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Have you studied enough? Are you focusing on the right material? There’s really only one way to find out – give it a try! Don’t miss this unique opportunity to participate in a 4-hour virtual mock CPA Exam hosted by the Texas Society of CPAs and Surgent CPA Review on March 24 from 1 – 5 p.m. CT. Advanced registration is required by Tuesday, March 21, and the email address provided will be used to set up your simulation on Surgent’s software. This will expedite the start of the simulation and provide you proper access. Experience what it is like to sit for any CPA Exam section as you immerse yourself in questions pulled from the actual CPA Exam Blueprints. You’ll leave the session with your own personalized ReadySCORE™ (an accurate measurement of your actual exam score) and a detailed report showing your areas of strength and weakness for that section. Please contact me at 972-220-0611 or estupnik@tx.cpa with any questions. I hope you’re able to participate! Emily Stupnik |
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Professor Elam
Accounting & Investing Info for San Antonio A & M
about
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Professor Elam
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Professor Elam
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Professor Elam
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Professor Elam
Tuesday March 7 2023
Accounting, a profession focused on numbers, is vexed by this one: the 150 college credit hours required to become a certified public accountant.
The shortage of accountants in the U.S. has firms boosting salaries and sending work abroad. The cost of accounting work has been rising and some firms are turning away audit work because they can’t find enough CPAs. Efforts to recruit more students into the field have become a near-constant conversation now nationwide among CPAs and industry groups.
One sticking point, some in the profession say, is the fact that would-be CPAs need to attend college for five years to amass the 150 hours of college credit required to get their license. That high standard gained traction in the 1990s as states boosted education requirements from a traditional 120-hour, four-year bachelor’s degree. Some in the industry say the extra time in school and the expense are keeping students from entering the field. Accounting or financial courses aren’t required during the fifth year, and many students take unrelated classes, from liberal-arts electives to earning a minor, accountants say.
For that reason, legislators in Minnesota are considering bills that would reduce credit hours needed for getting a CPA license. The move has sparked debate among national CPA groups that say states need to meet the national standard for accountants to be able to service clients around the U.S., and others who say the profession needs to be more flexible. In addition to schooling, CPA licenses require work experience and passing a test.
“We don’t have enough students coming in. We have to be able to solve that problem,” said Robert Cedergren, incoming board chair at the Minnesota Society of Certified Public Accountants. His group helped draft the legislation, introduced by a bipartisan group of lawmakers last month.
The bills, which are in committee in the state Senate and House of Representatives, seek to allow graduates to skip the fifth year. Instead, four-year degree holders could take one of two paths: get two years of professional experience and take the CPA exam or get one year of work experience, take 120 hours of professional-education courses, and take the CPA test. (They could also complete the current path of 150 hours of college credit.)
The bills face staunch opposition from national industry groups, including the Association of International Certified Professional Accountants, a trade organization. The group says that adjusting the requirements would mean CPAs licensed in Minnesota couldn’t practice outside the state. Big accounting firms, some industry groups say, need accountants who can practice nationally because they have clients from coast to coast.
Support for the 150-hour rule grew in the 1980s and means CPAs are better prepared to enter the field when they graduate, said Susan Coffey, chief executive of public accounting for AICPA.
“It’s clearly a hurdle of entry into our profession, but it’s a purposeful hurdle,” Ms. Coffey said.
Many practicing accountants who graduated decades ago have four-year degrees, not five-year degrees, and do quality work, said David Knoble, the incoming chair of the South Carolina Association of CPAs.
In addition to Minnesota, three other states have alternatives to the 150-hour requirement or are looking to change their rules.
Ohio law has for decades allowed CPAs to get licensed without 150 hours, said Scott Wiley, president and chief executive of the Ohio Society of CPAs. In Ohio, people can obtain a license with 120 hours of college credits, four years of work experience, a score of 670 or higher on the Graduate Management Admission Test and passing the CPA exam, he said, and Ohio accountants have had no barriers to practicing nationally.
A South Carolina task force is evaluating whether the state could approve CPAs from other places to practice locally, even if those accountants have fewer than 150 college credit hours. In New Jersey, a pilot program is under way that substitutes a year’s work for the traditional fifth year of course work; students would earn college credit hours on the job.
