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| May 2004 | The
Monthly Newspaper of the NYSSCPA |
Vol.
7, No.8 |
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N.Y. Rep. Houghton Introduces Tax Simplification Package |
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NEW YORK—Calling the Internal Revenue Code a “mess,” retiring U.S. Rep. Amo Houghton (R.-N.Y.) in April introduced nine separate tax simplification bills, including a proposal that would phase out and ultimately repeal the alternative minimum tax in 2014. In what one Houghton spokesperson described as an attempt to bite off the apple in “small pieces” rather than all at one time, the repeal bill, by adjusting the exemption, purports to reduce the number of AMT taxpayers over the next 10 years by 114 million and save nearly 960 million hours of tax preparation time. |
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| Hike in Committee Comment Letter Activity |
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NEW YORK—Having
released six comment letters in the month of April alone, the New
York State Society of CPAs’ committees are riding a wave of
advocacy in fiscal year 2003–2004 that crests above any previous
year’s achievements. Continue... |
| Task Force Looks Into GAAP |
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NEW YORK—An
American Institute of CPAs task force has worked quietly since late
last year to explore potential issues in the use of traditional
generally accepted accounting principles (GAAP) in private company
financial reporting.
Continue... |
| President's Commentary |
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This is my last column as president. Over the past two years, first as president-elect and then as president, I’ve had the opportunity to travel the state and meet with thousands of you, the members. It has been a wonderful experience, and, more important, I know that our great profession is serving our clients and the public interest with enthusiasm, integrity and exceptional skill. I leave this position with immense pride in the words “Certified Public Accountant.” Thanks for this tremendous opportunity. Continue... |
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