We held our annual meeting October 26-27 in Nashville. Everyone had an enjoyable time. Several members were accompanied by their significant others. We attended the Country Classics show at the Grand Ole Opry. It was a wonderful experience. A few of us were in Nashville for a couple of extra days to enjoy the city and its many attractions and music. We work hard at these meetings but also make sure our free time is engaging and enjoyable.
Officers and directors were elected. Chairs of the issues and tax committees were filled as well as open positions on the nominating committee. I wish to personally thank all those members who volunteer to serve NCCPAP helping it achieve the mission of practitioners helping practitioners.
We covered the new beneficial ownership information reporting regulations effective for 2024. They apply to most businesses. There are heavy penalties for failure to report. Mr. Carl Peterson, the Vice President of Small Firm Interests section of the AICPA, was present to talk about resources available to help you decide if you will do this reporting, and if so, what procedures to follow. The consensus was that the least we should do is inform our clients of their reporting obligations.
We also reviewed the success NCCPAP had regarding the exposure draft of tax ethics requirements from the International Ethics Standards Board for Accountants. The exposure draft has been changed to mitigate some problems it would have created with the sections dealing with third party referrals. We will continue to follow this exposure draft by providing input as it will impact all CPA’s when it is finalized. This is an example of NCCPAP advocating for you, the small practitioner.
The AICPA Pipeline Acceleration Plan is moving forward with a pilot program for the education learn and earn (ELE) initiative. Tulane University will participate.
The winter quarterly meeting will be in Florida on January 3-5, 2024. The venue has not been finalized at this time. Meetings will begin on January 4.
Over the past few years, the use of virtual meetings has increased. They require no travel, are cost-effective and convenient. However, they do not provide the opportunity for personal interaction and communication between those attending. This shortcoming has a significant impact on the effectiveness of the meeting. The annual meeting established the overall direction of NCCPAP and related initiatives for the next five years. It was evident that the interaction between attendees was a key element in the success of this meeting.
The use of in-person meetings is on the rise as the benefits are evident. I encourage all chapters to fully consider this fact when hosting meetings.
The Annual Accounting & Tax Symposium is coming up at the Crest Hollow Country Club in Woodbury NY, and it is an in-person only event. I encourage everyone to attend if possible. Visit the website for more details: https://www.nationalats.org/home