States Reduce Regulatory Barrier for CPA Firms
CPA firms around the country can now operate in New Jersey and Wyoming without paying a fee or notifying the boards of accountancy. New Jersey Governor Phil Murphy signed a bill into law on Jan. 31 and Wyoming Governor Mark Gordon signed legislation on Feb. 13.
CPA firm mobility allows out-of-state CPA firms to offer attest services without notice, fee or escape. This means they can now come into New Jersey or Wyoming without obtaining a reciprocal license, but they are still subject to the respective state board of accountancy's rules and disciplinary actions.
Tennessee was among the first states to pass legislation allowing firm mobility. The Maryland legislature is also currently considering CPA firm mobility legislation. Twenty-seven states now allow for full CPA firm mobility, with more expected to adopt the provision in 2019.