MIAMI—After more than a month of scrutiny by judges, politicians, and election officials, the media is taking a crack at scrutinizing the presidential election ballots cast in Florida, relying on the accounting firm of BDO Seidman to tally the ballots using impartial and unbiased CPA standards. (Article)

Nominating Committee Proposes New Society Officers

NEW YORK—The New York State Society of CPAs Nominating Committee, chaired by Norman Lipshie, has announced the nominees for Society officer and director positions for the 2001-2002 term beginning June 1. (Article)

Calif. Set to Act on 150 Hr. Rule

SACRAMENTO, CA—The state of California is getting ready to adopt the 150 hour educational requirement for CPA licensure, following a national trend to adopt the regulation for men and women looking to enter the profession. (Article)

President's Commentary

By P. Gerard Sokolski, CPA Happy New Year to one and all. It’s almost hard to believe that seven months have passed since I took office. (Article)

Levitt Resigns as SEC Chair

WASHINGTON—Securities and Exchange Commission Chairman Arthur Levitt announced in December that he will step down as chair before February 2001. Chairman Levitt will leave without completing his second five-year term, which would have ended in 2003. (Article)

Webcast Airs Concerns Over Future of CPA Profession

In an apparently one-sided view of the profession, a panel of CPAs criticized some of the American Institute of CPAs’ recent actions during a live online town meeting last month. The AICPA declined to participate. (Article)

National

The Internal Revenue Service is providing a new series of tax tips for the current filing season. (Article)

British Isles to Develop CA as Global Business Credential

After leaving the task force developing a global business credential (also known as Cognitor or XYZ) the English, Scottish, and Irish Chartered Accounting Institutes have decided to compete with their former partners by developing their own global business credential: the Chartered Accountant. (Article)

Anti–Small Business Tax Rule Repealed

Thousands of business owners who once worried about huge tax liabilities in selling their businesses are breathing a sigh of relief after President Clinton signed legislation in December repealing the Internal Revenue Service’s tax rule that penalized small business taxpayers that account for business sales with the accrual method. (Article)

FASB Says No More Amortization of Goodwill

At a public meeting on Dec. 6, the Financial Accounting Standards Board (FASB) announced a tentative decision to modify certain provisions of its Sept. 1999 proposed statement on business combinations and intangible assets, to require use of a nonamortization approach to account for purchased goodwill. (Article)

Microsoft Acquires Great Plains

In a move that both companies deemed a joining of “visions,” Microsoft Corp. acquired accounting vendor and e-business solutions provider Great Plains Software Inc. last December for the price of $1.1 billion in Microsoft stock. (Article)

Canada Reports Rise in New Students Taking and Passing CA Exam

As U.S. organizations warn of a decline in the number of students enrolled in college-based accounting curricula, the Canadian Institute of Chartered Accountants (CICA) announced an increase this year of eight percent over the 1999 figures for first-time takers of the Uniform Final Examination (UFE), the profession’s standard entrance exam in Canada. (Article)

NYSSCPA International Associate Membership

The New York State Society of CPAs has an International Associate membership category for chartered accountants working in the U.S. (Article)

Accounting for Liabilities Vacated by Provision of Services

Certain membership organizations (ORGs) provide their members with discounts or cash refunds when they use registered credit cards at specific hotels, restaurants, or other business establishments (BEs). The BE is listed in the ORG’s directory, and the members use their registered credit card when patronizing the BE. Most participating BEs are restaurants that usually do not know whether patrons are members of an ORG using a registered card that provides a discount. (Article)

Society’s Training Seminar Makes for Good Relations

Furthering a relationship that has grown over the last several years, the New York State Society of CPAs and the New York State Department of Taxation and Finance (NYSDTF) held a joint training session for tax auditors on Dec. 7–8. (Article)

Members in the news (Article)

Tax Engagements Continue to Lead Claims Losses

Despite earlier industry predictions that CPAs would be entering into fewer tax engagements due to consumer tax preparation software programs and online services, tax engagements have continued to grow in number and dollar-size among small to mid-sized CPA firms. (Article)

A True-Life Learning Experience: Marketing to the Dead

I became a CPA in 1981 and immediately joined the American Institute of CPAs and the New York State Society of CPAs. I was not really sure why I joined, but everyone in my firm did the same after passing the CPA exam. My firm paid the dues and I became a member. (Article)

NYSSCPA and Academy of Finance Sign Memorandum of Understanding

As part of its ever-growing effort to introduce more students to the accounting profession, the New York State Society of CPAs is joining with the New York City Academy of Finance to promote careers in accounting and finance to high school students. (Article)

Staten Island Chapter Makes the Most of Year 2000

This past year, the Staten Island/Brooklyn Chapter made a concerted effort to increase membership in our organization, increase the value associated with membership, and enhance our image in the community. In order to achieve these goals, we held a number of new and exciting events, participated in highly visible public affairs activities, and publicized (both internally and externally) our successes. (Article)

N.Y. Governor Backs County Tax Breaks

New York Governor George Pataki announced earlier this month his advocacy of a targeted $230 million property tax as a national tax conference predicts fewer state tax cuts this year. (Article)

Society Offers Discounts on CCH Products

The New York State Society of CPAs offers its members a 10 percent discount on certain CCH online and CD-ROM research products, specifically, the company’s U.S. Master Tax Guide Plus and Tax Essentials. (Article)

Understanding OSI Layers of Computer Communication

For a better understanding of what is happening when data is transmitted via e-mail, from web pages, or even between machines on a computer network, this month I will explain the Open System Interconnection (OSI) model. (Article)

NYSSCPA.ORG Adds New Site Map

In a continuing effort to improve communication with members, the New York State Society of CPAs has added a site map to its website at www.nysscpa.org. (Article)

Ethics and regulation Q & As

The Society is at your service to answer questions on ethics and regulation. Contact Ann Spaulding at (212) 719-8300, aspaulding@nysscpa.org, or send a letter of inquiry to the Professional Ethics Committee at the Society’s address for a written response. (Article)

SEC Adopts New Rules for Mutual Fund Independent Directors

In an effort to better protect investors, the Securities and Exchange Commission recently announced the adoption of a number of initiatives that should enhance the role of mutual fund independent directors. (Article)