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| February 1, 2005 | The
Monthly Newspaper of the NYSSCPA |
Vol.
8, No.2 |
| What's
Inside |
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The Importance of Naming Contingent Beneficiaries for Disclaimers Tax Return Filings for Multistate Operations Conference Panel Gives Overview of Real Estate Market |
| School Scandals Prompt Reform Legislation |
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New York—State officials last month introduced a proposed bill requiring school boards to establish internal audit functions, among other remedies, after an investigation of a Long Island school district financial scandal led to allegations of auditor irregularities. The legislation which has been introduced in both houses, would require school board members to undergo training in their oversight responsibilities and to form an audit committee. School boards also would have to use a competitive bid process to select audit firms and otherwise become more involved in annual external audits, with a formal response process to issues such audits may raise. |
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| Tax Policy Committee Deliberates Reform |
| New York—A New York State Society of CPAs committee is developing practical guidelines for evaluating and analyzing proposals for tax simplification, a major avowed priority of President George Bush’s administration.Continue... |
| FAQs About Revised Ethics Interpretation 101-3 |
By Raymond M. Nowicki and Andrew M. Cohen The authors
have received a number of questions about aspects of AICPA Ethics
Interpretation 101-3 (Revised) since writing their article “Revised
Ethics Interpretation 101-3 Kicks in Jan. 1,” which appeared
in the January 2005 Trusted Professional. The questions asked most
frequently and the authors’ responses appear below.
Continue... |
| Committee Bulletin |
| By Maryann Winters A second term of the Bush Administration promises to bring into sharp relief proposals to reform and simplify the tax code, and to change how our country’s Social Security system works. While we don’t know what the president’s exact agenda will be, Bush’s spokesman early in January made clear that taxes and Social Security are his top economic priorities. Continue... |
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