March 2001 Articles

Survey Results Show Members Oppose Global Credential

NEW YORK—A majority of CPAs answering a New York State Society of CPAs survey said they do not consider an additional credential to be helpful and would not seek an additional credential, especially one that was international in scope. (Article)

Society Launches Government Affairs Section on Website

NEW YORK—New York State Society of CPAs members looking for legislative news and government updates can now find this information in the Governmental Affairs Center, a new section of the Society’s website. (Article)

UAA Reintroduced in State Senate

ALBANY, N.Y.—State Sen. Kenneth P. LaValle (Suffolk), joined by five colleagues, introduced a bill on Feb. 12 to amend the current laws regulating the public accountancy profession in New York, just days after an identical bill was introduced in the State Assembly. (Article)

President's Commentary

I tried to convince the editorial staff of The Trusted Professional that my President’s Commentary for this month should just be a blank page since everybody will be too busy to read it with tax season upon us. (Article)

State Department of Taxation Creates E-Services Focus Group

The New York State Department of Taxation and Finance recently formed the Electronic Services Focus Group to assist in rolling out new services to taxpayers and tax practitioners. (Article)

National

Trying to accommodate the public’s needs, the Internal Revenue Service in February issued temporary and proposed regulations that permit electronic furnishing of Form W-2, Form 1098-E, and Form 1098-T. (Article)

Not-for-Profit Conference Attracts 400

The Foundation for Accounting Education’s 23rd Annual Nonprofit Conference, held in Rochester on Jan. 16 and in New York City on Jan. 23, brought together approximately 400 CPAs and other financial professionals interested in updates on the not-for-profit industry. (Article)

IRS Relations Committee Meets with the ‘New IRS’

Expectation that a “New IRS” means an increasingly responsive service was the sentiment expressed by several members of the NYSSCPA Relations with the IRS Committee as they gathered for the committee’s first meeting with the newly organized New York “Area” of the IRS on January 18, 2001. (Article)

G4+1 Disbands, IASC Trustees Announce New International Accounting Standards Board

Given the role that the new International Accounting Standards Board (IASB) will soon play, the G4+1, an informal but influential group of accounting standards setters from Australia,Canada, New Zealand, the United Kingdom, the United States, and the International Accounting Standards Committee (IASC), decided to officially disband during a London meeting held the last week of January. (Article)

European Commission Proposes Regulation to Mandate IAS Use

Wanting to help European Union companies compete for global capital by improving the transparency of financial reporting, the European Commission has proposed a regulation that would require all EU-registered companies to use International Accounting Standards by 2005 at the latest. (Article)

Abiding by Professional Standards is Not Enough

A major characteristic of CPA liability issues is that the public holds accountants to standards that are higher than those set forth by the accounting profession. (Article)

Let’s Talk Taxes

Spurred on by a “taxaphobia” that appears to have reached a fever pitch this year, President Bush sent Congress his long-awaited 10-year $1.6 trillion tax plan in mid-February. (Article)

Real Estate Investments—An Understanding of Many Important Subject Areas

A host of diverse and important real estate issues were tackled during the New York State Society of CPA’s Real Estate Conference, held on Jan. 18. (Article)

Independent Contractor or Employee

Designating someone an “independent contractor” does not make him or her one for legal purposes. Nor does simply issuing a 1099 Form, rather than a W-2, in connection with compensation paid. (Article)

Syracuse

The NYSSCPA Syracuse Chapter covers six counties across central and northern New York state. The chapter has approximately 900 members, with almost one-third in industry, education, and government. (Article)

Deadline Looms for COAP 2001 Student Summer Residency Program

High school students looking to participate in the Career Opportunities in the Accounting Profession (COAP) 2001 residency program have only days left before the application deadline. (Article)

Members in the News (Article)

Buffalo Young CPAs Forum

The CPA profession has witnessed some interesting changes in the way that training is provided to its new members. (Article)

Transmission Control Protocol/Internet Protocol (TCP/IP)

TCP/IP is the industry standard protocol that computers use to find, access, and communicate with each other over a transmission medium. (Article)