New York-based Certified Public Accountant and Chartered Global Management Accountant Salvatore J. Armao provides auditing and reporting services for organizations and firms of all sizes. Over the course of his career, Mr. Armao has received recognition for his contributions to the accounting industry and the local community, such as a Certificate of Merit from Senator Martin J. Golden. Salvatore J. Armao is also a member of the New York State Society of Certified Public Accountants (NYSSCPA), which advocates for legislation that benefits CPAs and the accounting industry.
NYSSCPA supports Assembly Bill A8973, which would allow non-CPA professionals, such as analysts, IT experts, and regulatory specialists, to obtain minority ownership in CPA firms. This type of legislation has been passed in most other states, and it enables CPA firms to offer meaningful incentives to retain highly qualified and diverse staff members.
As of 2018, New York State law mandates that CPA firms must be wholly owned by licensed shareholders. Proponents of the bill suggest that this creates a ceiling for many non-CPA professionals, who must go outside of the state for better career prospects.
