/Resources/IRSPracticeProcedure/Pages/RegistrationofT
axPreparer.aspx&quot; target=&quot;_blank&quot;&gt;AICPA PTIN resources&lt;/a&gt;&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.aicpa.org/InterestAreas/Tax/Resources/IRSPracticeProcedure/DownloadableDocum
ents/IRS_RTRP_Program_3.ppt&quot; target=&quot;_blank&quot;&gt;AICPA PowerPoint slides on the PTIN
issue&lt;/a&gt;&lt;/li&gt; &lt;/ul&gt;&lt;!-- Imported Assets --&gt;
http://www.macpa.org/blog/1878/irs-offers-ptin-exemptions-for-non-signing-preparers
bill@macpa.org(Bill Sheridan)
Mon, 03 Jan 2011 04:07:44 GMT
http://www.macpa.org/blog/1878/irs-offers-ptin-exemptions-for-non-signing-preparers
Our year in review: 20 most popular posts from 2010
&lt;p&gt;&lt;a href=&quot;http://cpasuccess.typepad.com/.a/6a00d834520c5769e20148c72d8518970c-pi&quot;
style=&quot;float: right;&quot;&gt;&lt;img alt=&quot;Twenty&quot; border=&quot;0&quot; class=&quot;asset asset-image at-xid6a00d834520c5769e20148c72d8518970c&quot; src=&quot;http://www.macpa.org/blog/resources/assets/1477361.jpg&quot; style=&quot;margin: 0px 0px 5px 5px;&quot; title=&quot;Twenty&quot; /&gt;&lt;/a&gt; As the New Year approached, I
wondered: What were the most well-read CPA Success posts of 2010? So I fired up Google Analytics
and found out.&lt;/p&gt; &lt;p&gt;What was on our readers&amp;#39; minds during 2010?&lt;/p&gt; &lt;p&gt;&lt;a
href=&quot;http://cpasuccess.typepad.com/.a/6a00d834520c5769e20147e123fd91970b-pi&quot; style=&quot;float:
right;&quot;&gt;&lt;/a&gt; Legislation, legislation, and legislation. Health care reform, the 1099 saga, the
FTC&amp;#39;s &amp;quot;red flags rule&amp;quot; and the IRS&amp;#39;s bid to register tax preparers were
particularly popular topics on the blog in 2010.&lt;/p&gt; &lt;p&gt;Here are our top 20 posts from 2010. Check
&amp;#39;em out, then tell us: What was &lt;em&gt;your&lt;/em&gt; top issue for 2010?&lt;/p&gt; &lt;ol&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/03/health-care-reform-what-will-change.html&quot;
target=&quot;_blank&quot;&gt;Health care reform: What will change?&lt;/a&gt; (March 22)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/09/irs-launches-online-ptin-registration-system.html&quot;
target=&quot;_blank&quot;&gt;IRS launches online PTIN registration system&lt;/a&gt; (Sept. 28)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/08/congress-leaves-1099-red-tape-firmly-in-place.html&quot;
target=&quot;_blank&quot;&gt;Congress leaves 1099 red tape firmly in place&lt;/a&gt; (Aug. 3)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/01/seven-reasons-clients-leave-their-cpas.html&quot;
target=&quot;_blank&quot;&gt;Seven reasons clients leave their CPAs&lt;/a&gt; (Jan. 11)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/01/top-seven-growth-areas-for-cpas.html&quot;
target=&quot;_blank&quot;&gt;Top seven growth areas for CPAs&lt;/a&gt; (Jan. 15)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/08/top-3-training-issues-for-cfos-and-top-3-skillsneeded.html&quot; target=&quot;_blank&quot;&gt;Top 3 training issues for CFOs and top 3 skills needed&lt;/a&gt; (Aug.
31)&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;http://www.cpasuccess.com/2010/05/score-one-for-cpas-as-senate-oksfinancial-reform.html&quot; target=&quot;_blank&quot;&gt;Score one for CPAs as Senate OKs financial reform&lt;/a&gt; (May
21)&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;http://www.cpasuccess.com/2010/10/cpas-see-signs-of-life-in-a-downeconomy.html&quot; target=&quot;_blank&quot;&gt;CPAs see signs of life in a down economy&lt;/a&gt; (Oct. 13)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/01/unemployment-never-looked-so-good-or-bad.html&quot;
target=&quot;_blank&quot;&gt;Unemployment never looked so good ... or bad&lt;/a&gt; (Jan. 29)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/06/another-red-flags-extension-this-time-to-dec-31.html&quot;
target=&quot;_blank&quot;&gt;Another &amp;#39;Red Flags&amp;#39; extension, this time to Dec. 31&lt;/a&gt; (June 1)&lt;/li&gt;
&lt;li&gt;&lt;a href=&quot;http://www.cpasuccess.com/2010/03/health-care-reform-whats-in-it-and-whats-not.html&quot;
target=&quot;_blank&quot;&gt;Health care reform: What&amp;#39;s in it ... and what&amp;#39;s not&lt;/a&gt; (March 30)&lt;/li&gt;
&lt;li&gt;&lt;a href=&quot;http://www.cpasuccess.com/2010/04/another-red-flags-delay-cpas-get-90-moredays.html&quot; target=&quot;_blank&quot;&gt;Another &amp;#39;Red Flags&amp;#39; delay: CPAs get 90 more days&lt;/a&gt; (April
30)&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;http://www.cpasuccess.com/2010/01/irs-seeks-to-regulate-tax-preparers-cpasexcluded.html&quot; target=&quot;_blank&quot;&gt;IRS seeks to regulate tax preparers; CPAs excluded &lt;/a&gt;(Jan. 5)&lt;/li&gt;
&lt;li&gt;&lt;a href=&quot;http://www.cpasuccess.com/2010/11/par-for-the-political-course-1099-repeal-fails-insenate.html&quot; target=&quot;_blank&quot;&gt;Par for the political course: 1099 repeal fails in Senate&lt;/a&gt; (Nov.
