professional issues update nov 2007 ver2
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Professional Issues UpdateFall, 2007 Edition
Tom Hood, CPA.CITP
CEO & Executive Director
Maryland Association of CPAs
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CPA Redux
Re-dux - adj. brought back,
resurgent
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“CPAs ARE the DISCIPLINE in business!”
Jim Collins
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CPA Redux - What is a Profession?
Professions enjoy a high social status, regard and esteem conferred upon them by society. This high esteem arises primarily
from the higher social function of their work, which is regarded as vital to society as a whole and thus of having a special and
valuable nature.
Source: Wikipedia
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CPA Redux - What is a Profession?
All professions involve technical, specialized and highly skilled work. Training for this work involves obtaining degrees and professional
qualifications without which entry to the profession is barred. Training also requires
regular updating of skills.
Maryland CPAs are required to achieve the 4 E’s to qualify for licensure1. Education – bachelor’s degree + 30 hours2. Examination – Pass the Uniform CPA Exam3. Ethics – Maryland requires a separate ethics exam4. Experience – 1 year of experience working with a CPA
Thereafter, they are required to complete 80 hours of continuing education every two years, including four hours of ethics training.
Source: Wikipedia
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Welcome – Tom Foard, CPAMACPA Chair of the Board
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Learning Objectives
• CPA Redux – revisit what a CPA is in today’s global economy• Gain an understanding of the biggest changes in the CPA
Profession at the international, national, & state levels • Understand the latest developments in compliance, CPA
licensing and multi-state practice issues• Identify the major State Legislative & Regulatory threats to
your business and your CPA License and what you can do about them
• How to manage four generations at work and dealing with this "new" twenty-something workforce
• What you can do to win the talent war - recruiting & retaining top talent
• Learn how FASB's new Private Company Financial Reporting Initiative affects your firm or company
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First Up: The Big Picture…
• Increased economic globalization• Growing fiscal pressures on governments• Escalating health care costs• Shrinking workforce• Changing U.S. demographics• Growing focus on knowledge-based work• Lightning-fast technological shifts• The rise of Web 2.0 social media
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Right now…
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History of the Profession
IRS
OIG
Regulatory Structure of CPA Profession
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SOX is the driver…
Editorial ReviewsBook Description
A simple guide to the complex new accounting rules under Sarbanes-Oxley
CPAs, lawyers, business owners, and corporate managers of all kinds are currently dealing with the biggest change in corporate governance since the
1930s. As full implementation of the Sarbanes-Oxley Act gets under way-bringing large changes in corporate accounting and disclosure-managers
everywhere need a plain-English guide that explains the legislation simply and practically. Sarbanes-Oxley For Dummies provides an implementation framework
for firms as they struggle to come into compliance; explains key provisions in the legislation; and identifies specific actions needed to achieve
compliance. In addition, this straight-to-the-point guide presents a summary of best practices, smart
business policies, and invaluable compliance checklists.
Jill Gilbert, JD, CPA (Milwaukee, WI) is a former tax consultant, and an attorney who runs her firm's Sarbanes-Oxley consulting division. She is also
the author of two For Dummies technology titles.
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12
500 convictions30 CEOs
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The Professions - Top Five Issues
1. Professional Legislation and RegulationTax Strategy Patents, Mobility, SOX, Maryland changes
2. Pipeline – Next Generation CPARecruitment / Retention / Staffing / Generational Issues
3. Public/Professional Accountability4. Private Company Financial Reporting
(FASB)5. Performance
Trends in CPA Firms and Business, Industry, Government, NFP & Education
So what are we doing about it? – MACPA’s Agenda
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Professional Legislation / RegulationProfessional Legislation / Regulation
Update
2007
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What you need to know
• Federal level (congress)– Tax patents– SBWOTA of 2007 & new Preparer Penalties– Tax-preparer licensing / regulation (federal &
state)
• State Legislation - Maryland– Sales Tax on Professional Services – Mobility– Tax Preparer Licensing and Attack of
Accountants– Civil Liability Reform
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Say what?
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Tax Return Preparer Standards
• Raises reporting standard for preparers (“more likely than not”) above the standard for taxpayers (“substantial authority”)– potential conflicts of interest - preparer & client– affects nature of representation of taxpayers &
taxpayer’s right to representation.