Saint Peter’s University, based in Jersey City, N.J., and PricewaterhouseCoopers LLP are testing that program. The company is covering students’ tuition for 30 credit hours at Saint Peter’s while they work for the accounting firm.
The extra year of university is pushing Triston McKay, 21 years old, away from accounting and toward computer science classes at Salem University in West Virginia. He is wary of the costs of a fifth year of school and says that in recent years jobs in the tech sector have paid more than accounting.
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Professor Elam
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Professor Elam
Legislative Alert: SB 159 Set for March 7 Hearing Senate Bill 159, legislation allowing CPA candidates and students to begin taking the CPA Exam after completion of 120 semester hours, has been set for a hearing in the Senate Business and Commerce Committee on March 7. This legislation is an important piece of TXCPA’s advocacy efforts and legislative agenda. Learn more about SB 159 and reach out to your Senator on the committee to let them know how important this bill is to the CPA profession and to TXCPA.
WATCH THE HEARING TXCPA CPA Pipeline Efforts Shared in Accounting Today TXCPA Chair-Elect for 2023-2024 Mohan Kuruvilla, Ph.D., CPA, and TXCPA President and CEO Jodi Ann Ray, CAE, spoke with Accounting Today about the importance of supporting and growing the CPA pipeline and how our members are engaged in this important area of focus. Check out the articles below!The Pipeline ProblemEight Ways to Fill the Pipeline Volunteer to Share Your Career Story During CPA Week From March 27-31, TXCPA will work with Texas CPAs and educators to help raise awareness of accounting career opportunities among students. Last fall, we reached nearly 2,000 Texas students during CPA Week. Help us continue to make an impact by getting engaged and involved in this spring’s CPA Week opportunity!Volunteer to visit a Texas classroom or share your career story on social media (#CPAWeek) to showcase the variety of opportunities in the CPA profession. Feel free to share this opportunity with educators in your network. They can visit this link to request a classroom or virtual visit during CPA Week.
VOLUNTEER OPPORTUNITIES District Court Holds IRS Owes Tax Preparers Partial Refund of PTIN Fees Last week, a district court held that the PTIN fees charged by the IRS from 2011 to 2017 were excessive and ordered the IRS to determine an appropriate partial refund of the fees.
MORE INFORMATION Supreme Court Holds FBAR Penalty is Imposed Per Return, Not Per Account The U.S. Supreme Court held Tuesday in a 5-4 decision that the $10,000 penalty for a nonwillful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) for foreign accounts accrues per return, not per account.
READ MORE TXCPA Committee Responds to PCAOB Exposure Draft TXCPA’s Professional Standards Committee issued a letter in response to a Public Company Accounting Oversight Board (PCAOB) exposure draft entitled Proposed Auditing Standard – The Auditor’s Use of Confirmation, and Other Proposed Amendments to PCAOB Standards (proposal | comment). The proposed standard is designed to strengthen and modernize the requirements for the auditor's use of confirmation and would replace AS 2310, The Confirmation Process.
This Week on TXCPA Exchange This week’s most popular posts on TXCPA Exchange led to insightful discussions on a variety of topics, including accounting for inventories, 1033 exchange tax issues, purchase of a CPA practice, residential rental properties, and more! View all the discussion threads here and don’t forget to add a profile photo, update your bio and start participating in Exchange discussions today!
JOIN THE CONVERSATION Virtual Mock CPA Exam on March 24 Students and candidates are invited to participate in a virtual, four-hour mock CPA Exam workshop hosted by TXCPA and Surgent Accounting & Financial Education on March 24 to experience what it's like to sit for any CPA Exam section. Benchmark your readiness to ace the Exam with questions pulled straight from the actual CPA Exam Blueprints. Employers – don’t forget to pass this information along to any future CPAs at your firm or organization! Registration is required by Tuesday, March 21. For questions, please email Emily Stupnik or call 972-220-0611 ext. 1051.
