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| July 1 , 2007 | The
Newspaper of the NYSSCPA |
Vol.
10, No.12 |
| Backdating
Settlement Could Set Penalty Precedent |
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NEW YORK—In what could mark the first of many such resolutions with the Securities and Exchange Commission, Brocade Communications Systems, a San Jose, Calif.–based computer networking company, agreed at the end of May to pay a $7 million fine to “settle the charges that it committed fraud through its former CEO and other former executives who repeatedly granted backdated stock options, misstated compensation expenses and concealed the conduct by falsifying documents” from 1999 through 2004, according to the SEC. |
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| IRS Provides Transitional Relief for Section 6694 |
| By William R. Lalli, CPA, NYSSCPA Tax Policy Manager NEW YORK—In
response to input from the CPA profession and in order to provide
sufficient time to address implementation issues of section 6694
of the Internal Revenue Code (as amended by the Small Business and
Work Opportunity Act of 2007), the IRS has issued Notice 2007-54.
The Notice, which became effective May 25, provides transitional
relief regarding the higher tax-preparer penalties and related issues.
Continue...
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| New Commission Aims to Revitalize New York's Financial Status |
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ALBANY—On
May 29, Governor Eliot Spitzer signed an executive order to create
a commission—the New York State Commission to Modernize the
Regulation of Financial Services—to investigate ways in which
New York can maintain and continue to develop its status as an international
financial capital.
Continue... |
| New Jersey Creates Orientation Program for New CPAs |
| By Allison Schiff and Forrest Whitesides Newly licensed CPAs in the state of New Jersey will be required to complete an orientation program during the first six months of their initial triennial registration period, as stipulated in NJ Senate Bill 1833. Continue... |
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