• “More likely than not” standard results in a fundamental change in the role of the preparer– advocate to advisor.
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Need to turn back these preparer rules
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S 2369 – Tax Patents
Major Elements of our legislation•Allows the granting of patents for tax strategies•Immunity from infringement for tax payers and preparers•Software carve out
•Allows for continued innovation in the development of tax preparation software – TurboTax, TaxCut•Other Bills – Patent Reform of 2007•Tax Shelters
UPDATE -Passed HR 1908
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Sales Tax on Services
March 9, 2007“Expect states to focus on sales taxes.
They’ll target service Industries…everything from accounting to beauty
salons…many of which aren’t taxed at allright now.”
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Sales Tax on Services
Special interests target CPA Services – League
of Women Voters & Progressive Maryland
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MACPA took a Proactive ApproachMD Chamber Sales Tax Study
• All taxes are not created equal
• Sales Tax on Services will costs jobs
• Business is paying its fair share (and then some)
• Meet w/ Gov, Speaker, Senate President, and Tax writing Committees before special session
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Educate legislators/Mobilize membersTen Criteria for Evaluating Tax Law
• 1. Simplicity: The tax law should be simple so that taxpayers understand the rules and can comply with them correctly and in a cost-efficient manner.
• 2. Fairness: Similarly situated taxpayers should be taxed similarly.
• 3. Economic Growth and Efficiency: The tax system should not impede or reduce the productive capacity of the economy.
• 4. Neutrality: The effect of the tax law on a taxpayer’s decisions as to how to carry out a particular transaction or whether to engage in a transaction should be kept to a minimum.
• 5. Transparency: Taxpayers should know that a tax exists and how and when it is imposed upon them and others.
State Tax Committee Chair Bev Richard & Andy Bareham on tour to inform MACPA members
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Educate legislators/Mobilize membersTen Criteria for Evaluating Tax Law
• 6. Minimizing Noncompliance: A tax should be structured to minimize noncompliance.
• 7. Cost-Effective Collection: The costs to collect a tax should be kept to a minimum for both the government and taxpayers.
• 8. Impact on Government Revenues: The tax system should enable the government to determine how much tax revenue will likely be collected and when.
• 9. Certainty: The tax rules should clearly specify when the tax is to be paid,how it is to be paid, and how the amount to be paid is to be determined.
• 10. Payment Convenience: A tax should be due at a time or in a manner that is most likely to be convenient for the taxpayer.
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70 + Bills in special sessionHow do you win?
• 4 MACPA Committees– Legislative Executive Committee– CPA Committee for Political Action– State Tax Committee– Board of Directors
• Inform & mobilize members– CPA Legislative Insider– Keyperson alerts– E-mail
• Activate Grassroots– 300 + letters & e-mails
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Tax Reform Act of 2007
• Sales Tax increase to 6%• Sales Taxes expanded to computer consulting• Corporate Income Tax Rate from 7% to 8.25%• Extensive new reporting requirements (2007)• Individual Income Tax Rates new brackets
– 5.00% for $200,000– 5.25% for $350,000– 5.50% for $500,001 and up
• Increase in car titling tax to 6%• Tobacco Tax + $1.00 per pack
UPDATE – Defeated Sales Tax on CPA services!
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MD Rate 11.5%
What would happen if we weren’t there?
UPDATE – Defeated Sales Tax on CPA services!
