NJ-CPA-PAC Victories

Some of the important legislative victories that the PAC has helped to achieve include:

  • Passage of legislation increasing the number of CPAs that can be appointed to the New Jersey State Board of Accountancy.
  • Passed legislation that eliminates the requirement that CPAs who let their license lapse for more than 5 years must retake CPA exam. It also streamlines the reciprocity process.
  • Beat back several attempts by lawmakers to pass a sales tax on professional services.
  • Defeated several proposals for mandatory audit firm rotation for external auditors of governmental entities.
  • Passage in 2011 of “single sales factor” legislation that eliminates property and payroll as factors, and bases the corporate business tax (CBT) solely on sales.
  • Passage of small business tax reform that allows business owners who pay taxes through personal income tax to carry forward net operating losses for 20 years and to offset gains and losses from one category of income to another.   
  • Passage of major CBT reform measures including extending NOL carryovers from 7-20 years; repealing NJ’s “regular place of business” and “throwout” rules. 
  • Passage of CPA Mobility Legislation which was signed into law in 2008.
  • Defeated legislation to place an annual $50 surcharge on CPA license fees to fund a medical malpractice fund.
  • Passed legislation ending New Jersey’s double taxation on S corporations. 
  • Revised audit threshold for nonprofits from $100,000 to $250,000 and made other changes to NJ Charitable Registration Act that CPA firms doing nonprofit work were seeking.
  • Reformed accountants privity law. Passed legislation eliminating an extremely unfair privity standard for CPAs. NJ used to have the worst privity standard for CPAs in the country, now it has one of the best.
  • Defeat of numerous bills that would have created a new class of licensed accountants.

 

Questions? 

Contact Jeff Kaszerman at jkaszerman@njcpa.org or 973-226-4494 x210.