New York State

The New York State Education Department’s Quality Review Oversight Committee approved on Feb. 8 the NYSSCPA as a sponsoring organization that may administer and oversee mandatory quality reviews in New York State.

Receiving little publicity among more high-profile financial changes in 2011 was a new law (bills S5637 and A8223-A) that exempts the sales and use of certain electronic news services and electronic periodicals from state and local sales and use taxes (sales tax).

Four days after the initial deadline, California and New York have finally agreed to sign on to the multi-billion dollar settlement with the nation’s five largest banks after being among the deal’s harshest critics as it was negotiated, according to Bloomberg. With these two large states in on the agreement, the settlement, which would go toward homeowner relief programs, could be valued as high as $39 billion, continued Bloomberg.

State attorneys general from 40 different states have accepted the terms of a $25 billion settlement from the nation’s largest banks over their role in the financial crisis, though New York and California, who have been seen as key players in the deal, have not, according to the Los Angeles Times, though this does not prevent them from signing on later.

While the deadline for the proposed $25 billion settlement with the nation’s largest banks over their roles in the economic crisis hits at the close of business today, some of the biggest state players, including California and New York, have yet to officially come on board for the deal, according to the Washington Post, a move that will significantly reduce its value.

A panelist noted that even in New York, non-CPAs can have a certain amount of profit-related bonuses, so it’s really about semantics.

In response to an audience question, Goldfarb said that succession planning was not a good reason for non-CPA ownership, although the audience member noted it might make transitioning easier.

Weinstein says a change would not dilute the brand. A key aspect is signing attest engagements. For other engagements, CPA firms have intense competition from non-CPA firms, he said.