CPE

New York licensed-CPAs who are not currently registered, but required to register pursuant to New York’s accountancy law and regulations, have until July 31, 2010 to register with the State Education Department (SED) without having to document completion of 24 hours of CPE in the 12 months prior to their return to practice. Accordingly, after July 31, 2010, any unregistered CPA submitting an application to reactivate his or her registration will be required as a condition of registration to document 24 hours of CPE prior to his or her return to practice

For example, an unregistered CPA who submits an application to reactivate his or her registration between Feb. 1, 2009 and July 31, 2010 can return to practicing accountancy without having completed 24 hours of CPE in the prior 12-month period. However, an unregistered CPA who registers Aug. 1, 2010 or later will be required to provide proof that he or she had completed 24 hours of CPE in the 12 months prior to his or her return to practice.

The new accountancy reform law, enacted on July 26, 2009, requires all New York-licensed CPAs -- including those practicing public accountancy in public practice, industry, government and academia -- within New York state to be registered and earn CPE each calendar including the calendar year in which he or re-registers.

Following a speech by General George Patton, "Master Sgt." Ray Nowicki, accompanied by his top peer review officers, marched into a classroom on the 19th floor of NYSSCPA headquarters, and addressed his new generation of soldiers in classic drill seargant style:

"I eat bad peer reviewers for breakfast," Nowicki barked.

2:04 p.m.

With regard to executive fees, clients should know and be told that, in estate administration, the last person to be paid is the executor. Unless determined otherwise in a court of law, the executor takes their compensation only after everyone else has gotten paid. Not knowing this can lead to costly court battles and, potentially, an executor who ends up being overpaid.

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1:57 p.m.

What should a CPA working with trusts and estates focus on during tubulent economic times? How should the generation-skipping tax be handled? What does a CPA need to know about distributable net income and the separate share rule?

These are among the questions that will be addressed at the Estate Administration Conference, which is happening right now at the 3 Park Avenue FAE Conference Center.

At left, Conference Chair Ita M. Rahilly, vice chair of the Society's Trust and Estate Administration Committee, welcomes attendees and offers an introduction to the day's events -- which will include an interactive luncheon presentation by committee member James B. McEvoy. The sessions will also cover fiduciary accounting and responsibilities, foreign trust compliance and current events in the practice area.

The achievements of NYSSCPA member Sidney Kess, the author of numerous books and a speaker at countless events and workshops, will be remembered for years to come through the creation of an award named in his honor.

Most retired or inactive CPAs who serve on non- and for-profit boards of directors will not have to register with the State Education Department or earn continuing professional education, according to a new interpretation of state accountancy regulations released by the SED Dec. 14.
However, these CPAs must seek inactive status from the SED and make certain disclosures to their boards and third parties.

In honor of Halloween, we present succession-planning horror stories. For more on succession planning, check out this Wednesday’s Practice Management Conference, featuring a panel of partners from small, mid-size and large firms sharing their succession-planning expertise, moderated by member Robert Fligel.

Vincent Price may have inspired these creepy tales…but are they based on true stories? You be the judge!!

Narcie's Woe

What’s brewing at the SEC? Why not hear it straight from the source. James Kroeker, who has just been appointed chief accountant at the SEC, will be speaking at the SEC Conference on Sept. 17.

The NYSSCPA will be offering a free session on the accountancy reform law on July 27 between 6:30 and 8:30 p.m. The content and format will be similar to a session previously held on June 30 and will provide another opportunity for Society members and non-members in industry, government, and academia to obtain first-hand information on the new law and its regulations.  The accountancy reform law will take effect on July 26, 2009.

The NYSSCPA continued its efforts to reach all CPAs affected by the new accounting reform law at JPMorgan Chase in lower Manhattan this morning.

A group of CPAs -- including at least one from out of state -- and CPA candidates came together to get information about the new law from Society leaders.

The session participants also earned two CPE credits for attending.

At left, four of JPMorgan Chase's accountants pay close attention as NYSSCPA Executive Director Lou Grumet speaks about the law's provisions.