"There's no strong voice of landscaping, computer services and arcade owners. …that's one of the reasons they got picked.” - former Senator Barbara Hoffman
"An old adage among politicians is that if you don't holler at tax-raising time, you'll get hurt." –
Lou Panos
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State Boards of Accountancy: Regulation of Interstate Practice
• TREND: Aggressive application and enforcement by some states
• TREND: Historic agreement & effort by NASBA, AICPA, State CPA Societies
• Only 4 States with real mobility (OH, VA, WI & MO) at start of 2007
• New Principles of UAA:– No notification– No fees– No add-on requirements– Automatic jurisdiction over licensee
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Mobility
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WA
OR
CA
NV
ID
MT ND
SDWY
UTCO
AZ
NM
AK
HI
TX
OK
KS
NE
MN
IA
MO
AR
LA
MS AL GA
FL
WI
IL
MI
IN
KY
TNSC
NC
VAWV
OH
PA
NY
VTME
NH
MA
RI
NJ
DE
MD
CT
The Start of 2007 Sessions (December 2006)
DC
Mobility
Mobility & Practice Privilege
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WA
OR
CA
NV
ID
MT ND
SDWY
UTCO
AZ
NM
AK
HI
TX
OK
KS
NE
MN
IA
MO
AR
LA
MS AL GA
FL
WI
IL
MI
IN
KY
TNSC
NC
VAWV
OH
PA
NY
VTME
NH
MA
RI
NJ
DE
MD
CT
Looking Forward to ‘08
DC
Legislative ActionMobility Board Support
NH
Mobility First Steps Targets for 2008
Safe States: MO, OH, WI, VA, TX, LA, TN, IL, RI, MN, IN
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Next Steps in Maryland
State Board of Public Accountancy voted to support Section 23 of UAA
Get bill sponsor• Seek approval from
Secretary Perez & DLLR (in progress)
• Introduce in Jan, 08• Mobilize grassroots
Montgomery County CPAs meet with Delegate Brian Feldman (third from left) to discuss private sponsorship of mobility legislation
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Maryland Tax Preparer licensing
This bill would create a MD Certified / Licensed Income Tax Preparer
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Tax Preparer Licensing
• This letter was sent to MACPA by concerned members
• Beware of misinformation by
unlicensed Accountants (MSA)• Their agenda is showing…
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•The current licensing of P.A.s results in a second tier professional that is not functionally different than a CPA• The public would benefit from the licensing of a second tier of accounting professional who has proven ability through education, examination, ethics and experience, but is more limited in their scope of practice than a CPA.• The second tier of licensing would be more meaningful to the public and give them a true choice in the matter of choosing a professional.
Tax Preparer Licensing – version 2.0 Oklahoma – HB 1752
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Tax Preparer Licensing – Risk to CPAs?
Unlicensed Accountants
Unlicensed accountants are using tax preparer legislation as step to second-tier accounting license.
AccreditedBusiness
Accountant
Alert to State CPA Society Executives:
CPAVS
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• Problems with Licensing Tax Preparers– Costly– Confusion of public with CPA services
that have higher public interest– May not stop unethical/illegal preparers
• Continuing work with consumer group & state to find reasonable approach – Consumer education approach– Protect low-income taxpayers – Emphasis on enforcement first– More fiscally responsible
• Already Successful in …– Exempting CPAs from any proposed
licensing & CPE requirements, and – getting a seat on the proposed State
Board
Our Approach – Consumer EducationProtect the CPA License & Public Interest
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MACPA & the State BoardMD Regulations – uniformity & simplicity
CPA Self-study requirements modernized & uniform CPE for Peer review – effective 12/01/07 CPA Exam Educational Requirements
Meeting held with educators – May 5, 2007 Proposal voted by board Published in MD Register – comments due by 11/15/07 Should be effective as of January 1, 2008
Mobility technical corrections – Proposed for 2008 4 in 10 (removing out-of-state requirement) Educational Requirements retroactive for reciprocal
Update
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PipelinePipeline
2007
ISSUE
• Staff Shortage• Generational Issues• Talent Management• Training Trends• Training Opportunities
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Demand Continues to be Great
The need for CPAs in the U.S., post-Sarbanes-Oxley, is at an at all-time high, resulting in aggressive competition between firms and companies for their services.
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a CPA
Accounting is Hot!
• Accounting is the new No. 1 major on college campuses – Publication: Central Penn Business Journal: Date: May 13, 2005
• Based on the number of college freshmen who are making it their career choice, accounting is the new 'sexy' college major. Yes, accounting.
– 2005 survey: National Association of Colleges and Employers.
41
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And CoolAnd Cool
CPA – Cool People Apply
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Staff Shortage + Four Generations in workplace = Trouble!
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
Matures Boomers X'ers Millenials
StaffShortage
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Another view…
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Generational Differences
45
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Four Generations in the Workplace
• Matures – 1909-45• Boomers – 1946-64• Gen X – 1965-80
• Millennials - 1981 + up (Y2K, Netgen, Echo-boom, Gen Y)
Which one are you?
