Thursday, May 19, 2011

What's [Happening] in YOUR State Board of Accountancy?

Accounting Today/WebCPA reminded practicing CPAs today that State Boards of Accountancy have significant influence over the practice of accounting: sometimes for good (West Virginia's requirement of a "financial literacy" course in their high school curriculum), sometimes for bad (imposing sales taxes on services of Texas CPAs) and sometimes for trivial (Idaho's elimination of CPA oversight of lottery drawings) or bizarre (California's apparent attempt to hold CPAs responsible for the fiscal shortcomings of elected officals in municipal governments).

Other than the annual impact of Tennessee's "privilege" tax, I am not aware of any particular activities of Tennessee legislators on CPAs here. Having said that, never underestimate the willingness of legislators to attempt to make changes for the sake of making chances. The need to fix laws, whether or not they are "broke," must be a strong narcotic for elected officals.

Update: Thanks to reader Angela, two adjustments: [1] some items here are from state legislatures rather than state boards of accountancy, [2] some items listed above are proposed but not presently in existence.


Blogger Angela said...

I am very interested to know your source of the sales tax on Texas CPA services. I'm a Texas CPA and I've heard nothing about this and cannot find anything on either the State Board's site ot the State Comptrollers site?

5:07 PM  
Blogger Dan Meyer said...

The article cited in the title (by Accounting Today) said that the Texas legislature is considering a sales tax on services. At present, you are correct--but not if some members of the Texas legislature get their way.

12:15 PM  

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