CPA-REG PDF Dumps 2022

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Exam Code: CPA-REG Practice test 2022 by Killexams.com team
CPA-REG CPA Regulation

Content area allocation Weight
I. Ethics, Professional Responsibilities and Federal Tax Procedures 10–20%
II. Business Law 10–20%
III. Federal Taxation of Property Transactions 12–22%
IV. Federal Taxation of Individuals 15–25%
V. Federal Taxation of Entities 28–38%

minutes — Welcome/enter launch code
5 minutes — Confidentiality/section information
4 hours — Testing time
15 minutes — Break after third testlet (option to pause test timer)
5 minutes — Survey
Each of the four test sections is broken down into five smaller sections called testlets. These testlets feature multiple-choice questions (MCQs) and task-based simulations (TBSs). In the case of BEC, you also have to complete three written communication tasks. The number of MCQs and TBSs tested varies depending upon the specific section taken. You will receive at least one research question (research-oriented TBS) in the AUD, FAR and REG sections. To complete them, you will have to search the related authoritative literature and find an appropriate reference.

The REG section blueprint is organized by content AREA, content GROUP and content TOPIC. Each course includes one or more representative TASKS that a newly licensed CPA may be expected to complete when performing tax preparation services, tax advisory services or other responsibilities of a CPA. The tasks in the blueprint are representative. They are not intended to be (nor should they be viewed as) an all-inclusive list of tasks that may be tested in the REG section of the Exam. Additionally, it should be noted that the number of tasks associated with a particular content group or course is not indicative of the extent such content group, course or related skill level will be assessed on the Exam. Similarly, examples provided within the task statements should not be viewed as all-inclusive.

Area I Ethics, Professional Responsibilities and
Federal Tax Procedures 10–20%
Area II Business Law 10–20%
Area III Federal Taxation of Property Transactions 12–22%
Area IV Federal Taxation of Individuals 15-25%
Area V Federal Taxation of Entities 28-38%

Overview of content areas
Area I of the REG section blueprint covers several topics, including the following: • Ethics and Responsibilities in Tax Practice – Requirements based on Treasury Department Circular 230 and the rules and regulations for tax return preparers
• Licensing and Disciplinary Systems – Requirements of state boards of accountancy to obtain and maintain the CPA license
• Federal Tax Procedures – Understanding federal tax processes and procedures, including appropriate disclosures, substantiation, penalties and authoritative hierarchy
• Legal Duties and Responsibilities – Understanding legal issues that affect the CPA and his or her practice
Area II of the REG section blueprint covers several Topics of Business Law, including the following:
• Knowledge and understanding of the legal implications of business transactions, particularly as they relate to accounting, auditing and financial reporting.
• Areas of agency, contracts, debtor-creditor relationships, government regulation of business, and business structure.
- The Uniform Commercial Code under the Topics of contracts and debtor-creditor relationships.
- Nontax-related business structure content. Area V of the REG section blueprint covers the tax-related issues of the various business structures. • Federal and widely adopted uniform state laws and references as identified in References below.
Area III, Area IV and Area V of the REG section blueprint cover various topics of federal income taxation and gift and estate tax. Accounting methods and periods, and tax elections are included in the Areas listed below:
• Area III covers the federal income taxation of property transactions. Area III also covers Topics related to federal estate and gift taxation.
• Area IV covers the federal income taxation of individuals from both a tax preparation and tax planning perspective.
• Area V covers the federal income taxation of entities including sole proprietorships, partnerships, limited liability companies, C corporations,
S corporations, joint ventures, trusts, estates and tax-exempt organizations, from both a tax preparation and tax planning perspective.
Section assumptions
The REG section of the test includes multiple-choice questions, task-based simulations and research prompts. Candidates should assume that the information provided in each question is material and should apply all stated assumptions. To the extent a question addresses a course that could have different tax treatments based on timing (e.g., alimony arrangements or net operating losses), it will include a clear indication of the timing (e.g., use of real dates) so that the candidates can determine the appropriate portions of the Internal Revenue Code or Treasury Regulations to apply to

Remembering and understanding is mainly concentrated in Area I and Area II. These two areas contain the general ethics, professional responsibilities and business law knowledge that is required for newly licensed CPAs and is tested at the lower end of the skill level continuum.
• Application and analysis skills are primarily tested in Areas III, IV and V. These three areas contain more of the day-to-day tasks that newly licensed CPAs are expected to perform and therefore are tested at the higher end of the skill level continuum.
The representative tasks combine both the applicable content knowledge and the skills required in the context of the work that a newly licensed CPA would reasonably be expected to perform. The REG section does not test any content at the Evaluation skill level as newly licensed CPAs are not expected to demonstrate that level of skill in regards to the REG content.
1. Regulations
governing
practice
before the Internal Revenue Service
Recall the regulations governing practice before the Internal Revenue Service.
Apply the regulations governing practice before the Internal Revenue Service given a specific scenario.
2. Internal Revenue
Code and
Regulations
related
to tax return
preparers
Recall who is a tax return preparer.
Recall situations that would result in federal tax return preparer penalties.
Apply potential federal tax return preparer penalties given a specific scenario.
B. Licensing and disciplinary systems
Understand and explain the role and authority of state boards of accountancy.
C. Federal tax procedures
1. Audits, appeals
and judicial
process
Explain the audit and appeals process as it relates to federal tax matters.
Explain the different levels of the judicial process as they relate to federal tax matters.
Identify options available to a taxpayer within the audit and appeals process given a specific
scenario.
Identify options available to a taxpayer within the judicial process given a specific scenario.

2. Substantiation
and disclosure
of tax positions
Summarize the requirements for the appropriate disclosure of a federal tax return
position.
Identify situations in which disclosure of federal tax return positions is required.
Identify whether substantiation is sufficient given a specific scenario.
3. Taxpayer penalties Recall situations that would result in taxpayer penalties relating to federal tax returns.
Calculate taxpayer penalties relating to federal tax returns.
4. Authoritative
hierarchy
Recall the appropriate hierarchy of authority for federal tax purposes.
D. Legal duties and responsibilities
1. Common law
duties and
liabilities to
clients and third
parties
Summarize the tax return preparers common law duties and liabilities to clients and
third parties.
Identify situations which result in violations of the tax return preparers common law duties
and liabilities to clients and third parties.
2. Privileged
communications,
confidentiality
and privacy acts
Summarize the rules regarding privileged communications as they relate to tax practice.
Identify situations in which communications regarding tax practice are considered
privileged.

