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Managing partner agenda-2010
1. Maryland Association of CPAs
Managing Partner Briefing
May 3, 2010
Welcome – Tom Hood, CPA.CITP ‐ CEO / Executive Director
Outcomes: Update on important legislative / regulatory changes that affect CPA firms
Follow‐up from prior MP meetings in Fall/Winter
Understand the latest trends affecting CPA Firms
Today’s Agenda
Scenarios & Special Interests working against CPA Firms & CPAs
Top 5 Hot Issues
Top 10 Opportunities we see for you
Background and information for you to share
Scenarios & Special Interests working against CPA Firms & CPAs
$3,500 penalty per customer fine for failing to have identity theft policies (FTC Red
Flag ruling)
Mandatory registration of CPAs and staff who do tax & financial planning by CFPA of
2010 and a new federal regulatory body
Congressional takeover of Financial Accounting Standard Setting
CPAS required to register with new debt settlement agency in MD (SB 701)
All CPAs and staff required to take another tax exam, register with State Board ($250+
each), and comply with additional CPE (special interests‐Maryland Society of
Accountants, Jack Surgent)
Sales Tax on Accounting & Tax Services ‐ Tax, Accounting & Consulting are luxury tax
items and should be taxed – what will it cost to administer this?
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2. Maryland Association of CPAs
Managing Partner Briefing
May 3, 2010
MACPA’s 2010 State Legislative Agenda
Stop sales Tax on Accounting & Tax services
Oppose combined reporting
Stop efforts to liberalize tort laws (lawsuit abuse)
Support State Board 120/150 legislation ‐ unsuccessful
Stop efforts to repeal Peer Review
Additional legislation
New CPA firm permit reinstatement fee $240.00
New – Penalty for misrepresentation of CPE ‐ $1,000.00
Debt settlement services – coverage of CPAs (and others) – amended to
study
Insurance Operations – requirement of audits by CPA – liquidity &
investments (HB 69)
Kids First Express Lane – sharing of Maryland Income tax information –
amended
Teacher & Employee Sustainability Act – Combined Reporting (HB 853) –
defeated
County Income Tax transparency ‐ withdrawn
Unemployment Insurance ‐ amended
MD Job Creation & Tax Act (DLLR) http://www.dllr.state.md.us/
Recap of 2010 General Assembly from MD Chamber
http://www.mdchamber.org/legislative/2010recap.asp
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3. Maryland Association of CPAs
Managing Partner Briefing
May 3, 2010
Federal Issues
DOL ranks MD in Top 5 worst audit quality (and stepping up enforcement)
Wall Street reform & Consumer Financial Protection Act
FTC “red flags” rule (Identity theft) – Delayed implementation – June 1st
IRS Preparer registration – PTIN & Tax preparers
IRS use of “FIN 48 Uncertain Tax Positions”
Estate Tax
Federal – Wall Street Reform and Consumer Financial Protection Act (HR 4173)
o Passed House floor vote (223‐202)
o Combines CFPA Act & Investor Protection Act
Provisions
o PCAOB authority to scope the regulation of audits for all broker‐dealers through
rulemaking
o Exempts non‐accelerated filers from SOX Section 404(b)
Progress
o Recognizes CPAs’ valuable advice and counsel
o Excludes sales of securities or extension of credit
Financial Re‐regulation (S 3217) Dodd introduced Senate bill March 15
Aiding & Abetting introduced by Specter
Passed Senate committee March 22
Establishes Financial Stability Oversight Council
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4. Maryland Association of CPAs
Managing Partner Briefing
May 3, 2010
Grants greater powers to Federal Reserve
o Break up large entities that pose a “grave threat”
o Examine bank‐holding companies >$50 billion in assets
o Create Consumer Financial Protection Agency within Fed
Includes version of Volcker Rule
Proposes transaction fee to establish fund for future financial collapse
FTC “red flags” rule
ABA won their suit
Court granted AICPA (members) exemption and 90 day extension after
appeal hearing
Small Business & others will have to comply by June 1st
Top 5 Hot Issues (from PCPS and others)
1. Client retention & Client ranking/acceptance
2. Partner Accountability
3. Succession Planning – Coming labor shortage & generation issues
4. Marketing / practice growth – Have you considered socmed tools?
5. Retaining Qualified Staff – 25% of high performers ready to leave
Top 10 Opportunities for CPA firms
1. Tax planning and compliance (ARRA, Health Care, Wall Street Reform Act, HIRE Act, MD Job’s Act)
2. DOL new rule requiring audits of 403(b) plans for non‐profits (estimated 100+ audits in MD)
3. Services for state and local governments: Firms skilled in audits of state and local governments and the
requirements of OMB Circular A-133
4. Services for nonprofit organizations (ARRA & OMB A-133)
5. Renewable Energy – Cap & Trade, accounting for green
6. Sustainability/Green reporting
7. Valuation services
8. Forensics & Fraud
9. XBRL (Tagging) for June 15th deadline
10. International Business – the recovery will start and be strongest from developing markets
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5. Maryland Association of CPAs
Managing Partner Briefing
May 3, 2010
Looking ahead to 2011 (Threats & Opportunities)
120 / 150 hour amendments to sit for CPA Exam
Election year (Governor & major part of 188 legislators)
Expected $1 billion state deficit
Changes in DLLR and State Board of Accountancy appointments
Sales Taxes on Accounting, Tax, and Consulting services
Comparative Fault changes by trial lawyers (increased lawsuits &liability insurance rates)
Supersedes (appeal) bonds – protecting your right to appeal
Lots of tax legislation
What we need you to do:
1. Support MD CPA Summit & Swearing‐on Ceremony on June 28th, 2009 by
getting all newly licensed CPAs (for past two years) to attend and take oath
Registration link – Swearing‐in Ceremony
http://www.macpa.org/Public/Conference/Description.aspx?courseID=10191006
2. Numbers Count! ‐ Support MACPA with membership (thanks to all of you
who are 100% member firms!)
