The Public Policy Committee, additional committees, the WICPA lobbyist and the Board of Directors remain vigilant in monitoring public policy issues that impact the profession and in recommending appropriate action or response.
The following activities have been achieved:
- Passed mandatory continuing education to renew a CPA license in Wisconsin beginning in December 2021 (as currently required in all 54 other licensing jurisdictions).
- Exempted CPAs from a broad practice of law definition that would have limited CPA tax services.
- Defeated expansion of joint and several liability that would have greatly increased insurance premiums.
- Exempted CPAs from oppressive and costly privacy rules for tax return preparers.
- Permitted mobility of CPAs practicing in multiple states.
- Conformed Wisconsin law to federal law regarding IRA and 401(k) contribution limits.
- Passed the Uniform Accountancy Act, allowing minority non-CPA ownership in firms, substantial equivalence, mandatory peer review, attest function assurances and safe harbor.
- Provided liability protection for Limited Liability Partnerships (LLP) not usually available in general partnerships (innocent parties protected).
- Ensured accounting graduates have acquired the necessary skills for entry into the profession by the 150-hour legislation required to obtain a CPA license.
- Restored balance to the distribution of damages in lawsuits by joint and several liability reform law.
- Reduced the statute of limitations, resulting in lower malpractice insurance rates.
- Defeated state sales tax on professional services that would have reduced CPA revenue and increased business costs.