1. Authority of agents
and principals Recall the types of agent authority.
Identify whether an agency relationship exists given a specific scenario.
2. Duties and
liabilities of agents
and principals
Explain the various duties and liabilities of agents and principals.
Identify the duty or liability of an agent or principal given a specific scenario.
B. Contracts
1. Formation Summarize the elements of contract formation between parties.
Identify whether a valid contract was formed given a specific scenario.
Identify different types of contracts (e.g., written, verbal, unilateral, express and implied)
given a specific scenario.
2. Performance Explain the rules related to the fulfillment of performance obligations necessary for an
executed contract.
Identify whether both parties to a contract have fulfilled their performance obligation given
a specific scenario.

3. Discharge, breach
and remedies
Explain the different ways in which a contract can be discharged (e.g., performance,
agreement and operation of the law).
Summarize the different remedies available to a party for breach of contract.
Identify situations involving breach of contract.
Identify whether a contract has been discharged given a specific scenario.
Identify the remedy available to a party for breach of contract given a specific scenario.
C. Debtor-creditor relationships
1. Rights, duties
and liabilities of
debtors,
creditors
and guarantors
Explain the rights, duties and liabilities of debtors, creditors and guarantors.
Identify rights, duties or liabilities of debtors, creditors or guarantors given a specific
scenario.
2. Bankruptcy and
insolvency
Explain the rights of the debtors and the creditors in bankruptcy and insolvency.
Summarize the rules related to the different types of bankruptcy.
Explain discharge of indebtedness in bankruptcy.
Identify the rights of the debtors and the creditors in bankruptcy and insolvency given a
specific scenario.
Identify the type of bankruptcy described in a specific scenario.
3. Secured
transactions
Explain how property can serve as collateral in secured transactions.
Summarize the priority rules of secured transactions.
Explain the requirements needed to create and perfect a security interest.
Identify the prioritized ordering of perfected security interests given a specific scenario.
Identify whether a creditor has created and perfected a security interest given a
specific scenario.
D. Government regulation of business
1. Federal securities
regulation
Summarize the various securities laws and regulations that affect corporate governance
with respect to the federal Securities Act of 1933 and federal Securities Exchange Act
of 1934.
Identify violations of the various securities laws and regulations that affect corporate
governance with respect to the federal Securities Act of 1933 and federal Securities
Exchange Act of 1934.
2. Other federal
laws and
regulations
(e.g., employment
tax, qualified health
plans and worker
classification)
Summarize federal laws and regulations, for example, employment tax, qualified health plans
and worker classification federal laws and regulations.
Identify violations of federal laws and regulations, for example, employment tax, qualified
health plans and worker classification federal laws and regulations.
1. Selection and
formation of
business entity
and related
operation
and termination
Summarize the processes for formation and termination of various business entities.
Summarize the non-tax operational features for various business entities.
Identify the type of business entity that is best described by a given set of
nontax-related characteristics.
2. Rights, duties,
legal obligations
and authority
of owners and
management
Summarize the rights, duties, legal obligations and authority of owners and management.
Identify the rights, duties, legal obligations or authorities of owners or management given a
specific scenario.
1. Basis and holding
period of assets
Calculate the tax basis of an asset.
Determine the holding period of a disposed asset for classification of tax gain or loss.
2. Taxable and
nontaxable
dispositions
Calculate the realized and recognized gain or loss on the disposition of assets for federal income
tax purposes.
Calculate the realized gain, recognized gain and deferred gain on like-kind property exchange
transactions for federal income tax purposes.
Analyze asset sale and exchange transactions to determine whether they are taxable or
nontaxable.
3. Amount and
character of gains
and losses, and
netting process
(including
installment sales)
Calculate the amount of capital gains and losses for federal income tax purposes.
Calculate the amount of ordinary income and loss for federal income tax purposes.
Calculate the amount of gain on an installment sale for federal income tax purposes.
Review asset transactions to determine the character (capital vs. ordinary) of the gain or
loss for federal income tax purposes.
Analyze an agreement of sale of an asset to determine whether it qualifies for installment
sale treatment for federal income tax purposes.
4. Related party
transactions
(including imputed
interest)
Recall related parties for federal income tax purposes.
Recall the impact of related party ownership percentages on acquisition and disposition
transactions of property for federal income tax purposes.
Calculate the direct and indirect ownership percentages of corporation stock or partnership
interests to determine whether there are related parties for federal income tax purposes.
Calculate a taxpayers basis in an asset that was disposed of at a loss to the taxpayer by a
related party.
Calculate a taxpayers gain or loss on a subsequent disposition of an asset to an unrelated
third party that was previously disposed of at a loss to the taxpayer by a related party.
Calculate the impact of imputed interest on related party transactions for federal
tax purposes.
B. Cost recovery (depreciation, depletion and amortization)
Calculate tax depreciation for tangible business property and tax amortization of intangible
assets.
Calculate depletion for federal income tax purposes.
Compare the tax benefits of the different expensing options for tax depreciation for federal
income tax purposes.
Reconcile the activity in the beginning and ending accumulated tax depreciation account.
1. Transfers subject
to gift tax Recall transfers of property subject to federal gift tax.
Recall whether federal Form 709 — United States Gift (and Generation-Skipping Transfer)
Tax Return is required to be filed.
Calculate the amount and classification of a gift for federal gift tax purposes.
Calculate the amount of a gift subject to federal gift tax.
2. Gift tax annual
exclusion and gift
tax deductions
Recall allowable gift tax deductions and exclusions for federal gift tax purposes.
Recall situations involving the gift tax annual exclusion, gift-splitting and the impact on
the use of the lifetime exclusion amount for federal gift tax purposes.
Compute the amount of taxable gifts for federal gift tax purposes.
3. Determination
of taxable estate
Recall assets includible in a decedents gross estate for federal estate tax purposes.
Recall allowable estate tax deductions for federal estate tax purposes.
Calculate the taxable estate for federal estate tax purposes.
Calculate the gross estate for federal estate tax purposes.
Calculate the allowable estate tax deductions for federal estate tax purposes
Calculate the amounts that should be included in, or excluded from, an individuals gross
income as reported on federal Form 1040 — U.S. Individual Income Tax Return.
Analyze projected income for use in tax planning in future years.
Analyze client-provided documentation to determine the appropriate amount of gross
income to be reported on federal Form 1040 — U.S. Individual Income Tax Return.
B. Reporting of items from pass-through entities
Prepare federal Form 1040 — U.S. Individual Income Tax Return based on the information
provided on Schedule K-1.
C. Adjustments and deductions to arrive at adjusted gross income and taxable income
Calculate the amount of adjustments and deductions to arrive at adjusted gross income
and taxable income on federal Form 1040 — U.S. Individual Income Tax Return.
Calculate the qualifying business income (QBI) deduction for federal income tax purposes.
Analyze client-provided documentation to determine the validity of the deductions
taken to arrive at adjusted gross income or taxable income on federal Form 1040 — U.S.
Individual Income Tax Return.
D. Passive activity losses (excluding foreign tax credit implications)
Recall passive activities for federal income tax purposes.
Calculate net passive activity gains and losses for federal income tax purposes.
Prepare a loss carryforward schedule for passive activities for federal income tax purposes.
Calculate utilization of suspended losses on the disposition of a passive activity for
federal income tax purposes.
Uniform CPA Examination Blueprints: Regulation (REG) REG16
Regulation (REG)
Area IV – Federal Taxation of Individuals
CPA Regulation
AICPA Regulation helper
Killexams : AICPA Regulation helper - BingNews https://killexams.com/pass4sure/exam-detail/CPA-REG Search results Killexams : AICPA Regulation helper - BingNews https://killexams.com/pass4sure/exam-detail/CPA-REG https://killexams.com/exam_list/AICPA Killexams : AICPA weighs in on Inflation Reduction Act