Issue: Generation Differences
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The Matures (born prior to 1946)
• Duty, honor, country• Dedication, sacrifice• Conformity, blending, unity – “We
First”• Patience• Hard, hard times then prosperity• National pride• Doing a good job was most important• Age = Seniority
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The Baby Boomers (’46 to ’64)
• Work ethic = Worth. “Workaholic”
• Competitive
• Success is largely visible – trophies, plaques, certificates, etc.
• Optimistic
• Consumers
• Defined by their work
• We are the world, We are the children
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Generation X (’65 to ’79)
• Question authorities.• Their heroes are people they’ve met; that they know.• Raised as their parent’s friends.• Saw lifelong employment end – don’t believe it will
happen to them.• Can be cynical. Can be pessimistic.• Time horizons are shorter than the Boomers or
Matures.• Time is a currency.• Carpe Diem approach – Seize the day!• “Prove it to me.”
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Millennials (Since 1980)
• Individuals w/ a group orientation (team?)• Optimistic• Programmed. Coddled. Well looked after.• Hard time focusing on anything.• Busy & stressed at a young age.• Like “X”, raised as their parent’s friends.• Are not adults. Are not adolescents. “Adultolescent”
phase.• “Future” is very short term.• Huge goals. Clueless on the execution.
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The way it is supposed to work…
• A senior generation assumes they know what the younger generations want (or should want) for themselves; how they should define “success.”
• The senior generation then prescribes a “pay your dues” process to achieve that “success.”
• The senior generation thinks, in the back of their mind, that the younger generations will never have to work as hard as they did to become “successful.
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Consider the following:
“What happens when generations define success differently?”
“How do the conflicting definitions of success affect how we motivate, coach and encourage in the workplace?”
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What the New/Young Professional is saying
The Context Map was used to capture the trends and issues facing the New / Young Professional.
Staff Shortage + generational differences = crisis
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And they get it…If I were managing partner…
• Invest in training whole firm on consultative selling• Change expectations – make the investment in
people and training• Supervisory training & Conflict resolution• Get the wrong people off the bus• Fire the “D” clients to match resources with
workload• Implement specialization to give us better focus
and client service
Source: MACPA Leadership Academy Participants, Sept, 2006
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CriticalTurning
Point
Succes
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in H
igh
Perfo
rman
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rgan
izatio
ns
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Top 20 Reasons to Stay with a FirmAICPA PCPS
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Retention and Recruiting - Bottom Line
• They want to be “engaged” in the firm mission , vision and values.
• They want to be more involved with the client• They are accustomed to real time
communication • They want career growth opportunities and
greater clarity of what it looks like• They want personalized “one fits one” policies • They want interesting, challenging projects
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Tom’s Top 5 Workplace Tips
1. Be the right person – versus the right organization
2. Be specific and don’t assume anything
3. Define roles and career path (in easy increments and steps)
4. Invest in training – it has high ROI, and is a retention tool
5. Offer challenging work and reward even small steps
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According to the Generational Experts
“It’s easy to say that these simple demonstrations shouldn’t be necessary. Many people say that employees should enter the workforce ready to work. Blame the parents, the schools, the media or something else. But that won’t change the outcome”
“So deal with it”
Motivating the “What’s In It For Me” Workforce- Cam Marston
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Public / Professional
Accountability(Standards)
Public / Professional
Accountability(Standards)
2007
ISSUE
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Lots of changes on the horizon…
• AS 5 - PCAOB• IRFS – SEC International gets legs• XBRL – SEC mandatory?• Codification Project – FASB
– Convergence with international• Clarity Project – ASB
– Convergence with international– Risk-based standards already in int’l format (SAS 104-
111)• SAS 112 Communication• Internal Control – COSO• Fin 48
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Standards Convergence
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PCIE Report - OMB A-133 single audits
“Based on numbers of audits, the results show significant percentages of unacceptable audits
and audits of limited reliability.”
1. Revise & improve standards & guidance
2. Establish minimum requirements on training (16-24 hours CPE)
3. Processes to address unacceptable single audits
4. Next up GAO study
Failed
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CPA Profession in the spotlight
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International
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Private Company Financial Reporting
Private Company Financial Reporting
2007
ISSUE
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Big GAAP – Little GAAP?
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Private Company Financial Reportingwww.pcfr.org
http://www.pcfr.org
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PCFRC’S Agenda for Existing GAAP
• FIN 48• FIN 46R• FASB 123R• FIN 48 was selected first because of the upcoming effective
date.
