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Maryland CPAs enjoy one of the best regulatory environments in the US to practice as Certified Public Accountants. This update was provided to Maryland Managing Partners by Tom Hood, CEO of the MACPA & BLI on May 13, 2019.
On April 30th, 2019 Governor Hogan signed into law HB 1081& SB 513 State Board of Public Accountancy - Firm Permits - Attest Services (aka CPA Firm Mobility). This bill will allow Maryland CPA Firms to practice in other states with this law (currently 28 states including VA-DE-PA-NJ). This is one more major part of our work building the infrastructure for Maryland CPAs providing them one of the best practice environments in the US!
What was significant about this legislation at this time is that it was the first CPA bill we attempted in the first term since the 2018 election where there was record turnover (31% or 58 new legislators, along with several new committee chairs where our bills are started. Both bills were sponsored by freshman legislators (Del. Lorig Charkoudian and Sen. Arthur Ellis, CPA). These bills along with individual CPA license mobility passed in 2008 act as a defense agains the fast growing trend of anti-licensing legislation that is exploding around the country (introduced in 42 states in 2018).
Slide 9 outlines our history or proactive legislation and regulation and the resulting benefits to Maryland CPAs and CPA Firms practicing in Maryland. Not to mention that Maryland has the second lowest licensing fees in the nation and our surrounding states are significantly higher - DC is 4 times, PA is 3 times and Va is 2 times our fees.
Slide 10 outlines our new initiative to support regulatory changes to allow for 'Continuous CPA Exam' testing by eliminating the current 'blackout periods' (approx 1 month per quarter).
Slide 11 talks about the alarming decrease in CPA Exam Candidates
Slide 12 - 18 talks about our programs and resources to help firms be even more #FutureReady and prepared to thrive in the Fourth Industrial Revolution.
It includes our new T-shaped curriculum and our award winning learning programs with futurist Daniel Burrus, the Anticpatory Organization: Accounting and Finance Edition
Slide 19 is our call to action for support of membership, our PAC and other key initiatives.