The American Institute of CPAs has sent comments to lawmakers in the House and Senate about the tax proposals in the Biden administration's climate, tax and spending bill, which could be seeing a vote as soon as this weekend in the Senate.

Last night, one key holdout senator, Kyrsten Sinema, D-Arizona, agreed to a modified version of the deal struck last week between Senate Majority Leader Chuck Schumer, D-New York, and Sen. Joe Manchin, D-West Virginia, whose opposition to last year's larger Build Back Better Act doomed it in the Senate, where it faced unanimous opposition from Republicans in the evenly divided chamber. (see story). Sinema, like Manchin, had also resisted agreeing to the larger package.

The Inflation Reduction Act unveiled by Manchin and Schumer, represents a scaled-back version that includes a minimum 15% "book tax" for corporations tied to the taxes they report on their financial statements rather than what they claim when they file their taxes with the Internal Revenue Service. Sinema, however, opposed another provision that would eliminate the so-called "carried interest" tax break that allows hedge fund managers and private equity fund partners to be taxed at lower capital gains rates rather than ordinary income rates. She also insisted on allowing corporations to continue to deduct accelerated depreciation on equipment purchases and it will now be exempted from the 15% minimum tax. Instead there will now be a 1% excise tax on stock buybacks by corporations.

The AICPA comment letter pertains to the earlier version of the bill introduced July 27 by Manchin and Schumer, but it highlights some of the key issues the AICPA has identified, including the corporate alternative minimum tax, carried interest, and the enhancement of IRS resources, as the bill also provides $45.6 billion in funding for IRS enforcement.

In a letter to leaders of Congress's main tax committees, the House Ways and Means Committee and the Senate Finance Committee, the AICPA said it believes the corporate alternative minimum tax proposal violates a number of elements of good tax policy and could lead to unintended consequences that should be carefully considered. 

"Imposing tax according to financial statement income takes the definition of taxable income out of Congress' hands and puts it into the hands of industry regulators and others," said the AICPA in a news release. "Among the many key conceptual differences between financial income and taxable income is the concept of materiality. Public policy taxation goals should not have a role in influencing accounting standards or the resulting financial reporting."

However, if the tax is enacted, the AICPA recommends the effective date be delayed until after the later of taxable years starting after Dec. 31, 2023, or the date Treasury issues proposed regulations to provide taxpayers with the needed time to fully analyze and comply.

The AICPA said it wasn't taking a position on the carried interest provision, but had several technical clarifications and modifications. It has now been dropped at Sinema's insistence, but she said she would be working with Sen. Mark Warner, D-Virginia, on a revised version of the proposal.

On the subject of IRS funding, the AICPA would like to see more of the money going to taxpayer service rather than enforcement efforts.

"The AICPA believes that the Internal Revenue Service should be funded at necessary levels to allow it to handle all the duties required of it by Congress, including properly administering and enforcing our nation's tax laws as well as providing needed assistance to taxpayers and their advisors in a timely and professional manner," said the institute. "However, the AICPA also believes that enforcement actions must be in balance with the services the IRS provides to taxpayers. Given the historic low levels of IRS taxpayer services, the AICPA is concerned about a possible imbalance between the funding for taxpayer services and enforcement."

In its letter, the AICPA urged Congress to commit, on a bipartisan basis, to determine the appropriate level of service necessary for the IRS and provide adequate resources for the agency to meet those goals, either as part of a reconciliation package or in a separate vehicle.

"The AICPA is committed to the administrability of our tax system and to exposing the challenges to Congress and the IRS," said AICPA vice president of tax policy and advocacy Edward Karl in a statement Friday. "The proposed tax provisions in the reconciliation legislation require further consideration and alterations, and we encourage Congress to thoughtfully consider our comments on this."

Fri, 05 Aug 2022 12:21:00 -0500 en text/html https://www.accountingtoday.com/news/aicpa-weighs-in-on-inflation-reduction-act
Killexams : American Institute of Certified Public Accountants (AICPA)

What Is the American Institute of Certified Public Accountants (AICPA)?

The American Institute of Certified Public Accountants (AICPA) is a non-profit professional organization representing certified public accountants (CPA) in the United States.

Key Takeaways

  • The American Institute of Certified Public Accountants (AICPA) is a non-profit professional organization representing certified public accountants (CPA) in the United States.
  • The AICPA was founded in 1887, under the name American Association of Public Accountants.
  • The organization is integral to rule-making and standard-setting in the CPA profession and serves as an advocate for legislative bodies and public interest groups.

Understanding the American Institute of Certified Public Accountants (AICPA)

The American Institute of Certified Public Accountants (AICPA) was founded in 1887, under the name American Association of Public Accountants, to ensure that accountancy gained respect as a profession and was practiced by ethical, competent professionals. The AICPA exists to provide its 421,000 members in 130 countries with the resources, information, and leadership to provide CPA services in the highest professional manner.

