posts on Legislative / Regulatory

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Senate OKs data transparency legislation

Our dream of transparent federal spending data and government accountability is a step closer to reality. The U.S. Senate has unanimously passed the Digital Accountability and Transparency Act, or DATA Act. Nearly three years in the making, the legislation would standardize the ways in which federal spending information is reported and call for the creation of a searchable online database that would let all Americans see how the government is spending their money. The bill next moves to the House...
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Happy birthday, Maryland CPAs!

Posted By: Tom Hood on April 10, 2014 in Accounting & Auditing&Legislative / Regulatory
"From then on, they are no longer isolated men, but a power one sees from afar, whose actions serve as an example; a power that speaks, and to which one listens." - Alexis de Tocqueville - Democracy in America  It was the beginning of a new century and Maryland was a key player in the transformation of the U.S. economy from one based on agriculture to the new industrial age. The steel, tanning, clothing, and tobacco industries were being established as new technologies like steam engines,...
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No 'House of Cards,' but CPAs are fine

Posted By: Tom Hood on April 08, 2014 in Legislative / Regulatory
Last night marked the end of the 90-day session of the Maryland General Assembly. In an otherwise quiet close of the session, the only drama was the proposed film tax credit legislation designed to attract the film industry in Maryland. It was also known as the "House of Cards" bill after the wildly popular Netflix series (yes, I am a fan). In fact, one tweet at the close of the session summed it up well: "Anyone else thinking 'House of Cards' special session? Think of the headlines!" That...
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Exempting small businesses from XBRL mandate would hurt transparency movement

Posted By: Bill Sheridan on March 24, 2014 in Legislative / Regulatory&XBRL
Here’s what I don’t get about Congress: Everything. A few years ago, the SEC decided to put a little sanity in the financial reporting process by mandating that public companies file their financials via XBRL. The logic was simple: Investors need some continuity of financial information. They needed a tool that would allow them to compare apples to apples on the public-company front. XBRL is that tool. If all public companies use the same tags and taxonomies, the data becomes easy to...
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Annapolis update: CPAs support estate tax reforms

Posted By: Tom Hood on February 07, 2014 in Legislative / Regulatory&Taxation
Myrna Mitnick, CPA, MBA, PFS, of Leonard J. Miller & Associates, Chtd., testified before the House Ways and Means Committee on behalf of the MACPA in support of House Bill 186, “Estate Tax: Recoupling with Federal Law,” sponsored by Del. Susan Krebs. The MACPA has long supported efforts to recouple the estate tax in Maryland. Myrna’s expert testimony explained how current Maryland estate tax provisions have unintended tax consequences that can impact surviving spouses and...

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