California CPA articles from August 2002

California CPA archives from August 2002

New rules proposed for special purpose entities. (FASB News).(Financial Accounting Standards Board)(Brief Article)
August 1, 2002... FASB has issued an exposure draft that establishes accounting guidance for consolidation of special-purpose entities. The proposed interpretation, Consolidation of Certain Special-Purpose Entities, will apply to any business enterprise--public...

IRS intensifies scrutiny of Schedule K-1s. (IRS News).(Brief Article)
August 1, 2002... The IRS has launched a new compliance effort to encourage taxpayers to properly report partnership, S corporation or trust income or losses on their individual tax returns. Some taxpayers may receive notices requesting an explanation for a...

Company stock free from employer withholding--for now. (IRS News).(Brief Article)
August 1, 2002... The IRS will not forge ahead with a plan to force employers to withhold Social Security and other payroll taxes on company stock that employees buy through options or company purchase plans. According to congressional estimates, the taxes...

Top picks.(Brief Article)(Statistical Data Included)
August 1, 2002... TOP PICKS e-communication: Portable is Preferable CFOs were asked: "What is your favorite electronic communication tool?" 2002 1999 Cell phone 46% 51% Laptop PC 33%...

IRS no longer a "C" student. (IRS News).(Internal Revenue Service rated)(Brief Article)
August 1, 2002... The IRS' restructuring efforts paid off in June when the Federal Performance Project gave the agency an overall grade of B minus--up from a C average in 1999. Driving the improved overall grade was the information technology sector. The...

Carryback forms and instructions available. (IRS News).(Brief Article)
August 1, 2002... The IRS has revised forms 1045 and 1139 to reflect the five-year carryback period that resulted from the 2002 Tax Act. You can download Form 1139 (rev. June 2002), Corporate Application for Tentative Refund, at www.irs.gov/pub/irs-pdf/1139.pdf....

SEC orders CEOs, CFOs to certify accuracy of annual reports. (SEC News).(Securities and Exchange Commission)(Brief Article)
August 1, 2002... The SEC has published a list of 945 companies whose CEOs and CFOs now are required to certify personally--in writing, under oath and for publication--that their most recent reports filed with the SEC are both complete and accurate. Officers who...

Non-accountant Public Accountability Board proposed. (SEC News).(Brief Article)
August 1, 2002... In a move that SEC Pacific Regional Director Randall Lee called "a radical change in regulation," the SEC has formalized its proposal to establish a Public Accountability Board. The system of private sector regulation would not be under the...

More CPAs should be on audit committees. (Speak Out!).
August 1, 2002... ... In my opinion the chairman of [audit] committees should be a CPA. The CPA should be from a firm not connected with the independent auditors of the company. Someone on the audit committee should have the professional knowledge required to...

California's Tech Grip Lossens. (News & Trends).
August 1, 2002... The growth of technology jobs in California slowed by 90 percent in 2001. The national decrease was 82 percent, American Electronics Association.

Bankruptcy Conference offers two tracks. (CPE Opportunity).(California CPA Education Foundation)(Brief Article)
August 1, 2002... The California CPA Education Foundation has a brand-new Bankruptcy Conference scheduled for Tuesday, Sept. 10 and Wednesday, Sept. 11 in Los Angeles. The conference is unique from other events as it offers two all-day tracks, giving CPAs a...

Get the most from your CalCPA membership. (CalCPA Online Web Focus).(California Society of Certified Public Accountants)(Brief Article)
August 1, 2002... Some benefits of CalCPA membership are obvious: California CPA lands in your mailbox monthly; BUZZ, CalCPA's e-newsletter, is delivered regularly to your e-mail in-box; and your chapter Bulletin offers the scoop on all things local. Other...

Hungry for more M&A. (News & Trends).(Brief Article)
August 1, 2002... Almost 30 percent of Fortune 1000 executives say their companies appetite for mergers and acquisitions will increase in the next six months.

Taxpayers' Bill of Rights hearing. (BOE News).(Brief Article)
August 1, 2002... The State Board of Equalization annual Taxpayers' Bill of Rights hearings for business and property taxes will be held at two locations: * Tuesday, Aug. 20; 1:30 p.m.; BOE District Office; 5901 Green Valley Circle, Suite 207; Culver City....

Non-cigarette tobacco products get tax break. (BOE News).(Board of Equalization)(Brief Article)
August 1, 2002... The BOE has decreased the tax rate for non-cigarette tobacco products to 48.89 percent, down from 52.65 percent. The new rate must be applied to all distributions of tobacco products other than cigarettes for the period July 1, 2002, to...

New hours for call center. (EDD News).(Brief Article)
August 1, 2002... The Employment Development Department's call center hours have changed. Staff now are available from 7 a.m. to 6 p.m. at (888) 745-3886.