From its earliest iteration in 1887 to as late as the 1970s, the AICPA was the only body setting generally accepted technical and professional standards for CPAs in a number of areas. In the 1970s, the Financial Accounting Standards Board (FASB) took over responsibility for setting generally accepted accounting principles (GAAPs).

However, the AICPA still retains its standards-setting responsibilities in such areas as professional ethics, business valuation, financial statement auditing, attest services, and CPA firm quality control. The AICPA is integral to rule-making in the CPA profession and serves as an advocate for legislative bodies and public interest groups.

421,000

The number of current AICPA members.

Members of the AICPA consist of professionals in business and industry, public practice, government, and education. Offices are located in New York City; Washington, D.C; Durham, NC; and Ewing, NJ.

History of the American Institute of Certified Public Accountants (AICPA)

Although the AICPA obtained its current appellation in 1957, the organization traces its history back through several iterations, beginning when the American Association of Public Accountants (AAPA) opened in 1887.

Subsequent iterations included the Institute of Public Accountants in 1916 and the American Institute of Accountants in 1917. The American Society of Public Accountants, created in 1921, was later merged into the American Institute of Accountants in 1936, at which time, the Institute chose to restrict future membership to CPAs.

More recently, in 2012, the AICPA partnered with the Chartered Institute of Management Accountants (CIMA) to create the Chartered Global Management Accountant (CGMA) designation. The two organizations then went on to create the Global Management Accounting Principles (GMAPs) in 2014, in order to formalize best practices in the field of management accounting.

In 2017, the two organizations formed a third international association, the Association of International Certified Professional Accountants, which seeks to strengthen the accounting profession by combining the skills and knowledge of both public and management accountants. Despite all these developments, the AICPA and the CIMA still continue to provide all of their previous benefits to existing members.

New Auditing Standards

In response to auditors across the public accounting industry consistently failing to apply a healthy amount of skepticism to clients’ statements, the AICPA proposed a new standard with the goal of promoting skepticism as part of general auditing standards.

In 2020, Statement on Auditing Standards No. 143 was issued to supersede SAS no. 122, amending section 540, auditing accounting estimates, including fair value accounting estimates, and related disclosures, as well as various other sections in AICPA Professional Standards.

Thu, 28 Jul 2022 12:00:00 -0500 en text/html https://www.investopedia.com/terms/a/american-institute-of-certified-public-accountants.asp
Killexams : Burnette Takes The Helm Of LBMC’s Risk Services Practice

LBMC, an accounting and business consulting firm and a top 50 firm in the nation, today announced a key executive leadership appointment to help accommodate vast company growth in the areas of information security. The company, which recently surpassed 600 total employees, has named LBMC Shareholder Mark Burnette, CPA, CISSP, CISA, QSA as its new leader of the Risk Services practice. Mr. Burnette succeeded previous leader Thomas Lewis on June 1. 

“I am delighted that Mark will lead LBMC’s Risk Services practice forward at a time of continued growth and opportunity for our clients and for our firm,” said CEO Jeff Drummonds. “This has been a tremendous year of growth for LBMC’s Risk Services division largely due to Mark’s commitment to not only helping our clients solve problems, but exceeding client expectations.

His 18 years of experience in information security and risk services, along with his leadership within the AICPA IT assurance and information security specialty groups, is unmatched in our local marketplace.”  

As shareholder-in-charge of LBMC’s Risk Services practice, Mr. Burnette will lead a nationally recognized team of cybersecurity and audit professionals located around the United States as they help clients navigate the complex maze of compliance regulations and seek to Excellerate their security posture. This team of top-ranking cybersecurity professionals has seen a sharp increase in client needs in the areas of SOC and HITRUST, as well as significant work related to the EU’s General Data Privacy Regulations. There is also an increased demand to help clients with their PCI, FISMA and FedRAMP compliance needs as well as risk assessments, penetration testing, security program consulting and cyber forensics. 

“Our Risk Services team at LBMC is consistently recognized for our top-notch cybersecurity expertise and thought leadership as well as our superior approach to client service,” said Mr. Burnette. “This unique combination has helped us develop a trusted advisor and valued partner relationship with many of our clients, which is extremely rare in an industry where many cybersecurity services are viewed primarily as a necessary evil. I am honored to lead this exceptional team of experts and look forward to continuing to leverage LBMC’s unique capabilities to deliver relevant, practical, and actionable security insights in this ever-evolving security landscape.”

"Burnette possesses extensive experience in cybersecurity program strategy and leadership, regulatory compliance, security policies and procedures, risk assessment and management, penetration testing, and security function design, development, and staffing.   

"During his decorated career, Burnette served as the president and Global Practice Leader for a national information security consulting company and built and led information security functions for two major publicly-traded corporations. In addition, he worked for several years in key leadership roles with two of the Big 6 accounting firms, where he specialized in developing, implementing, assessing, and securing information technology solutions for companies in the healthcare, retail, manufacturing, banking, and insurance industries. He has been named an Information Security Executive of the Year at the ISE Southeast Awards and one of Information Security Magazine’s “Security 7” top seven security leaders, and he was chosen by ComputerWorld Magazine as one of the Premier 100 IT Leaders for 2009. In January 2011, the Information Systems Security Association (ISSA) named Burnette a Fellow. This prestigious honor, which has only been granted to a handful of individuals worldwide, is bestowed by the ISSA Fellow Program for distinguished accomplishments in the field of information security, leadership, and future service to the association and profession.  

"Recognized as an IT security expert by technology think-tank Gartner, Burnette has been featured as a subject matter expert on ABC and CBS television affiliates numerous times and in print media such as CSO, Secure Enterprise, Information Security, and ComputerWorld magazines. He is a noted author and a frequent speaker to International conferences and specialty groups.  For his cumulative efforts as a security leader serving his community and his State, on September 11, 2008, Burnette was presented with a Certificate of Appreciation from Tennessee Governor Phil Bredesen in recognition of outstanding service in the best interests and highest traditions of the State of Tennessee.

"Burnette earned his bachelor of science degree in accounting from Carson-Newman College, where he graduated summa cum laude while serving as a placekicker for C-N’s nationally ranked NCAA Division II college football team. He earned his master of accountancy degree from the University of Tennessee. 

