Scope of Practice Debated at Senate Roundtable

At a New York State Senate-sponsored roundtable discussion on February 7, participants presented varying views on the CPA's scope of practice as defined in two accountancy law reform bills now before the Senate. The bills are S. 4402, introduced by Senators Kenneth P. LaValle, Nicholas Spano, Nancy Larraine Hoffman, John Marchi, Caeser Trunzo, and Dale Volker; and S. 4133, introduced by Senator LaValle. (Article)

AICPA Mandates New Quality Control Systems

The AICPA announced on February 1 that it is establishing requirements for mandatory quality control systems for the five largest auditing firms to enhance compliance with existing independence rules. (Article)

OFFICIAL LEGAL NOTICE TO NYSSCPA MEMBERS

The NYSSCPA Nominating Committee, chaired by Stuart Kessler, recently announced its nominations for new Society officers and directors for the 2000­2001 term beginning June 1. The official report is included with this article. (Article)

April 15th is when the government spring-cleans your wallet. --Henny Youngman

Florence--art mecca of the world. I write this column on the way to Milan from Florence. I've just experienced breathtaking sculptures, paintings, and churches circa 1250, in search of Friar Luca Pacioli (circa 1500), the accountant's hero. (Article)

New Guidelines Issued for Reporting Partners' Self-employment Income

The New York State Department of Taxation and Finance recently issued new guidelines about how partners in partnerships that generate self-employment income should treat the 1999 repeal of the New York City nonresident earnings tax. (Article)

State Department Adds Tax Information Authorization Check Box

The New York State Department of Taxation and Finance recently added a new tax information authorization check box on some tax forms to permit tax preparers to communicate with the department about matters relating to certain returns. (Article)

State and City Accept IRS PTINs

Tax return preparers may enter their preparer tax identification number (PTIN) assigned by the IRS in lieu of their Social Security number on all New York state and New York City forms wherever the forms require a Social Security number. The ruling is effective for filings made on or after January 1, 2000, despite any instructions to the contrary on state and city department of finance forms. (Article)

E-commerce Audit Risks Discussed at Society-ASB Meeting

A new audit risk alert on e-commerce might directly result from this year's meeting between the NYSSCPA Auditing Standards and Procedures Committee and the AICPA Auditing Standards Board's (ASB) issues task force. The two groups meet periodically to discuss issues of common concern. (Article)

Auditing Conference Offers Update on POB Panel

At FAE's Auditing Conference on January 6, Shaun O'Malley, chair of the Public Oversight Board's Panel on Audit Effectiveness, reported that the panel has substantially completed its investigative work and plans to issue a draft report in March. (Article)

FASB Not Likely to Bow to Congressional Pressure on Business Combinations

Timothy Lucas, director of research at the Financial Accounting Standards Board, recently told NYSSCPA members that the current FASB members will not bow to political pressure from Congress on the business combination issue or, for that matter, any of the board's other important agenda items. Lucas said the board might even react in the opposite direction of those applying the pressure, even if doing so would jeopardize FASB's very existence. (Article)

Board Endorses Multidisciplinary Practices

The NYSSCPA board of directors voted on February 4 to support the establishment of multidisciplinary practices--firms where CPAs, lawyers, or other professionals partner or share fees. (Article)

May Show to Feature Top Speakers

FAE's 2000 CPAs' Finance, Business and Technology Show and Conference, to take place at the Jacob K. Javits Convention Center in New York City on May 10­12, will give participants the opportunity to learn about an array of topics pertinent to the accounting profession from some of the most distinguished professionals dealing with financial matters today. (Article)

eMind.com to Add Online Computer Courses in March

eMind.com, an Internet-based provider of continuing education and the NYSSCPA's affinity partner in providing CPE to financial professionals, will add more than 40 new computer courses in March and plans to add courses in other subjects. (Article)

Yipinet Renamed eMind.com

Yipinet, an Internet-based provider of continuing education and the NYSSCPA's affinity partner in providing CPE to financial professionals, announced that it has changed its name to eMind.com effective February 14. In addition to the new name, the site includes additional features and an expanded selection of courses. (Article)

Workshop Helps Chapter Presidents-Elect Plan Terms

The NYSSCPA held its annual Chapter Presidents-Elect Workshop on December 2 to assist presidents-elect in transitioning into their future role as presidents. (Article)

Chapter Happenings

The NYSSCPA Suffolk Chapter was established in 1972 as a spin-off of the Nassau Chapter. Today our membership is 2,300 strong, claiming 25 committees, 12 of which are technical in nature. (Article)