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Professor Elam
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Professor Elam
wed March 1 2023
Holmes has now had a second child.
the strategy is obvious, have one child hoping to get home confinement, and then well try try again hoping I am sure for home confinement, now she wants not to report to prison
with a newborn while case is appealed. Does anyone think she will get off on appeal?
what kind of person brings two human beings into this world knowing she will be in prison for their formative years, no doubt she hoped for a lesser sentence but geee, she cares little for the kids bu tlots for herself, oh and she is not married to her partner….some role model
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Professor Elam
tuesday ƒeb 28 2023
The criminal trial of ex-lawyer Chris Pettit, accused of stealing tens of millions of dollars from his former clients, has been postponed a second time so his lawyer can negotiate a possible plea deal with federal prosecutors.
U.S. District Judge Orlando Garcia agreed Monday to reset the trial to May 22 from March 20 after Pettit’s attorney asked for a 90-day delay.
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No doubt Pettit and his lawyer want to avoid further scrutiny as to how badly he treated local clients.
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Professor Elam
Tuesday Feb 28 2023
Oe would think a bank the size of J P Morgan would have a copetent due diligence team what with their involvement in captial markets. Apparently not. The seller of Frank says the buyer knew she only had 5,000 actual clients, those millions were just reading her website. Both parties are suing read the article.
frankly I have to wonder if J P Morgan is so big Jamie Dimon, who the press tells us is oh so smart, is unable to control it. Consider the $920 million fine it paid for spoofing trades.
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The woman who sold financial-aid startup Frank to JPMorgan Chase JPM 0.87%increase; green up pointing triangle
& Co. for $175 million said that the bank understood how big the company was before going through with the deal and that its fraud claims are unfounded.
Charlie Javice said the bank is trying to blame her for a failed strategy in a lawsuit it filed in federal court in December. In her reply to that suit Monday, Ms. Javice said JPMorgan’s claim that she invented 4 million customers out of whole cloth with a professor and some artificial intelligence is an effort to hide the reality that the biggest bank in the country just flopped on the transaction.
She said bank executives, including Chief Executive Jamie Dimon, had been eager to buy her company. In a meeting before the deal, Ms. Javice said, Mr. Dimon told her that he thought his team should “get the deal done.”
Ms. Javice is countersuing for damages and $27.9 million in compensation she says she is owed in the deal. The 30-year-old claims the bank has tarnished her reputation, likely for life.
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JPMorgan acquired Frank, which helped customers apply for federal financial aid and provided information on college-funding options, as a way to tap into a vast market of college-age customers. Frank and Ms. Javice had a sizable media presence and attracted some big-name venture investors. Frank had said it had some 4.3 million users, and JPMorgan was eager to pitch them bank products.
The deal soured quickly. JPMorgan fired Ms. Javice last November and sued her in a U.S. District Court in Delaware the following month. The bank alleges she made a list of fake names to inflate Frank’s true size and trick the bank. In court filings, the bank showed emails and correspondence with a data-science professor who allegedly helped create the fake list of names.
Mr. Dimon has called the deal a “huge mistake.”
“We stand behind our allegations, and this dispute will be resolved through the legal process,” a bank spokesman said Monday.
In her first detailed defense, Ms. Javice didn’t dispute that fewer than 500,000 people had used the company to complete financial-aid forms. She said this question came up in meetings with JPMorgan executives ahead of the acquisition, and said she told the bank many of the nearly 4.3 million users were website users who read articles about financial aid or otherwise “trust Frank” to help understand the process of financing college.
Ms. Javice also denied she created a fake list of users to trick the bank. Instead, she said JPMorgan requested a “synthetic data” set of users to mirror Frank’s actual customers as a way to audit her users and avoid privacy concerns about sharing their real names. She said JPMorgan knew the information she was providing the user number was based on, but not actually reflecting, real user data.
Ms. Javice said the bank’s financial team would have known how many customers she had based on other metrics in her proposal, such as her total marketing costs. She told the bank she paid about $5 a customer in marketing costs, and had paid a total of $2.25 million in marketing.
Ms. Javice said JPMorgan’s claims were an attempt to cover up its own misconduct, including a plan to monetize information about past filers of the Free Application for Federal Student Aid, which would have run afoul of federal regulations. She said the bank was scrambling after it learned last summer of new restrictions on how Fafsa forms could be filed, changes that would have limited Frank’s ability to file applications on behalf of students.