Recommendation - The PCFRC recommends that the FASB delay the effective date of FIN 48 for private companies. The effective date should be delayed until 1) clarification and guidance is issued on FIN 48’s for pass-through entities, and 2) further consideration is given to the usefulness of FIN 48’s disclosure requirements for private companies. Further, this delay will allow for a higher level of awareness and education about FIN 48.
APPROVED
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PerformanceTrends & IssuesPerformanceTrends & Issues
2007
ISSUE
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IPA Consultant Predictions – Jan 2006• “An increase of larger firms will result from
an increase in mergers. Accounting firms will look more like law firms in terms of size.” -Marc Rosenberg
• “There will be more large firms.” – Marc Rosenberg
• “Mergers and acquisitions will increase.” – Jeff Pawlow, The Growth Partnership
Trends Facing CPA Firms
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PCPS / TCPS 2007 MAP Survey
1. Tax complexity & changes
2. New regulations & standards
3. Keeping up with standards
4. Keeping up with Technology
5. Work/Life Balance
1. Finding qualified staff
2. New regulations & standards
3. Tax complexity & changes
4. Keeping up with standards
5. Retaining staff
Sole Practitioners Firms 2 to 5
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PCPS / TCPS 2007 MAP Survey
1. Finding qualified staff
2. New regulations & standards
3. Retaining Staff
4. Keeping up with standards
5. Succession planning
1. Finding qualified staff
2. New regulations & standards
3. Retaining Staff
4. Succession planning
5. Developing new partners
Firms 6 to 10 Firms 11 to 20
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PCPS / TCPS 2007 MAP Survey
1. Finding qualified staff
2. Retaining staff
3. Developing new partners
4. Work . Life balance initiatives
5. Management of human resources - workload
Firms 21 or more Running these firms is like…
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Top Ten Issues facing Large CPA firms
• Finding and retaining quality staff
• Succession planning • Attaining and managing
growth • Technology
implementation • Training
• Leadership development • Profitability • Client retention and
development • Government regulation
• Risk management
Source : Inside Public Accounting – January, 2007
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Top 5 Issues facing CPAs in Business & Industry
1. Lack of Time
2. Standards & Regulatory Overload
3. Staff Shortage
4. Dealing with Technology
5. Competition & the Speed of Business
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Top Five Issues facing their companies
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Managing Financial Statement Preparation and Auditor Relations: In your opinion, has the service provided by your firm’s auditors in each of the following areas, improved, worsened or stated the same since accounting reforms of recent years?
78
Improved Same Worse Don’t know
Quality of work 39% 52% 1% 8%Communication and/or responsiveness to the audit team
34% 56% 1% 9%
Interpretation of accounting regulations 30% 59% 3% 8%
Tactical implementation 29% 61% 1% 9%
Strategic Guidance 27% 62% 2% 9%Ability to adequately staff engagements 22% 67% 2% 9%
CFO – Auditor relationsPublic Accounting firms are improving
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Overwhelmed?
• Maybe you need “Breathing Lessons”– How CFOs can thrive under pressure
• “CFOs today find themselves scrambling in more directions than a good bartender on
New Year’s Eve. And no wonder, pressures for accountability and
performance have never been higher.”• Lesson # 4
– “Focus on specific decisions that must be made then work backward to determine what information you need”
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Business & Industry CPAHats in the Belfry
Courtesy of Tom Foard
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The Four Faces of Finance
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Business & Industry & NFP
• SAS 104-111 & SAS 112
• New Risk-Based standards will change audits – significantly
• Webcast scheduled for mid-December
• Townhall resource page has SAS 112 toolkit
• Get up-to-speed on internal control (COSO), etc.
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Emerging Trends / Issues
• Enterprise Risk Management
• LEAN Accounting
• Supply Chain Management
• GREEN / Sustainability
• Enhanced Business Reporting / SEC Simplification
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AICPA Top 10 Technologies
84
1. Information Security Management2. Identity and Access Management3. Conforming to Assurance and Compliance
Standards4. Privacy Management5. Disaster Recovery Planning and Business
Continuity Management6. IT Governance7. Securing and Controlling Information Distribution8. Mobile and Remote Computing9. Electronic Archiving and Data Retention10. Document, Content and
Knowledge Management
NEW
NEW
NEW
NEW
THIRD YEAR AT #1
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What is XBRL?