Board Adopts New Budget

The NYSSCPA board of directors approved the budget for fiscal year 2000­2001 at its February 4 meeting. The budget reflects a $642,303 surplus, which keeps the Society on target in the three-year plan developed last year to reduce the $1.2 million deficit that had been growing since the 1993­1994 fiscal year. The budget does not include a dues increase. (Article)

Spam Mail Here to Stay

Everyone is familiar with the so-called junk mail delivered by the U.S. Postal Service every day--particularly during the holiday season when it multiplies. Junk e-mail, more commonly referred to as spam, is the same thing in your electronic mailbox. (Article)

Website FAQs

FAQs, cyberspeak for "frequently asked questions," is a feature of The Trusted Professional that answers common questions about http://www.nysscpa.org. Members can post inquiries and comments about the Society's website by clicking on the Technical Problems and Website Suggestions links at the bottom of the homepage. (Article)

Electronic Commerce Commission Split on Internet Tax

The Advisory Commission on Electronic Commerce, a 19-member panel appointed by Congress to study Internet taxation and related issues, remains split on whether to recommend imposing taxes on business conducted on the Internet. (Article)

Board Approves Procedure to Authorize Society Comments

On February 4 the NYSSCPA board of directors approved a procedure for Society committees to follow when submitting official NYSSCPA comments to the Internal Revenue Service, Securities and Exchange Commission, Financial Accounting Standards Board, AICPA, and other groups. (Article)

HUD Allows 90-Day Filing Deadline for Multifamily Project

The U.S. Department of Housing and Urban Development (HUD) recently announced that it had permanently extended the filing deadline for audited financial statements for multifamily projects to 90 days after the year end, up from an earlier 60-day deadline. In effect, this gives multifamily projects with December 31, 1999, year ends until March 31, 2000, to electronically submit their annual year-end packages. (Article)

Society Adopts Ethics Interpretations

The NYSSCPA Executive Committee adopted the following ethics interpretations at its December 14 meeting. The AICPA also has adopted these interpretations. See www.nysscpa.org for the complete revised Code of Professional Conduct. These interpretations become effective with the publication of this issue of The Trusted Professional. (Article)

Career Day Draws High School Students to Society

The NYSSCPA Recruitment for CPA Careers Committee, chaired by Marc Zand, held its annual Career Day at the Society offices on November 19. (Article)

Society Explains Scholarship Selection Process

The NYSSCPA receives hundreds of applications each year for its Excellence in Accounting Scholarship. (Article)

Suffolk Young CPAs Collect 1,000 Toys for Tots

The NYSSCPA Suffolk Chapter's Young CPAs Committee's fifth annual holiday toy drive resulted in approximately 1,000 gifts collected for the Toys for Tots program sponsored by the U.S. Marine Corps. (Article)

Sommer Retires from POB

The Public Oversight Board announced on February 3 that member A.A. Sommer, Jr., has retired. (Article)

Society Leaders Meet with Chapters (Article)

OFFICIAL LEGAL NOTICE TO NYSSCPA MEMBERS

The Annual Election Meeting of the New York State Society of Certified Public Accountants will be held at the Roosevelt Hotel, Madison Avenue and 45th Street, New York City, 5/9/00 at 7:30 p.m. (following a 6pm dinner). (Article)

Tax Forms for Reporting Cross-Border Transactions

The United States has various requirements for reporting cross-border transactions, and more than 80 IRS forms are peculiar to cross-border situations. (Article)

Committee Holds Final Visit with IRS Manhattan District Director

The NYSSCPA Relations with the IRS Committee, chaired by James Brennan, held its final meeting with the Manhattan district director on January 20. Under the current IRS restructuring, there will no longer be district directors. (Article)

Choosing Medicare Supplement Insurance

As deductibles, copayments, and other out-of-pocket costs are increasing steadily, having a Medicare supplement insurance policy is more important than ever. (Article)

Tri-State Tax Conference Draws 160 Attendees

More than 160 CPAs and other financial professionals attended FAE's Tri-State Tax Conference held on January 13 at the Sheraton New York Hotel and Towers in New York City. (Article)

Community Affairs Committee Helps Not-for-Profits

The NYSSCPA Community Affairs Committee held its fifth annual "How to Get Up and Running: Accounting and Tax Issues for Not-for-Profits" workshop on December 9 at the Society's office. (Article)

Members Save on Disney Vacations

NYSSCPA members planning vacations to Disney World, Disneyland, or other Disney resorts can save money with Walt Disney's Magic Kingdom Club card, a free membership benefit. (Article)