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Society News

8.20.10 The NVCPA congratuates the Honorable Dean Heller, who along with other members of congress, sent a letter to the Secretary of the Treasury Timothy Geithner expressing concerns over the IRS proposal to regulate paid income tax return preparers. See letter to Geithner. See NVCPA letter to Heller.

6.28.10 U.S. Supreme Court has ruled today that only a very small, specific part of SOX  - the provisions about how a PCAOB appointee can be removed from the Board  - is unconstitutional because the process violates the Constitution’s appointments clause. It’s important to note that the Court separated the board member removal issue from the rest of SOX, and specifically said that the PCAOB should continue to operate and that SOX “remains fully operative.”  That makes it a specific ruling on just a small part of SOX.  Day-to-day life for our members (both public company auditors and those in business & industry who comply with SOX) remains the same. Statements from the AICPA and the Center for Audit Quality.

6.28.10 Today’s (6/28) Supreme Court decision in Bilski v. Kappos, while striking down a particular business method patent, does not stop the U.S. Patent and Trademark Office from continuing to issue tax strategy patents and the AICPA renews its call on Congress to act quickly to pass legislation to ban tax strategy patents. Read More

6.25.10 It’s not over ‘til it’s over, but the financial re-regulation bill took a huge step toward “over” at about 5:30 a.m. today (6/25), when the conference committee (made up of House and Senate members) voted the compromise bill out of the conference committee by the House conferees on a vote of 20-11 and adopted by the Senate conferees by a vote of 7-5.  Sen. Dodd and Rep. Frank have both said they want to send a bill to the President before the July 4th recess, so the end is in sight.

Society News

6.15.10 The NVCPA advocates support of Amendment 4342 of H.R. 4213 which discourages certain S corporation owners’ compensation be treated as wages subject to self-employment taxes (both the employer and the employee portions). We believe that Section 413 American Jobs and Closing Tax Loopholes Act of 2010 threatens to result in a significant increase in taxes and complexity for S corporations and their shareholders, and for certain limited partners. View the AICPA Letter to ALL U.S. Senators and the NVCPA Letter to Senator Reid and Senator Ensign

6.10.10 Because the U.S. Supreme Court’s term ends on June 30, the AICPA expects the Court to hand down its ruling on the PCAOB constitutionality case in the next few weeks.  The Court is scheduled to issue opinions on Mondays for the rest of June, so the decision could come on June 14, 21 or 28.  However, the Court can always publish an opinion at any time. PCAOB Article

Society News

5.26.10 The Las Vegas and Reno Chapter Boards are conducting their planning meetings for the upcoming year. The Reno meeting is scheduled June 4th, 2010 and the Las Vegas meeting is scheduled June 30th, 2010. Please contact any members on your respected Chapter Board prior to their meetings if you have suggestions or recommendations for speakers or topics for the coming year. Reno Chapter Board / Las Vegas Chapter Board