nvcpa news

The Nevada Society of Certified Public Accountants is devoted to keeping its members up-to-date with the latest legislative changes, while making sure that Nevada's CPAs voices are heard. Below is the latest in Nevada CPA News: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

Society News

5.20.10 UPDATE The NVCPA is pleased to report that the Senate has passed the Restoring America Financial Stability Act of 2010 and the Specter aiding & abetting amendment was NOT INCLUDED in the Senate version of the bill. See background information. See NVCPA letters to Senators Reid and Ensign.

4.26.10 The American Institute of Certified Public Accountants Comments on Proposed Regulations, REG-134235-08 Relating to the Issuance of Preparer Tax Identification Numbers by the IRS to Tax Return Preparers Read Letter to Honorable Douglas H. Shulman

Read AICPA Comments on Tax Preparer Tax ID Numbers

Society News

4.23.10 The NVCPA encourages Senators Reid and Ensign to support section 404(b) of the Sarbanes-Oxley Act, and to oppose any attempt to amend that section during Senate debate of S. 3217, the Restoring American Financial Stability Act of 2010.  See copy of the letter to Senator Reid Background on the Issue 

Society News

NVCPA leadership responds to the AICPA's request of support for Congressional Bill H.R. 4410, which would require the U.S. Comptroller General be a CPA. Read More

Society News

The Board of Directors approves Slate of Nominees for 2010-2011.  At their February 17, 2010 meeting, the NVCPA Board accepted the Nominations Committee Recommendations for service on the Society’s Board of Directors for the coming year.  Read More

3.11.10. UPDATE: The IRS has extended the comment period on its proposal on Disclosure of Uncertain Tax Positions from March 29 to June 1, 2010. In addition, the IRS will release in April a draft schedule for businesses to report uncertain tax positions.  A copy of the recent IRS pronouncement about this topic can be viewed here. Read More

1.14.10 2010  IRS Filing Season Letter Read More

1.4.10 AICPA Supports IRS Plan to Register All Tax Preparers, Expresses Concern Over Wider Plan to Certify Non-CPAs Read More

12.17.09 The AICPA and the Financial Accounting Foundation announced the establishment of a “blue-ribbon panel” to address how U.S. accounting standards can best meet the needs of users of private company financial statements. Read More

3.16.09 The new provision, enacted as part of the American Recovery and Reinvestment Act of 2009, enables small businesses with a net operating loss (NOL) in 2008 to elect to offset this loss against income earned in up to five prior years. Read More

11.6.09 The newly-enacted Worker, Homeownership And Business Assistance Act Of 2009 extends and expands the first-time homebuyer credit. Read More

2.9.09 Disclosure Of Statistical Compilations Of Anonymous Tax Return Information Under Section 7216. Read More

1.1.09 Recent revisions to the AIPCA Standards for Performing and Reporting on Peer Reviews (Standards) and the Peer Review Standards Interpretations (Inter­pretations) will affect you, so be sure you understand these changes before the commencement of your next peer review. Read More

1.1.09 Rev. Proc. 2009-11 identifies relevant categories of tax returns and claims for refund for purposes of the tax return preparer penalty. Read More

3.16.09 Guidance Under the Preparer Modification In The Tax Extenders And Alternative Minimum Tax Relief Act Of 2008. Read More