Thomas Lewis will now focus on the strategic oversight of LBMC’s managed security services company, LBMC Information Security, as its CEO. Thomas will lead a team of experts who specialize in helping clients continuously protect their networks through around-the-clock security monitoring utilizing LBMC’s proprietary monitoring platform and expert analysts," officials said. 

“In Mark, we have a proven leader with a passion for people and clients who is ready for the next challenge in his career. It is without reservation that I pass the torch to Mark, and I am confident he will lead this practice to even greater accomplishments, “said Mr. Lewis. 

Wed, 27 Jul 2022 12:00:00 -0500 en text/html https://www.chattanoogan.com/2018/6/1/369783/Burnette-Takes-The-Helm-Of-LBMCs-Risk.aspx
Killexams : PCAOB plans tougher audit regulation on 20th anniversary of SOX

The chair of the Public Company Accounting Oversight Board, Erica Williams, said Thursday that the PCAOB is working on updated auditing standards and stricter enforcement and audit firm inspections, a day after Securities and Exchange Commission Chair Gary Gensler urged the PCAOB to act faster on new standards.

Williams spoke during an online event hosted by the Council of Institutional Investors to commemorate the 20th anniversary of the Sarbanes-Oxley Act, which established the PCAOB. Williams took over as chair in January after she was appointed by Gensler. He pointed out during another online webinar Wednesday that the PCAOB had updated relatively few of the industry-written auditing standards it inherited from the American Institute of CPAs two decades ago (see story).

The board has appointed four new members in the past year since Gensler moved to replace the majority of the five-member board. Williams pointed out that the PCAOB has already begun working on modernizing its standards.

“Today’s board has identified three key areas where we plan to further the PCAOB’s investor-protection mission: modernizing our standards, enhancing our inspections, and strengthening our enforcement,” she said. “High standards are the foundation for high-quality audits. That’s why earlier this year, the board announced one of the most ambitious standard-setting agendas in the PCAOB’s history. Just six months into my term, we are already actively working to update more than 25 standards within eight standard-setting projects, and we are just getting started.”

She noted that when the PCAOB was first getting off the ground in 2003, it adopted existing standards that had been set by the auditing profession on what was intended to be an interim basis.

williams-erica-pcaob-sox-event.jpg

Public Company Accounting Oversight Board chair Erica Williams

“Twenty years later, far too many of those interim standards remain unchanged,” she added. “But the world has changed since 2003. And our standards must adapt to keep up with developments in auditing and the capital markets. Our current short-term and mid-term projects will address more than half of the remaining interim standards from 2003, and we don’t intend to stop there.”

Gensler pointed out Wednesday that the PCAOB has been slow to update the standards over the years and he emphasized the need for updated standards on auditor independence. “The PCAOB is tasked with setting enhanced auditing standards,” he said. “For practical purposes, Congress permitted the then-new PCAOB to carry over existing AICPA standards on an interim basis. The expectation was that the board would produce a more appropriate set of standards going forward. Historically, though, the PCAOB has been too slow to update auditing standards. Twenty years later, most of those interim standards remain.”

Williams acknowledged that Gensler has made updating these standards a priority, and said she was grateful for his support of the PCAOB’s agenda. In June, the PCAOB adopted a set of amendments designed to strengthen requirements that apply to audits involving multiple auditing firms. 

Accounting Today asked Williams to respond to Gensler’s comments. “This new board, which has been in place for six months, has been working very diligently and has already updated a set of standards related to other auditors,” she said. “We have this ambitious agenda that we are moving forward, I believe, at a good pace, and I believe Chair Gensler's comments related to the past 20 years. But again, we are looking forward to this ambitious agenda that we’ve set. We agree that auditor independence is a critical issue. It is on our standard-setting agenda, as I mentioned, so we could take a look at the best way to ensure that our standards promote the highest ethical behavior and independence.”

She told CII general counsel Jeff Mahoney more about some of the standards that are on the agenda. “Our standard-setting agenda is one of the most ambitious in the organization's history, and it includes eight active projects: quality control, noncompliance with laws and regulations, and updates to our attestation standards, going concern, confirmations, substantive analytical procedures, fraud, and updates to our independence and ethics standards,” said Williams. “But that really doesn't tell the whole story. Each of the projects that I just mentioned actually contain multiple individual standards that we intend to update.”

She noted that the quality control project alone has 11 different standards that the PCAOB is considering replacing or significantly amending. Williams added that the board is actively engaging with investors and investor advocates about other standard-setting and rule-making projects to advance and it has a research agenda that includes data technology and audit evidence projects. “That is also going to help to inform additional actions we may take in standard setting,” she said.

The PCAOB recently reestablished two outside advisory groups — the Investor Advisory Group and a new Standards and Emerging Issues Advisory Group — to elevate the voice of investors, and hired its first-ever investor advocate, Williams noted.

Enforcement and inspections

The PCAOB has also been working to make its enforcement and inspections tougher.

“We will not hesitate to hold wrongdoers accountable for breaking the rules,” said Williams. “We are just about halfway through the first year of this new board. Already we’ve more than doubled our average penalties against individuals compared to the last five years. This includes the largest money penalty ever imposed on an individual in a settled case. At the same time, we’ve increased our average penalties against firms by more than 65%. In the past five years, the PCAOB assessed penalties against individuals less than half of the time and firms only about 86% of the time. This year it’s 100%. We are also pursuing enforcement actions involving certain types of violations for the first time. And we are taking steps to proactively seek out wrongdoing by increasing the use of sweeps against firms where there may be a violation of our standards or rules. Those who break the rules should know that the PCAOB means business.”

The board has also been in talks with Chinese authorities on opening up inspections of firms in mainland China and Hong Kong. 

“The PCAOB has completed inspections in 55 countries. But China has continued to block our access,” said Williams. “The U.S. Congress sent a strong message with the passage of the Holding Foreign Companies Accountable Act: access to the U.S. capital markets is a privilege, not a right. The PCAOB will follow U.S. law, and the law is clear that we must have complete access to audit work papers of any firm we choose to inspect or investigate — no loopholes and no exceptions. While we will continue working with the People's Republic of China authorities to reach an agreement that meets our mandate under U.S. law, it’s critical to remember that an agreement is just the first step. Our team must be able to go to China and test whether what’s written on paper works in practice. Time is of the essence.”

