Gramm-Leach-Bliley privacy notification exemption (SB 2856)

The Financial Services Regulatory Relief Act (SB 2856) signed into law Oct. 13, 2006, exempts CPAs from the privacy notification requirement under the Gramm-Leach-Bliley Act (GLB). Under the new law, CPAs will no longer be required to prepare year-end privacy notices to clients.

The federal Gramm-Leach-Bliley Act mandated consumer safeguards for sensitive financial information and had also required annual privacy policy notification letters to be sent by CPAs to their clients. The notices were redundant and often confusing to clients because existing state laws and regulations prohibit CPAs from disclosing non public personal information without the expressed consent of the client.

In coordination with the AICPA and other state CPA societies, The Ohio Society of CPAs led the fight to exempt CPAs from the GLB privacy notification requirement.

More information:

• President signs bill immediately exempting CPAs from GLB privacy notice requirement

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)