Title agency review rules

Working with the Ohio Department of Insurance, The Ohio Society was successful in changing proposed Insurance rules requiring annual “reviews” of title insurance agent escrow accounts (3901-7-01 of the Ohio Administrative Code). As written, any CPA providing the service would have violated professional standards. Thanks to the input of several Society member experts, the language was revised to meet AICPA professional standards for agreed-upon-procedures reports, allowing Ohio CPAs to both meet the needs of their clients and comply with their professional requirements. The new rules took effect Jan. 1, 2007.

Ongoing success

• Commercial Activity Tax: Keeping the base broad and rate low
• Interstate practice issues; state-to-state license mobility
• Sales tax on services

2007

• Modification to Ohio’s tax code (Sub. HB 157)
• Changes to title agency review rules (Sub. HB 157)
• Further uniformity to Ohio’s municipal income tax collection methods (Sub. HB 224)
• Improving the internal audit function of Ohio Executive Branch (Sub. HB 166)
• Ohio Government Audit Work Paper Public Record Issue

2006

• Title agency review rules
• Ohio government audit work paper public record issue
• Audit work paper confidentiality (HB 9)
• Gramm-Leach-Bliley privacy notification exemption (SB 2856)
• Ohio income tax residency requirements; increase in contact periods (HB 73)
• Statute of limitations for tax collection (HB 390)
• ORC and IRC uniformity regarding treatment of charitable pension distributions (HB 699)
• Ohio attorney general rules impacting charitable entities
• Data breach legislation (HB 104)

2005

• Tax reform (HB 66)
• Protecting the regulation of the accounting profession (HB 66)
• Improving Ohio’s legal environment (SB 80)

2004

• Agreed upon rules and procedures for nonprofit child caring agencies
• Elimination of licensed professionals from independent contractor classification (HB 200)

2003

• Municipal income tax reform (HB 95)
• Tort reform; limiting abusive lawsuits (SB 120)