Lynn Turner, a former chief accountant at the SEC, asked Williams about why no Chinese companies have yet been deregistered by the PCAOB for not allowing access to PCAOB inspectors.

“We are very focused right now on trying to comply with the Holding Foreign Companies Accountable Act,” said Williams. “I completely agree with Lynn that access to the U.S. capital markets is a privilege and not a right. What we are doing actively is trying to work with the PRC to reach an agreement that meets our mandates under the HFCAA. But we aren’t going to stop there and we will be prepared to make a determination if we are not able to inspect and investigate completely under the HFCAA. And then after making our determination under the HFCAA, then the SEC will have the opportunity to potentially delist and that could impact on nearly 200 companies. But we are taking our responsibility very seriously and the HFCAA has finally given us a tool to bring the Chinese to the table, to actually help us to try to potentially reach an agreement. Whether we reach an agreement is premature right now, but we are continuing to talk to them.”

Turner also asked Williams why an earlier project on audit quality indicators wasn’t on the agenda released by the new board.

“Many of our stakeholders ... have indicated that audit quality indicators are of great interest to them, and we are looking into options for adding a standard-setting project or research project related to AQI to our agenda, and I hope to provide an update very soon,” Williams exlained. “I want to reiterate that our focus is on performance standards such as quality control standards, and that will also directly affect the quality of work performed by the auditor as well as the firm’s quality control system. Of course, while focusing on those areas is important for the benefit of investors because they directly drive audit quality, we are actively considering what additional information investors may need for them to be able to assess the quality of audits.”

Diversity

Turner was also asked about what the PCAOB is doing to Excellerate diversity in its ranks and in the audit profession in general.

“That is a huge area of focus for this board and for me personally, as the first person of color and first woman to chair the PCAOB and to be part of what is the most diverse PCAOB board in the history of the organization,” Williams responded. “I want to let everyone know that we are very focused on diversity and inclusion. One of the things that we have done is that recently we have announced scholarships for 250 students to pursue degrees in accounting through our PCAOB scholarship program. The large majority of those scholarships do go to students who are underrepresented in the accounting profession. And those scholarships are going to make careers in auditing possible for the best and brightest students, no matter their backgrounds. We’ve also prioritized diversity in our hiring and we are additionally increasing the diversity and inclusion program internally for our staff through affinity groups, diversity councils and the like. Diversity and inclusion are critical. I think it’s very important for the regulators to reflect the diversity of the investors that we serve to protect, and the PCAOB, as the most diverse board in the history of the organization, does just that.”

Sarbanes-Oxley legacy

Williams also discussed the impact of Sarbanes-Oxley on the audit profession after scandals in the early 2000s involving companies like Enron led to the establishment of the PCAOB. She pointed to academic studies that have found PCAOB inspections Excellerate audit quality, both in the U.S. and in other countries where the board has inspection access.

“Evidence shows that increase in audit quality has boosted investor confidence in the credibility of financial reporting,” she said . “A study published in the Review of Financial Studies compared the market response to earnings announcements and 10-k filings before and after the PCAOB’s existence. The study found both stronger stock price reactions and higher trading volume following the creation of the PCAOB — indicating investors have more confidence acting on the information they receive from financial reporting, knowing that the PCAOB is on the case.”

Even some plaintiff attorneys who have sued auditing firms agree that Sarbanes-Oxley has helped, but they still see room for improvement in audit regulation. 

“I largely think Sarbanes-Oxley has been a really effective piece of legislation and regulatory reform, which is an odd thing to say these days, but it came at a time when government was working a little bit more effectively,” said Laura Posner, a partner at the law firm Cohen Millstein in New York, who recently won a $35 million settlement in a class action she led against KPMG, where the plaintiffs alleged that the Big Four firm perpetuated a massive fraud by signing off on Miller Energy's $480 million valuation of its Alaskan oil reserve assets. “But I think it was a necessary reform at a time when the markets were really roiled by what happened with Enron, WorldCom, Adelphia and Global Crossing. We had a lot of major scandals that really rocked investor confidence in the markets, and I think Sarbanes-Oxley went a long way toward bringing back investor confidence in the markets.” 

She cited the establishment of the PCAOB as an important factor. “It was conceptually really important that there was an real cop on the beat, theoretically, and that there would be some independent oversight for the accounting industry,” Posner told Accounting Today in an interview. “That was important, although the PCAOB has not been without its own scandals, particularly most recently. Although it’s correlation, not causation, we’ve seen a significant reduction in the number of restatements that come out of public companies, but also the size of those restatements. We’re not seeing these mega-earth-shattering restatements like we did during that era, and I think that has been largely very beneficial, both for corporations but more importantly for the investors in those corporations.”

Thu, 28 Jul 2022 07:33:00 -0500 en text/html https://www.accountingtoday.com/news/pcaob-plans-tougher-audit-regulation-on-20th-anniversary-of-sox
Killexams : COVID-19 news and information

The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.

PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.

Nine CPAs discuss the difficulties and silver linings they encountered in 2020 and the lessons they learned along the way.

In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.

The economic fallout from the coronavirus pandemic is posing new challenges to state professional licensing statutes. CPAs have a role to play in advocating for responsible licensing regulation.

Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.

Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.

According to the 2020 Succession Planning Survey, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016.

Get some insights on how CPAs and finance professionals are using technology solutions to change their businesses in the era of COVID-19. A new report will guide a long-term, strategic approach to drive digital success, manage risk and streamline costs.

The coronavirus pandemic has disrupted companies' capital project plans, not only this year but most likely for the foreseeable future. This five-step risk-modeling approach can help finance leaders identify company vulnerabilities and capital expenditure opportunities.

Mon, 09 Nov 2020 06:44:00 -0600 text/html https://www.journalofaccountancy.com/topics/covid-19-coronavirus.26.html
Killexams : Law Databases AILALink

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Killexams : AICPA Urges Congress to Include Disaster Relief Provision in Bipartisan Retirement Bill

WASHINGTON, July 27, 2022--(BUSINESS WIRE)--As Congress moves forward towards an agreement on a final version of a bipartisan and bicameral retirement package, the American Institute of CPAs (AICPA) is urging Members of Congress in a letter to include an important disaster relief provision that is part of the Senate version of the bill, Enhancing American Retirement Now (EARN) Act. This modified version of the AICPA-endorsed Disaster Retirement Savings Act would allow individuals affected by natural disasters to withdraw up to $22,000 from qualified retirement accounts without being assessed early-withdrawal penalties and fees. The provision would permanently remove these penalties for individuals impacted by natural disasters who choose to use retirement funds to cover unexpected expenses associated with those disasters.