• eXtensible Business Reporting Language• International platform for business reporting• An information standard that enhances the quality and efficiency
of business information for internal and external consumers• Supply chain understanding of a standardized way to
communicate business information • Provides information with identity and context that can be
understood by a range of software applications allowing seamless interface with databases, business reporting systems and spreadsheets
• Can be used to enhance compliance processes
85
Special session on XBRL at Maryland Business & Accounting Expo on June 17 & 18, 2008
Baltimore Convention Center
Special session on XBRL at Maryland Business & Accounting Expo on June 17 & 18, 2008
Baltimore Convention Center
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XBRL: The Bar Code of the Business Reporting World
Efficiency
SavingsQuality
86
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XBRL: What can you do?
• Educate yourself and your team – XBRL conferences and sessions– Talk with others who have implemented
• Investigate/target process areas
• Develop Project plan and ROI assessment
• Assess tooling needs, availability, fit
• Implement and assess cost/benefit realities
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Web 2.0 is here…
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“Web 2.0 generally refers to a second generation of services available on the WWW that lets people collaborate and share information online.” - Wikipedia.com
Shared Pictures =
Shared Knowledge =
Shared Bookmarks =
Shared News =
Shared Videos =
Shared Everything =
Web 2.0 & You
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Web 2.0 continues to grow
Try this professional networking site
Coming Soon – MACPA training on Web 2.0Coming Soon – MACPA training on Web 2.0
www.linkedin.com
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MACPA has a Second Life…CPA Island
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Connect - MACPA Blogs, listservs
• www.cpasuccess.com• www.newcpas.com• www.cpalegislativeinsider.com
Using Web 2.0 to connect and inform our members and connect to the next generation CPA
Fed & state tax, PFP, practice & industry, & NFP listservs
Subscribe byE-mail here
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What is your Association doing
about this?Connect – Protect
- Achieve
What is your Association doing
about this?Connect – Protect
- Achieve
2007
ISSUE
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Promoting the CPA License!Filling the pipeline…
1. Student members
2. CPA Candidates 3. New/Young Professionals 4. Leadership Academy
1.
Recruit
Students
2.
Promote
CPA
License
4.
Fast
Track
Career
3.
Build
CPA
Skills
Issues addressed:
•Retention
•Recruitment
•Succession Planning
•Leadership
•Staffing
•Generational Issues
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1. Student Memberswww.tomorrowscpa.org
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Student Recruitment is paying off!www.cpasuccess.com
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2. Promote the CPA licenseThe “New” CPA Exam
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2. Promote the CPA license
• 150 Hours of Education
• Group I – 27 semester hours in accounting subjects– Auditing (3 hours)– Managerial Accounting (3 hours) – US Federal Income Tax (3 hours)– Financial Accounting (9 hours)– Accounting Electives (9 hours)
Maryland Educational requirement
Uniform &
Flexible
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2. Promote the CPA license
• Group II - 21 semester hours in business subjects (at least five of the following subjects:– Economics– Statistics– Corporation or business finance– Management– US Business Law– Marketing– Business Communication
• Ethics – Business, accounting, philosophy of ethics or a course that examines a framework for ethical decision making
Uniform &
Flexible
Maryland Educational requirement
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What are the four parts of the “new” CPA Exam?1. Auditing & Attestation
2. Business Environment Concepts
3. Financial Accounting & Reporting
4. Regulation
The “New” CPA exam
update
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CPA Exam changes
• Paper-based
• 2 x year May & November
• 5 sections
• Computerized
• Anytime
• 2 months per quarter
• Pass all sections in 18 months (to keep passed sections)
• 4 sections
• 70% new content!
Then: Now:
update
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2. Promote the CPA license
Next date : June 17, 2008At the Maryland Business & Accounting Expo
Maryland DLLR Swearing-in of new CPAs
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Swearing-in Ceremony
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What you can do to promote the CPA?
