April 2001 Articles

Board of Directors Votes to Oppose Global Credential

NEW YORK—The board of directors of the New York State Society of CPAs voted unanimously on March 28 to oppose the American Institute of CPAs’ proposed global credential and to urge the AICPA to abandon the project. (Article)

Board Approves Dues Increase

NEW YORK—The New York State Society of CPAs board of directors has approved a $5 across-the-board increase effective June 1, 2001, the beginning of the Society’s fiscal year. (Article)

Speak Up! The UAA Depends on It

NEW YORK—During the current legislative session, the New York State Senate and Assembly are expected to take up the bill patterned on the model Uniform Accountancy Act [S. 2456 (LaValle), A. 4445 (Farrell)], marking the third year in a row the UAA has gone before the Legislature. (Article)

President's Commentary

It’s finally over. Tax season is done and now that the last tax return has been filed, or at least the last extentions, we can put our pencils down and take a look at some of the things the New York State Society of CPAs has been doing for its members. (Article)

Hard at Work: A Synopsis of Recent Society Endeavors

As an institution that functions solely for the betterment of its members and the profession, the New York State Society of CPAs places a premium on keeping the lines of communication open between its members and important governmental, regulatory, and standard setting bodies. (Article)

Is Workplace Dating a Protected ‘Recreational Activity’?

Enacted in 1993, the New York State Legal Activities Law prohibits employers from discriminating against applicants or employees for engaging in certain activities outside the workplace, during nonworking times, and without the use of the employer’s property. (Article)

Estate Administration Conference

When it comes to estate planning and administration, things can get a little complicated. Participants at the Estate Administration Conference, to be held on Tuesday, May 22, at the New York Marriott Marquis, will have the opportunity to discuss the most recent updates and breakthroughs on such topics as estate administration with corporate entities, the sale of businesses owned by a deceased employee-shareholder, and foreign estate administration. (Article)

GRATs with No Taxable Gift: Results of the Walton Case

A recently decided tax court case (A.J. Walton v. Comm’r, 12/22/00) has cleared the way for grantor retained annuity trusts (GRATs) to be designed with no gift tax consequences. (Article)

The Tax Season Lowdown from Society Members

Last month, The Trusted Professional chatted with several members of the New York State Society of CPAs about the recently completed tax season, which, by most accounts, went off without a hitch. (Article)

How Would the UAA Impact New York’s Small and Mid-Sized Accounting Firms?

In an effort to assess the impact passage of the Uniform Accountancy Act (UAA) would have on small and mid-sized firms, The Trusted Professional recently questioned New York CPAs about specific aspects of the bill. (Article)

Hooray for the Local CPA

So you work for the state CPA society,” said the local CPA, eyebrows raised. “And you let a national, non-CPA chain file your taxes last year?” (Article)

The E-Business Downturn and CPAs

From early January 1994 to mid-March 2000, the Nasdaq experienced extraordinary growth, rising in value from 771 to its historic high of 5,133, a 565 percent increase. During the same period, the Dow Jones Industrial Average grew from 3,756 to 9,929, a more modest increase of 164 percent. The Nasdaq had declined to 2,661 by February 2, 2001, a loss of more than 48 percent off the peak. (Article)

Letter to the Editor

I was flabbergasted by the outrageous article in the December issue of The Trusted Professional concerning the November 15th talk of Congresswoman Nita Lowey. (Article)

Members Encouraged to Join Committees

The New York State Society of CPAs soon will be sending out committee service brochures for the 2001–2002 committee year. Networking opportunities and forums for exchanging ideas among peers are just two of the many rewards committee members enjoy. (Article)

Apparel and Textile Industry Conference

With the explosion of Internet technology, CPAs have new ways to service both suppliers and retailers in the apparel and textile industries. Software Technical Services Vice President Ramesh Srinivasan will discuss this dynamic “e-opportunity” at FAE’s Apparel and Textile Industry Conference. (Article)

Business Valuation Experts to Speak at Conference

Some of the country’s top business valuation experts will speak at the Foundation for Accounting Education’s Business Valuation Conference, which will take place June 18 at the Roosevelt Hotel in New York City. (Article)

Members Can Meet Peer Review Requirement at Advanced Training Session

System review team captains can fulfill their peer review requirement on May 23 when the New York State Society of CPAs hosts the “Advanced Training Course for Reviewers: Current Issues in Practice Monitoring.” Raymond M. Nowicki, a member of the NYSSCPA Peer Review Committee and Team Captain Oversight Task Force, will lead the one-day seminar. (Article)

FASB Technical Director Furthers Ongoing Dialogue with Society Committees

Tim Lucas, director of research and technical activities for the Financial Accounting Standards Board (FASB), spoke at a joint meeting of the New York State Society of CPAs Financial Accounting Standards and SEC Practice Committees earlier this year. (Article)

CPAs and Conflicts of Interest (TCP/IP)

Objectivity and independence have long been central values of the accounting profession, although one could argue that they are less central today than they have been in the past. The growing diversity of services offered by CPA firms can put firms and CPAs in situations that could be perceived as conflicts of interest. (Article)

Chairs Say Upcoming Industry Conferences Will Cover the ‘Hot Topics’

With the long winter months now passed, the New York State Society of CPAs is gearing up for another promising year of committee conferences. Each conference is sure to provide participants with valuable and interesting information, but members of the Society’s Industry Division should be especially pleased with the conferences that will take place in May: entertainment and sports, apparel and textile, and stock brokerage. (Article)

Healthcare Industry Continues to Be Attractive Market for Accounting Profession

In recent years the healthcare industry has become increasingly burdened by the constraints of managed care and stringent government regulations, causing more healthcare providers to seek the help of consultants to ensure compliance and offer suggestions on how to operate a more efficient practice in today’s business environment. (Article)

Industry Profile (Article)

Society Member Turns 101 This Month

Max Grill, member of the New York State Society of CPAs since July 1, 1927, is celebrating his 101st birthday on April 24, making him the oldest living member of the Society. (Article)

Top Print and Broadcast Journalists to Receive NYSSCPA Awards

The New York State Society of CPAs has announced the winners of its Excellence in Financial Journalism Awards, which recognize reporters from the national and local press who contribute to a better understanding of business topics. (Article)

AICPA Bullish on Global Credential Despite State Society Opposition

The American Institute of CPAs continues to support the proposed global credential termed Cognitor or XYZ, despite open opposition from the New York State Society of CPAs and a number of other accounting organizations. (Article)

NYSSCPA Board Resolution

TThe following resolution was unanimously passed by the Board of Directors of the New York State Society of Certified Public Accountants at its March 28, 2001 meeting: (Article)

Ethics and Regulation Q & As (Article)