Our nation can experience a variety of natural disasters such as hurricanes, floods, tornadoes and wildfires at all times of the year. The AICPA believes that fair and reliable tax assistance for disaster victims is needed during these times, and the related provision in the EARN Act would provide significant relief to victims of natural disasters.

"Disasters can have a devastating impact on families and businesses and we must do everything we can to reduce the stress and burden of rebuilding after a disaster. Taxpayers should be allowed to use their own funds, without penalty, to help restore their lives and businesses while they wait for government assistance and insurance reimbursements," said AICPA VP of Taxation, Edward Karl, CPA, CGMA.

AICPA is particularly grateful to Senators Bob Menendez (D-NJ) and Bill Cassidy (R-LA) and Representatives Mike Thompson (D-CA) and Mike Kelly (R-PA) for their leadership and strong support of the Disaster Retirement Savings Act.

About the American Institute of CPAs

The American Institute of CPAs® (AICPA®) is the world’s largest member association representing the CPA profession, with more than 421,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.

BACKGROUND:

  • In October of 2021, AICPA expressed its strong support for the Disaster Retirement Savings Act (S. 2583), introduced by Senators Bob Menendez (D-NJ) and Bill Cassidy (R-LA). The bill would permanently remove penalties for individuals impacted by natural disasters who choose to use retirement funds to cover unexpected expenses associated with those disasters.

  • In September of 2021, AICPA voiced strong support for the bipartisan Filing Relief for Natural Disasters Act, introduced by Senator Catherine Cortez Masto (D-NV).

  • In June of 2021, AICPA expressed support for the bipartisan Filing Relief for Natural Disasters Act introduced by Representatives Judy Chu (D-CA) and John Katko (R-NY).

  • In November of 2019, the AICPA commended Rep. Tom Rice (R-SC) in a letter for his continued efforts to provide permanent and consistent tax relief to individuals and businesses affected by natural disasters.

  • In July of 2017, AICPA submitted disaster relief provisions in response to then-Senate Finance Committee Chair Orin Hatch’s (UT-R) request for tax reform comments.

  • In July of 2015, Representative Tom Reed (R-NY) introduced the National Tax Relief Disaster Act, which incorporated many of AICPA's proposals.

  • In November of 2014, AICPA Tax Executive Committee then-Chair, Troy Lewis, testified before a Senate small business panel, explaining the impact that the current system is having on taxpayers and their advisers.

  • In a 2013 letter to Members of Congress, the AICPA requested permanent tax provisions related to disaster relief.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220727005915/en/

Contacts

Veronica L. Vera
202-434-9215
Veronica.Vera@aicpa-cima.com

Wed, 27 Jul 2022 06:01:00 -0500 en-US text/html https://finance.yahoo.com/news/aicpa-urges-congress-disaster-relief-175800120.html
Killexams : Certified Public Accountant (CPA)

What Is a Certified Public Accountant (CPA)?

A certified public accountant (CPA) is a designation provided to licensed accounting professionals. The CPA license is provided by the Board of Accountancy for each state. The American Institute of Certified Public Accountants (AICPA) provides resources on obtaining the license. The CPA designation helps enforce professional standards in the accounting industry.

Other countries have certifications equivalent to the CPA designation, notably, the chartered accountant (CA) designation.

Key Takeaways

  • The certified public accountant (CPA) is a professional designation given to qualified accountants.
  • To become a CPA, you must pass a rigorous exam, known as the Uniform CPA Exam.
  • Certified public accountants must meet education, work, and examination requirements—including holding a bachelor’s degree in business administration, finance, or accounting, and completing 150 hours of education.
  • Other requirements for the CPA designation include having two or more years of public accounting.
  • CPAs generally hold various positions in public and corporate accounting, as well as executive positions, such as the controller or chief financial officer (CFO). 

Understanding a Certified Public Accountant (CPA)

Not all accountants are CPAs. Those who earn the CPA credential distinguish themselves by signaling dedication, knowledge, and skill. CPAs are involved with accounting tasks such as producing reports that accurately reflect the business dealings of the companies and individuals for which they work. They are also involved in tax reporting and filing for both individuals and businesses. A CPA can help people and companies choose the best course of action in terms of minimizing taxes and maximizing profitability.

Obtaining the certified public accountant (CPA) designation requires a bachelor’s degree in business administration, finance, or accounting. Individuals are also required to complete 150 hours of education and have no fewer than two years of public accounting experience. To receive the CPA designation, a candidate also must pass the Uniform CPA Exam.

Additionally, keeping the CPA designation requires completing a specific number of continuing education hours yearly.

The CPA Exam

The CPA exam has 276 multiple-choice questions, 28 task-based simulations, and three writing portions. These are divided into four main sections: 

  • Auditing and Attestation (AUD)
  • Financial Accounting and Reporting (FAR)
  • Regulation (REG)
  • Business Environment and Concepts (BEC)

Multiple-choice questions count for 50% of the total score and tasked-based simulations count for the other 50%. You must score at least 75% to pass each section.

Candidates have four hours to complete each section, with a total test time of 16 hours. Each section is taken individually, and candidates can choose the order in which they take them. Candidates must pass all four sections of the test within 18 months. The beginning of the 18-month time frame varies by jurisdiction.

The CPA designation is specific to the country in which the test is taken, though it is a well-known program that is offered in many countries around the world. International equivalency exams are also offered so that CPAs can work in countries other than the one in which they were certified.

CPA Career Paths

CPAs have a wide range of career options available, either in public accounting (that is, working for an accounting firm) or corporate accounting (working inside a company), or in government service. Individuals with the CPA designation can also move into executive positions such as controllers or chief financial officers (CFOs).

Those earning the CPA generally end up as an accountant of some sort. That is, they put together, maintain, and review financial statements and related transactions for companies. Many CPAs file tax forms or returns for individuals and businesses. CPAs can perform and sign off on audits.

Though known for their role in income tax preparation, CPAs can specialize in many other areas, such as auditing, bookkeeping, forensic accounting, managerial accounting, and even aspects of information technology (IT).

The CPA designation isn’t required to work in corporate accounting or for private companies. However, public accountants⁠—which are individuals working for a firm, such as Deloitte or Ernst & Young, that provides accounting and tax-related services to businesses—must hold a CPA designation.

