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IRS Announces Proposed PTIN Requirements
As part of its plan to regulate all paid tax preparers by next filing season, the Internal Revenue Service (IRS) has proposed charging $50 annually to issue and renew a required preparer tax identification number (PTIN). The IRS also announced that PTIN applications and renewals would be handled by a third-party vendor, who could also charge a "reasonable fee" on top of the IRS fee.
Exposure Draft Released Resulting From Clarity Project
The Auditing Standards Board has issued Proposed Statement on Auditing Standards (SAS), Letters for Underwriters and Certain Other Requesting Parties (Redrafted), resulting from its Clarity Project (Supersedes AU Section 634, Letters for Underwriters and Certain Other Requesting Parties) in AICPA Professional Standards.
Financial Regulatory Reform Act Signed Into Law
President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law on July 21. The CPA profession successfully advocated for CPAs on a number of issues, including protections to maintain the Financial Accounting Standard Board's independence and a provision to ensure permanent funding for the Governmental Accounting Standards Board, and resisted duplicative and unnecessary regulation by the new Consumer Financial Protection Bureau for CPAs' usual and customary activities.
Upcoming CPE Courses
Long Term Care Planning for Accountants and Their Clients - PORTLAND
Private Company Financial Reporting Update PORTLAND
Forensic Accounting, Finding and Preventing Fraud - PORTLAND

