At its July meeting, the Texas State Board of Public Accountancy (TSBPA) voted to increase the CPA annual license fee from the current $41.00 to $47.00 effective Sep. 1, 2014. The board took the action to be sure that the fund balance, including a $500,000 litigation reserve, would remain at financially sound levels. The board also adjusted the method of calculating the needed fund balance and antiicpates that small increases in license fees will be needed over the next two years, with projections now indicating a $49.00 fee Sep. 1, 2015 and $50,00 in 2016.
In addition to the license fee, CPAs pay a $200.00 "professional fee" (commonly referred to as a head tax) levied by the state. Those funds go directly into the state's general fund and are not available to TSBPA. The board must also pay an additional $700,000 into the general fund each year which is funded by license and examination fees. Another $10.00 is collected annually from CPAs to fund scholarships for fifth year accounting students.
At the meeting Jean Keith, Licensing Director for the board for more than 30 years, announced her retirement at the end of July. She was recognized by the board for her long and outstanding service to the board and the profession.
The board approved the 2015 fiscal year budget and announced that online registration for firms would be available in the near future. Currently 85% of all individual license fees are collected through online registration.