3. Encourage your partners to support our PAC
Background link: http://www.macpa.org/Content/21779.aspx
4. Encourage your New / Young Professionals to get involved in NYPN
http://www.macpa.org/Content/NYPN.aspx
5. Attend CPA Day in Annapolis – January 19, 2011
http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=11181000
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6. Maryland Association of CPAs
Managing Partner Briefing
May 3, 2010
Background
2009 Legislative Agenda – another successful year – no grassroots actions required
Legislative Update 2008 – 2009
Defeat Sales Tax on Services
Stop Comparative Fault (Liability reform) by Trial Lawyers
Pass CPE reform
In addition, Mandatory e‐filing passed, helped stop health insurance bill (2% surcharge)
State Board Hierarchy – Legislation – Regulations – Policies & Procedures
Mobility Legislation – Now in effect
New Maryland Mandatory Peer Review Requirements – effective October 1, 2008
Overhaul of CPE regulations – effective May 18, 2009 for reporting years from May 18, 2007 forward
o CPE = CPE – full carryover
o Changes in rules for accounting educators
o Ethics does not carry over
o New fields of study qualifies more topics
For more information:
http://www.cpasuccess.com/2009/05/new‐cpe‐regulations‐pass‐in‐maryland.html
New fields of study approved:
The Board requires each licensee to earn four (4) hours of professional ethics as part of the minimum of
80 hours reported to qualify for license renewal. This is the only subject requirement for CPE. The Board
accepts CPE courses in 23 subject fields of study. These fields of study include:
Accounting Behavioral Ethics
Accounting (Governmental) Communications
Auditing Personal Development
Auditing (Governmental) Personnel/HR
Administrative Practice Computer Science
Social Environment of Business Economics
Regulatory Ethics Mathematics
Business Law Production
Business Management and Organization Specialized Knowledge and Applications
Finance Statistics
Management Advisory Services Taxes
Marketing
State Board of Accountancy link for CPE http://www.dllr.state.md.us/license/cpa/cpaeduc.htm
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7. Maryland Association of CPAs
Managing Partner Briefing
May 3, 2010
MOBILITY ‐ CPAs – Out‐of‐State Licensing (Mobility) – 46 “safe” states
Alabama Massachusetts Oregon
Arizona Maryland Pennsylvania*
Arkansas Michigan Rhode Island
Colorado Minnesota South Carolina
Connecticut Mississippi South Dakota
Delaware Missouri Tennessee
Florida Montana Texas
Georgia* Nebraska Utah
Idaho Nevada Vermont
Illinois New Hampshire Virginia
Indiana New Jersey Washington
Iowa New Mexico West Virginia
Kansas North Carolina Wisconsin
Kentucky North Dakota Wyoming
Louisiana Ohio
Maine Oklahoma
Note: 2009 legislative activity still in works – AK, HI, NY, DC – New York does not require license for tax
preparation from out‐of‐state CPAs for 2009, CA permits out‐of‐state tax preparation without
registration under a temporary regulation
Mobility – Reciprocity
Changed 4 in 10 rules to be experience from anywhere – effective October 1, 2008
Changed Educational Requirements for 150 hours retroactive
Bringing in out‐of‐state CPAs for CPA firms licensed in Maryland is protected under 2‐102 (b) 1 &
2 use the abbreviation of country or state ‐ Practice while working on Reciprocity
Resources:
CPA Success blog post about mobility:
http://www.cpalegislativeinsider.com/2009/02/what‐is‐this‐mobility‐stuff‐all‐about.html
AICPA Mobility & State Licensing Issues
http://www.aicpa.org/Legislative+Activities+and+State+Licensing+Issues/Mobility+and+State+Li
censing+Issues/
NASBA
http://www.nasbatools.com/mobility/index
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8. Maryland Association of CPAs
Managing Partner Briefing
May 14, 2009
Reminders:
Maryland Tax Preparer Act of 2007 – amended by MACPA
CPAs and staff are exempt from licensing, CPE, and all provisions
Safe harbor language – “I am not a CPA…”
CPA seat on the board for future monitoring
Maryland Corporate Reporting – deadline 10/15/08 – Severe Penalties
See Comptroller website www.marylandtaxes.com/reporting
Important dates:
“New” Employee Benefit Plan Auditing Conference w/ DOL – May 7, 2010
“Free” Special Session on the New health Care Act – May 20th – 9:00 – 11:00 am
MACPA Columbia Center
Maryland CPA Summit (MDBIZEXPO) – June 28th & 29th, 2009
In‐person Managing Partner Meeting – June 28th 1:00pm – 5:00pm
BWI Hilton Hotel, Linthicum, MD
New CPA Swearing‐in Ceremony –evening of June 28th
“New” International Conference – October 4, 2010 Mayflower Hotel, DC
CPA Day in Annapolis – January 19th, 2011
Info about special Health Care program:
Health Care Reform: What Employers Need to Know – Tactically and Strategically
Presented by: MACPA's preferred provider, Richard J. Princinsky & Associates
This presentation will provide an opportunity to understand the recently enacted health care
reform legislation and how it will impact employers. Discover the major elements of reform
that begin in 2010 and the provisions that will affect employers to be implemented over the
next several years.
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