The Impending 150-Hour Requirement

New Leader Takes Reins at N.Y. Office of the Professions

Japan Corporations Prepare for SOX-Like Regulations

Hybrid Motor Vehicle Credit: A Tax Phaeton?

The Importance of Business Continuity Planning

From the ‘Strange But True’ Tax Files

Taxation of Clergy: Complex and Controversial

By Allison Schiff

WASHINGTON—Though the Sarbanes-Oxley Act of 2002 is often a punching bag for shareholders, investors, auditors and others who have borne the brunt of compliance costs, according to Securities and Exchange Commission Chairman Christopher Cox, “it is wrong to conflate the implementation problems of 404 with the entirety” of the Act.

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By Forrest Whitesides

WASHINGTON—In the wake of the recent downturn of the subprime mortgage market as a result of a slowdown of real estate markets nationwide and a subsequent epidemic of defaulted home loans and foreclosed properties, a group of federal agencies has issued a “Proposed Statement on Subprime Mortgage Lending” that is currently open for public comment. Agencies collaborating on the statement include the Office of the Comptroller of the Currency, Treasury; the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; the Office of Thrift Supervision, Treasury; and the National Credit Union Administration. Continue...

NEW YORK—At its upcoming meeting scheduled for April 26 at the Office of the Professions’ NYC location, the New York State Board for Public Accountancy’s recently formed ad hoc Committee on Experience is slated to recommend amendments to the Education Commissioner’s regulations to expand current experience requirements for licensure to include diverse areas of practice in a CPA firm such as accounting, attest, compilation, management and financial advisory, tax and consulting skills.Continue...