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AICPA: 2019 Form W-4 needs to be simplified

The AICPA’s Tax Executive Committee sent a  letter  to the IRS on Thursday, urging the Service to simplify the proposed draft 2019 Form W-4,  Employee’s Withholding Allowance Certificate,  to reduce administrative burdens by not requiring an annual Form W-4 calculation, protect employees’ privacy by omitting personal information from the form, and avoid shifting the onus onto employers to determine employees’ correct withholding . The letter, from Tax Executive Committee chair, Annette Nellen, said that the form should be simplified, so that it does not include nonwage income, itemized and other deductions, tax credits, and amounts of income from lower-paying jobs. Requesting this personal information requires employees to essentially calculate their tax liability, the letter noted. It also is potentially an invasion of privacy because the employer will see the employee’s personal information. The AICPA recommends these alternatives to the Form W-4: Allow the...

NASBA and AICPA sign pact with CPA Australia

The National Association of State Boards of Accountancy and the American Institute of CPAs’ U.S. International Qualifications Appraisal Board have signed a mutual recognition agreement with CPA Australia. NASBA's headquarters in Nashville, Tenn. The agreement will offer an abbreviated qualification pathway for eligible accounting professionals in the U.S., Australia and New Zealand to practice in the partner countries. Under the deal, qualified U.S. CPAs will be eligible to obtain the CPA Australia credential, which is a pathway to getting audit rights in Australia and New Zealand, if the holders meet specific eligibility requirements spelled out in the agreement’s appendices. Similarly, CPA Australia credential holders who are citizens or legal residents in Australia or New Zealand will be eligible to obtain the U.S. CPA credential if they meet the eligibility requirements outlined in the agreement’s appendices. Sharon A. Jensen, who chairs the NASBA/AICPA U.S. IQAB, ...

AICPA names 'Outstanding Young CPA' for 2018

Matthew Rosenberg AICPA The American Institute of CPAs recently named Matthew Rosenberg, president of RoseCap Investment Advisors in Colorado, as the winner of the 2018 AICPA Outstanding Young CPA Award in Honor of Maximo Mukelabai. Now in its seventh year, the award looks to highlight a CPA under 41 who demonstrates successful practices and notable contributions within the accounting profession. Rosenberg was honored at the 2018 AICPA Edge Conference in Las Vegas last week. “CPAs have always been known for giving back to their communities,” said Mark Koziel, executive vice president of firm services for the Association of International Certified Professional Accountants, in a statement. “From volunteering in his local area to serving as a college professor and mentor for the next generation of CPAs, Matt’s activities truly reflect the values represented by this award in honor of Maximo Mukelabai.” The award honors the legacy of Maximo Mukelabai, a member of the inau...

Vice-Chair Sue Lloyd speaks at the annual AICPA conference

When:  5 December 2017 Where:  AICPA’s Conference on Current SEC and PCAOB Developments, Washington DC, US Speaking at the annual conference on current developments at the US Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) in Washington DC, Vice-Chair of the International Accounting Standards Board (Board) Sue Lloyd discusses the impact on companies of new IFRS Standards and how the Board supports implementation. She also talks about the Board's focus on making financial reports better communication tools between companies and investors. Content and packaging of financial reporting Sue Lloyd, Vice-Chair, International Accounting Standards Board Introduction Ladies and gentlemen, My name is Sue Lloyd and I am Vice-Chair of the International Accounting Standards Board (Board). This is the first time I have attended this conference. I am very pleased to have the opportunity to represent the Board here today. Thi...