• Understand the “new” CPA Exam
• Encourage MACPA candidate membership
• Use CPA Exam tracking tool to track employees progress
• Support the swearing-in ceremony
• Create / reinforce firm/company culture that celebrates CPAs
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3. New / Young Professionals
NYPN All member holiday partyMaryland Zoo (in Baltimore)December 13, 2007 6-10pm
“CPE - Certified Penguin Extravaganza”
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Defeated Sales Tax on Services 5xDefeated Comparative Fault Legislation 13xDefeated Tax Preparer LicensingDefeated Increases in Filing Fees 3xPrevented MD SOX for private cos. - SB 560Passed Separate Funding for our State BoardPassed Mandatory Peer Review &
RegulationsPassed Ethics CPE Requirement
Connect – Protect - AchieveWhy we need a seat at the table?Come help us “holler”
“An old adage among politicians is that if you don't holler at tax-raising time, you'll get hurt." - Lou Panos
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• Numbers Count – 188 Legislators• Regulators in “hyper-active” mode• 2,000+ bills in 90 days• Other State Activity aimed to correct problems in
accounting profession• Special interests targeting CPAs• Federal, State, Regulatory levels are all activeCPA Day in Annapolis – January 23, 2008
Protect - Legislative Advocacy“our best defense is a strong offense”
“No man’s life, liberty or property are safe when the legislature is in session.”
- Mark Twain
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2008 Advocacy Agenda
• Stopping Sales Tax on Services
• Preventing Trial Lawyers from making it easier to sue CPAs & Business
• Preventing unnecessary Tax Preparer Licensing
• Enabling your right to interstate practice - Mobility – Section 23 of UAA
http://www.cpalegislativeinsider.com/Keep up-to-date with our legislative insider blog:
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Connect - Financial Literacy – Promoting the CPA
• Financial Fitness calendars• Serving those who serve – National Guard• Taxpayer Questions• Legislative Tips
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Protect your license &Differentiating the CPA
• BBJ Supplement
• Smart CEO
• Articles & PR
• Managing our Brand
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Connect – you to your Profession
• CPA Communities – Chapters, Committees, New Young Professionals, Tomorrow’s CPAs, Task Forces
• Professional Development – public and in-house, technical to executive development
• Updates – e-newsletter, Statement, Web, member call center
• Business & Industry Conference• Annual Meeting• CPA Day• Quality – Ethics & Peer Review• Swearing-in Ceremony for New CPAs June 17, 2008 Baltimore Convention Center
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Achieve Success – Compliance & Reliance
NASBA CPE Tracker
Skills for the CPA of the Future - Leadership, Strategic & Critical Thinking, Focus on the Customer, Client & Market
“MACPA leads the nation in on-
site custom training for
CPAs” - John Toman VP AICPA
Multiple jurisdiction CPEOn-site Training
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Achieve! Top CPE in Nation
• Maryland Business & Accounting Expo – 16 hours of CPE - $250
• MACPA1040 Fast Track “it’s better than Gear-Up!”
• Self-study – AICPA CPE Express
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Achieve! Member resourcesMACPA’s Trusted Partners
• Provident Banking
• RJP Insurance
• AON
• Purchasing Power of the profession– Savings of up to 70% off!
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CPA Redux - the Maryland CPA!
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What STuck out for you?
Questions & Discussion
Learning QuestionsFeedback Form
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MACPA Connect-Protect-Achieve!Fast tracking your road to success
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Resources from today’s programAvailable at www.macpa.org
• MACPA’s Town Hall Resource Page
http://www.macpa.org/Content/Content/23456.aspx• Websites & Blogs
www.tomorrowscpa.org (high school & college students)
www.bizlearning.net (On-site catalog of programs)• MACPA’s Blogs
www.cpasuccess.com CPA Success tips
www.newcpas.com Fast Track your career here
www.cpalegislativeinsider.com Legislative/Regulatory news
www.cpaisland.com CPAs on Second Life
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Save these dates…
• Technology Conference – December 3, 2007• Don farmer Tax Update – December 6, 2008• Member Holiday Party – December 13, 2007
Maryland Zoo in Baltimore• CPA day in Annapolis – January 23, 2008• Maryland Business & Accounting Expo – June
17 & 18, 2008• MACPA’s Fast Track 1040 Tax – get in “high
gear” next year!
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Tom Hood, CPA.CITPCEO
Maryland Association of CPAsBusiness Learning Institute
(443) [email protected]
www.macpa.orgwww,bizlearning.net