29)&lt;/li&gt; &lt;li&gt;&lt;a href=&quot;http://www.cpasuccess.com/2010/09/bid-to-remove-1099-reporting-rule-fallsshort.html&quot; target=&quot;_blank&quot;&gt;Bid to remove 1099 reporting rule falls short&lt;/a&gt; (Sept. 14)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/06/supreme-court-pcaob-appointments-unconstitutional.html&quot;
target=&quot;_blank&quot;&gt;Supreme Court: PCAOB appointments unconstitutional&lt;/a&gt; (June 29)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/02/top-5-skills-of-the-postrecession-leader.html&quot;
target=&quot;_blank&quot;&gt;Top 5 skills of the post-recession leader&lt;/a&gt; (Feb. 19)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/08/congress-revisiting-1099-tax-preparer-regulations.html&quot;
target=&quot;_blank&quot;&gt;Congress revisiting 1099, tax preparer regulations&lt;/a&gt; (Aug. 11)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/01/finance-will-be-a-jobmarket-force-in-next-decade.html&quot;
target=&quot;_blank&quot;&gt;Finance will be a job-market force in next decade&lt;/a&gt; (Jan. 6)&lt;/li&gt; &lt;li&gt;&lt;a
href=&quot;http://www.cpasuccess.com/2010/07/your-life-is-a-script-time-for-a-rewrite.html&quot;
target=&quot;_blank&quot;&gt;Your life is a script. Time for a rewrite.&lt;/a&gt; (July 26)&lt;/li&gt; &lt;/ol&gt;&lt;!-- Imported Assets
--&gt;
http://www.macpa.org/blog/1880/our-year-in-review-20-most-popular-posts-from-2010
bill@macpa.org(Bill Sheridan)
Thu, 30 Dec 2010 18:27:04 GMT
http://www.macpa.org/blog/1880/our-year-in-review-20-most-popular-posts-from-2010
Obama officially exempts firms from 'red flags rule'
&lt;p&gt;&lt;a href=&quot;http://cpasuccess.typepad.com/.a/6a00d834520c5769e20147e0eaad19970b-pi&quot;
style=&quot;float: right;&quot;&gt;&lt;img alt=&quot;Gift&quot; border=&quot;0&quot; class=&quot;asset asset-image at-xid6a00d834520c5769e20147e0eaad19970b&quot;
src=&quot;http://www.macpa.org/blog/resources/assets/205831611.jpg&quot; style=&quot;margin: 0px 0px 5px 5px;&quot;
title=&quot;Gift&quot; /&gt;&lt;/a&gt; Here&amp;#39;s a little holiday gift for you CPAs in public practice.&lt;/p&gt; &lt;p&gt;As
expected, President Obama has signed into law the &amp;quot;Red Flag Program Clarification Act of
2010.&amp;quot; The measure &lt;a href=&quot;http://www.accountingtoday.com/news/Congress-Exempts-CPAsRed-Flags-Rule-56685-1.html&quot; target=&quot;_blank&quot;&gt;narrows the definition of &amp;quot;creditor&amp;quot;&lt;/a&gt;
in the Fair Credit Reporting Act and thus excludes CPAs and CPA firms from having to comply with
the Federal Trade Commission&amp;#39;s &lt;a href=&quot;http://www.ftc.gov/redflagsrule&quot;
target=&quot;_blank&quot;&gt;&amp;quot;red flags rule,&amp;quot;&lt;/a&gt; which requires certain business entities to
&amp;quot;develop and implement written identity theft prevention programs&amp;quot; that could detect the
red flags that signal identity theft.&lt;/p&gt; &lt;p&gt;&amp;quot;CPAs and CPA firms often do not receive full
payment from clients at the time services are rendered. That is not the same as a financial transaction
like a bank loan or a credit card where ID theft is a risk,&amp;quot; &lt;a href=&quot;http://www.aicpa.org&quot;
target=&quot;_blank&quot;&gt;AICPA&lt;/a&gt; President and CEO Barry Melancon explained. &amp;quot;This legislation
makes clear that a CPA&amp;#39;s billing cycle isn’t an identity theft risk. This legislative fix to a
burdensome regulation is a positive development in Washington.&amp;quot;&lt;/p&gt; &lt;p&gt;The AICPA is
acknowledging Sens. John Thune, Mark Begich and Chris Dodd, and Reps. Barney Frank, Spencer
Bachu, John Adler, Mike Simpson and Paul Broun for their work in passing the bill.&lt;/p&gt; &lt;p&gt;It&amp;#39;s
important to note that the big winners in this effort are CPAs in public practice. Small businesses and
non-profits will still have to comply with the FTC&amp;#39;s rule by the &lt;a
href=&quot;http://www.cpasuccess.com/2010/06/another-red-flags-extension-this-time-to-dec-31.html&quot;
target=&quot;_blank&quot;&gt;Dec. 31 deadline&lt;/a&gt;.&lt;/p&gt;&lt;!-- Imported Assets --&gt;
http://www.macpa.org/blog/1888/obama-officially-exempts-firms-from-red-flags-rule
bill@macpa.org(Bill Sheridan)
Wed, 22 Dec 2010 04:44:54 GMT
http://www.macpa.org/blog/1888/obama-officially-exempts-firms-from-red-flags-rule
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