News Articles Index

IRS: Haiti Relief Donations Qualify for Immediate Tax Relief (January 25, 2010)

NCACPA Past President David E. Williams, 1940–2010

NCACPA's Western Carolina Chapter Hosts "Ask a CPA Day"

AICPA Mobilizes CPAs to Help Victims of Earthquake in Haiti (January 18, 2010)

IRS Announces Simplified Notices to Taxpayers [click here to see samples of newly revised forms] (January 12, 2010)

Tax Saving Tips for 2009 Resources Now Available; New Ads Promote Year Round CPA Services (January 12, 2010)

NCACPA Member Ed Fidelman Speaks Live on "Money Matters" about the Western Carolina Chapter's Upcoming "Ask a CPA Day" (December 12, 2009)

The AICPA Files Lawsuit Challenging Application of Federal Trade Commission's
"Red Flags Rule" to CPAs (November 11, 2009)

Updated FAQ on IFRS for Small- and Medium-Sized Entities (November 5, 2009)

FTC Extends Deadline for Red Flags Rule Implementation (October 31, 2009)

NCACPA Member William F. Ezzell Receives AICPA Gold Medal for Distinguished Service (October 20, 2009)

Red Flags Rule Guidance—Implementation Deadline 11/1 (October 21, 2009)

NCACPA Past Chair Hunter Cook Appointed to NC State Board of CPA Examiners (September 25, 2009)

AICPA Releases Omnibus Exposure Draft on Application of Independence Rules and Confidentiality; Comments Due Nov. 6 (September 15, 2009)
The AICPA is looking for comments by November 6 on an omnibus exposure draft that proposes revisions to Interpretation No. 101-1, under Rule 101, Independence, of the AICPA Code of Professional Conduct, and related revisions to Ethics Ruling No. 107, “Participation in Employee Benefit Plan Sponsored by Client,” and Interpretation No. 101-15, “Financial Relationships,” under Rule 101. The exposure draft also includes a proposed revision to Ethics Ruling No. 2, “Distribution of Client Information to Third Parties,” under Rule 301, Confidential Client Information, along with a proposed new definition of confidential client information under ET Section 92, Definitions.

Letters to NC Representatives Regarding HR 3126: Consumer Financial Protection Agency Act of 2009 (August 27, 2009)

You Don't Want to Miss It—Families of Wake County Get the Change to Make a Financial Turnaround on October 3! (August 19, 2009)

NCACPA Requests FTC to Exempt CPAs from Red Flags Rules (August 6, 2009)

NCACPA Member Maximo Mukelabai is One of 28 Young CPAs Selected for AICPA's  Leadership Academy

International Financial Reporting Standard for Small- and Medium-Sized Entities—Frequently Asked Questions

Vote on Consumer Financial Protection Agency Delayed Until September; AICPA Joins Chamber of Commerce and Others Urging More Time (July 28, 2009)
A vote on legislation to establish the Consumer Financial Protection Agency has been moved to September from its original target of before Congress’s August recess. The AICPA is one of nearly two dozen business and professional organizations that joined the U.S. Chamber of Commerce in signing a letter urging a delay in action so all the bill’s issues could be sufficiently considered. Read this Journal of Accountancy article for more details.

AICPA President and CEO Addresses Issues Facing Accounting Profession (July 28, 2009)

Final State Tax Assessments Going Out Sooner (July 22, 2009)
Certain taxpayers will get their final state tax bills much sooner than ever before, thanks to a recent law change implemented this month. Taxpayers who submit returns that show tax owed but who do not pay will receive final notices of taxes due approximately 45 days faster than in the past. That’s because the NC DoR no longer has to send proposed assessments to taxpayers who submit returns without paying the tax due. The proposed assessment gave the taxpayer a chance to respond to the tax due amount and possibly request a conference or hearing about the taxes, which typically resulted in a delay of at least 45 days before the taxpayer received a final notice and paid the taxes.

Resources Developed to Help CPAs Understand and Use FASB Accounting Standards Codification^TM (July 14, 1009)
To help CPAs transition from the historical GAAP hierarchy to the new FASB Accounting Standards CodificationTM, the AICPA has developed a Q&A to provide technical highlights as well as general information and resources. In addition, the Institute’s dedicated FASB Accounting Standards Codification webpage has been updated since the July 1 launch of the FASB ASC with a discussion of key information for constituents, a PowerPoint presentation for CPAs to use to educate staff, a list of updated audit and accounting guides, an archived June 22 FASB webcast, and other useful resources.

Using the FASB Accounting Standards Codification^TM  (July 2, 2009)

Be Ready When GAAP Is Codified on July 1 (June 9, 2009)
Mark your calendars for July 1. It will be a landmark day for the accounting profession as the Financial Accounting Standards Board (FASB) Accounting Standards Codification^TM (ASC) will become the authoritative source of nongovernmental accounting literature (in addition to SEC pronouncements).

FASB Accounting Standards Codification^TM to Officially Launch on 7/1/09 (June 3, 2009)
The Financial Accounting Standards Board (FASB) today voted to approve the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009. The Codification will be effective for interim and annual periods ending after September 15, 2009, which means that preparers must begin to use the Codification for periods that begin on or about July 1, 2009.

Internal Revenue Code Section 7216 Resources (February 19, 2009)
Several state societies have inquired about AICPA resources on the new IRS regulations under Internal Revenue Code Section 7216, effective January 1, 2009, which generally require tax preparers to get written consent from their clients before disclosing or using tax return information.