Dear Friends,

In our nearly eighty-eight years as the premier membership organization serving the CPA profession in the Washington area, we have seen a great number of outstanding and influential leaders at the GWSCPA. Now, it could be your turn....

The GWSCPA Nominations Committee is currently seeking interested potential Board Members to fill a term of two years (renewable for two years more, longer if in an officer position)  beginning on July 1, 2011. There are currently five open positions beginning with our next fiscal year, and all candidates must be an active CPA Member in Good Standing with the GWSCPA. You can find more details about service on our website, or by contacting me directly.
 

To submit your interest email Patty O'Malley, Nominations Committee Chair, no later than February 1, 2011 at pomalley@rubino.com . We look forward to welcoming an outstanding slate of new Board Members this year.
 

Sincerely,

Kari Bedell

Executive Director 

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Regulatory and Legislative News
 

Possible Changes Ahead for Yellowbook

The Government Accountability Office has proposed updates to its "Yellow Book" that would address frequently asked questions and continue to modernize and harmonize auditing standards by various standard-setting bodies. The proposed changes include a more formalized conceptual framework to provide a uniform method for analyzing independence issues. Read an analysis from a director in the GAO's Financial Management and Assurance Division.(Journal of Accountancy)

President Obama Signs Red Flags Rule into Law

The Red Flag Program Clarification Act of 2010 signed into law Dec. 18 gives CPAs a permanent exemption from requirements related to identity theft under the Federal Trade Commission's (FTC) Red Flags Rule. "The AICPA, with help from state CPA societies nationwide, worked tirelessly on this issue," said AICPA President and CEO Barry Melancon. "The bill makes clear that CPAs and CPA firms are not classified as "creditors" for the purposes of the [FTC's] Red Flags Rule" and should not be subject to steps the Institute called "onerous and unnecessary." (Journal of Accountancy)

Nonsigning Preparers Supervised by CPAs Exempted from Parts of IRS Preparer Registration Plan

On Dec. 30, the Internal Revenue Service issued guidance on its plan to regulate all paid tax-return preparers. The notice provides an exception from the competency test and continuing-education requirements for certain nonsigning preparers who are supervised by a Circular 230 practitioner, including a CPA. It also exempts from the competency test preparers who do not prepare Form 1040 returns, and it lists forms that are not considered "returns" and, therefore, will not require a preparer tax identification number. (Journal of Accountancy)