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Until the mid-1990s, the Uniform CPA Exam was 19.5 hours in duration and was administered over two and one-half days. It consisted of four subject areas (sections) which were tested in five sittings: Auditing (3.5 hours); Business Law (3.5 hours); Accounting Theory (3.5 hours); and Accounting Practice (Part I & Part II; 4.5 hours each).
Differing requirements for CPA certification, reciprocity, temporary practice and other aspects of state accountancy legislation in the 55 U.S. licensing jurisdictions (the 50 states, Puerto Rico, the District of Columbia, the U.S. Virgin Islands, Guam and the Commonwealth of the Northern Mariana Islands) make the interstate practice and ...
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If an estate or charity is a beneficiary of a part of the account, the same holds true unless certain remedial measures are taken by September 30 of the year after death. The 5-year rule does not apply if the decedent died after having started his/her required minimum distributions (generally if he/she died later than April 1 after reaching age ...
A small estate affidavit is a sworn legal document that may allow an estate to avoid going through probate. Small estate affidavits are permitted in many states, as long as the value of the estate ...
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State boards of accountancy are responsible for assessing eligibility of candidates to sit for the CPA examination. Boards are also the final authority on communicating exam results received from NASBA to candidates. The AICPA is responsible for setting and scoring the examination, and transmitting scores to NASBA.
In addition to the premium limit increase, the PATH Act introduced diversification requirements to Section 831(b) to prevent abuses of micro-captives for estate planning purposes. These new rules, often referred to as the "ownership test" and the "risk distribution test," ensure that the ownership of a captive insurance company does not ...