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| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term (≤ 3 years) | 0.71% | 0.71% | 0.71% | 0.71% |
| Mid-term (> 3 years but ≤ 9 years) | 2.59% | 2.57% | 2.56% | 2.56% |
| Long-term (> 9 years) | 4.01% | 3.97% | 3.95% | 3.94% |
After 33 years, California is no longer the problem child when it comes to CPA licensing. Sunday night, Gov. Schwarzenegger signed SB 819 into law, which will require all California CPAs licensed after 2014 to have 150 hours of college education prior to licensing. CPAs licensed prior to 2014 will be grandfathered in as substantially equivalent. California should now be considered a substantially equivalent state, likely easing mobility for California CPAs providing services in other states that have adopted the new mobility provisions consistent with the Uniform Accountancy Act. Those provisions allow out-of-state CPAs to provide temporary services in those states without notifying the board of accountancy or paying a fee. This is a really big step for California CPAs. "While some of the details of the bill remain to be worked out, the passage of this legislation is historic and at long-last puts California CPAs on a level playing field with CPAs from other states who have been considered substantially equivalent for years," says CalCPA CEO Loretta Doon. "We owe a tremendous debt of gratitude to our government relations team lead by Bruce Allen and Jeannie Tindel, and Paul Regan, our Government Relations Committee chair.” Doon also praised the multitude of members from students to seasoned partners who participated in CalCPA’s grassroots efforts. Those members met with legislators in their district offices, and in the Capitol, to discuss the importance of substantial equivalency and other key legislation. Additionally, the governor signed AB 138, which requires mandatory peer review for CPA firms. The peer review requirement will start in 2010, but firms don't have to provide their peer reviews until the 2011 renewal for firms with the last digits 1-33. The new law will use a phased in implementation over a three-year period. Also signed into law were AB 117, which requires license status disclosure for inactive CPAs, and AB 129, which reinstates a taxpayer privilege provision. Visit CalCPA's website to learn more about these important new laws that will pave the way for the future of the profession in California.
