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Dear Elizabeth:

Yesterday, Zach, Beth and I attended a “listening session” held by the Board of Public Accountancy as they undertake their regulation review as required by Executive Order 562.

Our comments were largely recommendations that would make it easier for CPAs to meet their educational and registration requirements without diluting the substance of the requirements. Specifically, we asked them to:

• Retain the “5 in 10 rule” and ensure that there were simple administrative procedures to accommodate our highly mobile workforce;
• Weigh graduate and undergraduate credits equally and to also credit post graduate credits taken at community colleges (lower cost option for many) when considering the 150 hours;
• Consider a pilot regarding adoption of nano-CPE;
• Join the mainstream in reciprocity by waiving the Massachusetts-specific continuing education requirements so long as the licensee’s principal place of business is a state with substantially equivalent standards and rules; and
• Update the quality peer review rules to reflect current practices and the provisions set forth in the Uniform Accountancy Act (UAA).

Finally, legislation has been filed on our behalf that would eliminate the statutory requirement that managing partners or agents be a licensed accountant. We asked for the Board's support as we work to make this change a reality.

A complete copy of our comments can be found here.

We intend to continue the dialog with the Board to make sure our voice continues to be heard as they engage in this important exercise – we will keep you posted!

Amy A. Pitter
President & CEO

MEMBERSHIP:

Women to Watch: Nominations Due 6/30
Do you know a woman who is a good role model? Committed to her profession? Active in her community? Dedicated to being her best self - both in and out of the office? If you answered "yes" - nominate her for the MSCPA Women to Watch Awards! Six women from Massachusetts will be recognized for their leadership skills and potential for future growth. We are seeking nominations for women of all experience levels. Hurry, nominations are due by 6/30.

Firm or Member News? Share It!
News about MSCPA members and their firms is featured in every issue of SumNews magazine. If you landed a new job, were promoted, presented at a conference, launched a new website, moved your office, etc. - we want to know about it! Send your announcements to Elizabeth Emanuelson.

NETWORKING:

South Shore Breakfast Forum (6/25)
Lynda Schwartz, CPA will discuss financial fraud. She is the founder of Upland Advisory LLC and founded Ernst & Young's fraud investigation and dispute services practice, and she has significant experience in testifying as a financial expert in litigation matters and regulatory inquiries.

Regional Economic Development Roundtables
MSCPA members are invited to participate in roundtable discussions about regional economic development. The roundtables will help shape the strategic plan for the Baker/Polito Administration's economic development blueprint. Six discussions will be held throughout the state - RSVP by Friday, June 19.

Save the Date: Accounting Career Fair/Graduate School Expo (9/25)
The event will be held on Friday, September 25 from 1:00 - 3:00 p.m. at the Sheraton Hotel (Copley Place) in Boston. More information will be available soon.

NEWS & RESOURCES:

What CPAs Learned from their Fathers
CPAs from around the country describe how their fathers taught them lessons that helped them as professionals and in life.

Top 5 Marketing Mistakes by Accounting Firms
What mistakes should CPAs avoid when it comes to online marketing? Here are five of the most common missteps.

Profession Takes Bold Step toward Audit Quality
The profession recently took a bold step in reaffirming our ongoing commitment to high-quality audit performance by releasing a 6-point plan to improve audits. The comprehensive EAQ initiative includes a focus on specialized audits, such as those of governmental entities and employee benefit plans.

Experts Warn CPAs of Cybersecurity Gaps
Accountants need to bolster their technology knowledge and shore up their data defenses to lessen the risk of becoming easy prey for cybercriminals on the hunt for personally identifiable client information.

CPE:

Nexus Update: Latest Developments in State Income, Franchise and Sales Taxes (6/26)
Learn not only the various ways that states define and enforce nexus but also in how to determine when your company or client has nexus in a state, thus requiring the filing of tax returns.

Leading Through Influence (6/30)
Influence is a key ingredient to successful leadership - particularly when you have limited control of circumstances. Learn tools and techniques to influence and inspire transformation in teams and outside of a span of control. Develop skills to inspire collaboration and commitment to shared goals. Applicable for those leading teams or who aspire to lead teams in the future.

LEGISLATIVE UPDATE:

IRS Updates
- IRS Issues Guidance for Multi-Employer Pension Plans
- IRS Issues Final Portability Rules for Estate Tax Exemptions

DOR Updates
- DOR Holds Final Demos on New Tax Software System
- Interest Rate on Overpayments And Underpayments
- Working Draft: Approval of Principal Reporting Corporation

Hearing Set for Tuesday on Independent Contractor Changes
The Joint Committee on Labor and Workforce Development will hear several bills related to the independent contractor law during a public hearing on Tuesday, including a Society backed measure to amend the law to ensure conformity with the IRS standard. The Society will join a coalition of Massachusetts business groups in offering testimony in support of the measure.