New Jersey and Wyoming 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 January 31 and Wyoming Governor Mark Gordon signed legislation on February 13.

CPA firm mobility allows out-of-state CPA firms to offer attest services without notice, fee or escape. This means they can 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.

The AICPA supported the New Jersey Society of CPAs’ and the Wyoming Society of CPAs’ efforts to work with their legislatures on these important initiatives. CPA firm mobility reduces compliance burdens on CPA firms and removes barriers to practice. In today’s digital economy, it’s vital for CPAs and CPA firms to be able to offer services across state lines.

“Adopting firm mobility in New Jersey was a team effort between the NJCPA, our members and the AICPA,” commented Ralph Albert Thomas, CPA, CGMA, CEO & executive director of the NJCPA. “Firm mobility helps make our profession mobile, reduces barriers to licensure and gives consumers access to the CPA firm that fits their needs. We are proud that New Jersey is working to move the profession towards the future.”  

Renee Brower, executive director of the WYOCPA, commented that “moving the CPA profession forward through the adoption of uniform state licensing laws that protect the public is a key component of the WYOCPA’s mission. These changes are the result of the strong collaboration between the WYOCPA, the Wyoming Board of Accountancy and CPAs across the state.”

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.