CPA Ethics

Certified public accountants are subject to a code of ethics. The AICPA requires that all CPA designation holders adhere to the Code of Professional Conduct, which lays out the ethical standards CPAs must adhere to.

The Enron scandal is an example of CPAs not adhering to such a code. Arthur Andersen company executives and CPAs were charged with illegal and unethical accounting practices. Federal and state laws require CPAs to maintain independence when performing audits and reviews. While consulting at Enron, Arthur Andersen CPAs did not maintain independence and performed both consulting services and auditing services, which violates the CPA code of ethics.

The CPA designation has become more important after the Sarbanes-Oxley (SOX) Act of 2002, which was passed partly in response to corporate financial scandals like the Enron affair.

To provide yourself the best chance possible when taking the exam, taking one of the best CPA prep courses might be worth considering.

History of the CPA Designation

In 1887, 31 accountants created the American Association of Public Accountants (AAPA) to define moral standards for the accounting industry and U.S. auditing standards for local, state, and federal governments, private companies, and nonprofits. Renamed several times over the years, the organization has been known as the American Institute of Certified Public Accountants (AICPA) since 1957. The first CPAs received licenses in 1896.

In 1934, the Securities and Exchange Commission (SEC) required all publicly traded companies to file periodic financial reports endorsed by members of the accounting industry. The AICPA established accounting standards until 1973 when the Financial Accounting Standards Board (FASB) was launched to set standards for private companies.

The accounting industry thrived in the late 1990s due to large accounting firms expanding their services to include various forms of consulting. The Enron scandal in 2001 resulted in major changes in the accounting industry, including the fact that Arthur Andersen, one of the nation’s top accounting firms, went out of business. Under the Sarbanes-Oxley Act, which was passed in 2002, accountants were subject to tougher restrictions about their consulting assignments.

What Are the Responsibilities of a CPA?

Depending on their particular role, a CPA may be involved in one or more aspects of the accounting profession. CPAs can specialize in areas like forensic accounting, personal financial planning, and taxation. In addition, CPAs must complete continuing education requirements and uphold a standard of ethics.

What Can CPAs Do that Accountants Cannot?

CPA is a credential earned by accountants. As such, CPAs are often accountants that perform the same duties and functions as an accountant without the designation. CPAs, however, are granted certain roles that only they can perform. These include performing audits of public U.S. companies and preparing audited financial statements for a company, such as a balance sheet or an income statement.

Which Is Better: an MBA or CPA?

The MBA is an academic masters degree in business administration. If you are interested in starting or running a business, the MBA is a comprehensive degree that may be better for you. The CPA is a professional designation earned by accountants. If you are a "numbers person" or interested only in the accounting profession, the CPA may be better for you.

Is Becoming a CPA Worth It?

Earning the CPA credential is a big time commitment, and the test process is difficult. Still, those with a CPA earn 25% more, on average, than non-CPA accountants. Also, accountants with a CPA certification tend to advance to positions of more responsibility within one to two years and often are promoted to senior-level jobs within a few years after that.

Sat, 15 Aug 2020 17:13:00 -0500 en text/html https://www.investopedia.com/terms/c/cpa.asp
Killexams : Online Doctorate in Accounting No result found, try new keyword!This certification can be earned by passing an test administered by the AICPA and meeting the requirements of a state licensing board. Even when not legally required, becoming a CPA can help ... Thu, 14 Jul 2022 16:18:00 -0500 text/html https://www.usnews.com/education/online-education/accounting-doctorate-degree/rv-testing-variation Killexams : Mobile Infrastructure Corporation Appoints Kyle Brown as Chief Accounting Officer

Press release content from Business Wire. The AP news staff was not involved in its creation.

CINCINNATI--(BUSINESS WIRE)--Aug 4, 2022--

Mobile Infrastructure Corporation (the “Company” or “MIC”), a publicly registered, non-listed company which invests primarily in parking lots and garages in the United States, announced today the appointment of Kyle Brown as Chief Accounting Officer effective August 1, 2022.

“With a demonstrated track record of success in senior financial roles, Kyle is a great addition to our leadership team in this new role,” said Stephanie Hogue, President and Interim CFO of MIC. “Kyle brings a wealth of experience to our organization, including positions held at a publicly traded REIT, which will be instrumental in executing on MIC’s near and long term goals and continuing to build a first-class organization to help realize the full potential of the Company.”

Prior to joining MIC, Brown spent over 10 years with Ventas, Inc., a NYSE traded healthcare-focused REIT, where he most recently served as Vice President of Technical Accounting Research. In this position, he was responsible for providing technical accounting support and analysis, implementing policies in response to recently issued accounting standards, as well as completing regulatory financial statement filings. Earlier in his career, Brown spent six years at EY, and he is a Certified Public Accountant and member of the American Institute of Certified Public Accountants (“AICPA”).

About Mobile Infrastructure Corporation

Mobile Infrastructure is an internally-managed, publicly registered, non-listed company that invests primarily in parking lots and garages in the United States. As of June 30, 2022, it owned 45 parking facilities located in 23 separate markets throughout the United States, with a total of 15,818 parking spaces and approximately 5.5 million square feet and approximately 0.2 million square feet of commercial space adjacent to its parking facilities. For more information, please visit www.mobileit.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the real results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: national and local economic, business and real estate market conditions; and the performance of real estate assets after they are acquired. Although Mobile Infrastructure believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can provide no assurance that the expectations will be attained or that any deviation will not be material. real results may differ materially from those contemplated by such forward-looking statements, including as a result of those factors set forth in the Risk Factors section of the Company’s most exact annual report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Mobile Infrastructure does not undertake any obligation to update any forward-looking statement contained herein to conform the statement to real results or changes in expectations. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220804005972/en/

CONTACT: Investor Relations

mobileit@icrinc.com

KEYWORD: OHIO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES FINANCE

SOURCE: Mobile Infrastructure Corporation

Copyright Business Wire 2022.

PUB: 08/04/2022 04:05 PM/DISC: 08/04/2022 04:07 PM

http://www.businesswire.com/news/home/20220804005972/en

Thu, 04 Aug 2022 08:07:00 -0500 en text/html https://apnews.com/press-release/business-wire/united-states-521dfaea336d4c06a948c66709e5a9d0

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