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Janury 2002 Articles

AICPA Members Defeat Global Credential Initiative

NEW YORK—Members of the American Institute of CPAs soundly defeated a proposition to establish a new global business credential that many accountants criticized as detrimental to the profession. (Article)

NYSSCPA Poll Gives Rise to Midyear Economic Rebound for New York State

NEW YORK—Many CPAs across the state anticipate economic improvement in New York by mid-2002, with healthcare and high technology as the industries most likely to experience improved profits this year, according to a New York State Society of CPAs poll measuring economic outlook. (Article)

State Accountancy Board Rejects Controversial Computerized CPA Exam Proposal

New York—The New York State Board for Public Accountancy rejected a proposal allowing the National Association of State Boards of Accountancy (NASBA) to develop a computer based test (CBT) for CPAs that could be available as early as November 2003. (Article)

President's Commentary

The New York State Society of CPAs took a leadership role in opposing the efforts by the American Institute of CPAs to modify the Institute’s bylaws and enable the “granting of an interdisciplinary global credential.” (Article)

The Top 10 Tax Developments of 2001—A List Based on Future Impact

This article presents, albeit somewhat presumptively, the “Top 10” federal tax developments of 2001. (Article)

Newman-Limata Asks CPAs to Help Rebuild Trust in Wake of Enron Collapse

New York State Society of CPAs President Nancy Newman-Limata implored members to act quickly to help the profession regain trust damaged in the collapse of energy-juggernaut Enron Corp. last year. (Article)

FAE Trustees Issue Strategic Planning Report

The New York State Society of CPAs should reaffirm their commitment to education as a vital membership service and should continue to permit the Foundation for Accounting Education to operate as a separate entity that relies financially on the NYSSCPA, states a recent report by the FAE’s Board of Trustees. (Article)

Early Labor Spares Couple on Sept. 11

A top accountant with Deloitte & Touche and his pregnant wife escaped potential calamity on Sept. 11 when the 30-year-old woman went into labor hours before terrorists flew passenger jets into the World Trade Center. (Article)

Member Q & A (Article)

IRS Discusses Handling of WTC and the New Offers Program with IRS Relations Committee

Last fall, Internal Revenue Service personnel visited the New York State Society of CPAs’ Relations with the IRS Committee to discuss the agency’s responses to the attack on the World Trade Center as well as the changes made to the IRS’ Offers-In-Compromise (OIC) Program. (Article)

WTC Volinteer Profile

It was an average day in downtown Manhattan when an excited woman ran up to a table located on the first floor of an old abandoned bank branch in downtown New York City. (Article)

New York State’s Highest Court Gives Blessing to Handbook Disclaimers

The New York Court of Appeals in a recent case of first impression held that a statement in an employee handbook making clear that the handbook does not give a worker contractual rights will be upheld, and will trump other handbook provisions that arguably provide job security guarantees. (Article)

Suffolk Chapter Holds Its Most Successful Toys for Tots Drive, Helps Ensure Happy Holidays for Long Island’s Needy Children

The Young CPAs Committee of the New York State Society of CPAs’ Suffolk Chapter held another tremendously successful Toys for Tots holiday toy drive. (Article)

Excellence in Accounting Scholarship Helps Students Succeed

The New York State Society of CPAs created the Excellence in Accounting Scholarship fund in 1990 to provide financial assistance and encourage deserving candidates to enter the accounting profession. (Article)

Industry Happenings (Article)

The Film Industry in the Empire State: Decades of Glory, Years of Struggle

People all over the world are familiar with New York City and the splendor of Central Park or the awe-inspiring presence of the Statue of Liberty. (Article)

War Story: PFP/Investment Advisory Services

Michael Adams, CPA, has built a successful tax practice over the years, branching out into personal financial planning advice as clients ask for it. (Article)

Disciplinary Matters (Article)

Chapter Happenings

Here’s a riddle someone should have asked me almost a year ago: What consists of approximately 500 e-mails, roughly six conference calls, about five long evening meetings and countless hours spent on the telephone, creating and mailing flyers, reviewing Excel spreadsheets, etc.? (Article)

Collecting Out of State: The Policy and Practice of New York’s Tax Department

More than a year ago Allied Interstate Inc., a fully licensed, bonded and insured collection agency, contracted with the New York State Department of Taxation and Finance to collect for out-of-state cases. (Article)

TechCenter

Microsoft’s new operating system, XP, has been getting more and more mention in the business, financial and information technology (IT) press over the last six months. (Article)

Computer Systems Security in an Internet Age—Passwords

Passwords constitute the most basic form of security. Anyone can attempt to log in to a computer system and say he or she is a particular user, but presumably only that person knows his or her password. (Article)

Committee Offers Free CPE About CPA2Biz

Did you know you could earn one hour of CPE every month at no charge by attending the Emerging Technology Committee’s information technology presentations? (Article)