Labor market survey provides employers with valuable data. (EDD News).(Employment Development Department)(Brief Article)
August 1, 2002... The EDD's Occupational Employment Statistics survey collects data for more than 700 occupations in 74 industry groups, including private, public and nonprofit employers. You can use this statistical information to compare the wages you pay...

New law changes Homeowner and Renter Assistance rules. (FTB News).(Franchise Tax Board)(Brief Article)
August 1, 2002... A new law (SB 1664) ushers in several key changes to the state Homeowner and Renter Assistance program. The changes are in effect for the 2002 claim year, including an increase in the total household income limit to claim assistance. ...

Member get a member.(California Society of Certified Public Accountants recruitment)(Brief Article)
August 1, 2002... Win Prizes & Strengthen the Profession Think your CPA peers are CalCPA members? There's a 50 percent chance one of them is not, and CalCPA needs your help to get them on the team. Although CalCPA is nearly 28,000 members strong, we...

Poll reveals public wants government to regulate big biz. (Survey Says).(Brief Article)(Statistical Data Included)
August 1, 2002... Ten percent more Americans today feel that government regulation of large corporations is necessary to protect the public, than four years ago, according to a recent Washington Post/ABC News poll. More than 6 in 10 Americans believe the...

SEC crackdown? (News & Trends).(Brief Article)
August 1, 2002... Since 1992, the SEC has made 609 recommendations to file criminal charges against individuals; 189 led to prosecution, 144 to conviction and 87 to jail time.

Age-discrimination proponents win big in Sacramento. (California Law).(Brief Article)
August 1, 2002... California's Supreme Court has ruled that the law barring age bias against employees doesn't apply to awarding job benefits. According to the court, the state protects workers over age 40--half of the state's workforce--from age...

Correction.(Correction Notice)
August 1, 2002... CONSUMERS UNION FOUNDER The July 2002 California CPA article "It Happened One Night," refers to Ralph Nader as the founder of Consumers Union, the publisher of Consumer Reports. Consumers Union was not founded by Nader, but was formed in...

Announcements. (Member Milestones).(Brief Article)
August 1, 2002... Michael N. Green has joined Dick Simon Marine in Dana Point as CFO... John Drulane "Dru" Brannen has been admitted as partner of the Vista-based firm Polito, Muscio Associates... Campbellbased Abbott, Stringham & Lynch has promoted Bill...

Achievements. (Member Milestones).(Brief Article)
August 1, 2002... The following CalCPA members have been named to Worth magazine's 2002 list of the nation's top 250 financial advisers: Mary Katherine Dean, Michael Duckworth, Joel Framson, Mitch Freedman, Karen Goodfriend, Meloni Hallock, Sheryl Rowling, Jeff...

Members in the news. (Member Milestones).
August 1, 2002... On May 19, the Los Angeles Times printed letters regarding state accounting bills written by David George, CalCPA's past chair and current chair Nancy Wheeler-Chandler... Paul Regan of San Francisco was interviewed for National Public Radio's...

In memory. (Members Milestones).(Brief Article)(Obituary)
August 1, 2002... CalCPA's 1967 president, Robert S. Warner, passed away May 10 at the age of 95. Warner graduated from Rutgers University in 1928 and began his 74-year accounting career at Lybrand, Ross Bros. & Montgomery in New York. In 1936, Warner was...

The tax implications of FAS 141 & 142.(Brief Article)
August 1, 2002... Pooling--dead. Goodwill amortization--gone. Goodwill impairment tests--mandatory. It's been more than a year since FASB released its unprecedented Financial Accounting statements 141 and 142 on business combinations that sent the merger...

The battle continues: an update on California legislation impacting CPAs.(Brief Article)
August 1, 2002... California's Legislature is due to recess its two-year session Aug. 31. Between press time and that final recess, legislators will act on legislation of critical importance to the CPA profession. Even though AB 1995 (Correa), which would...

Riding to new plateaus. (From the Chair).
August 1, 2002... The hit movie "The Perfect Storm" was about a New England fishing crew forced by economic necessity to go out late in the season when the threat of storms was immense. In a way, the accounting profession is like that fishing crew. We are...

Avoiding IT pitfalls. (Information Technology).
August 1, 2002... Unauthorized access, ineffective processing and reporting, theft, manipulation and loss. These common information technology plagues for smaller and middle-market businesses can be avoided with a well-designed and well-deployed IT strategic...

New ruling for stock options in divorce. (Stock Options).(Brief Article)
August 1, 2002... If you practice family law, stock options are not the hot topic they were two years ago. Yet, the issue of dividing compensatory stock options between divorcing spouses still causes major headaches. The IRS recently issued Revenue Ruling...

Put your Palm to work! (Practical Technology).(Brief Article)
August 1, 2002... I'm not sure who it was that coined the phrase, "Work smarter, not harder." Perhaps it was one of those inspirational pictures in my doctor's office, or maybe it was Dilbert. Regardless, it's a motto that we follow in my technology consulting...

Design a commission plan that drives sales. (Sales Commissions).
August 1, 2002... If you establish and oversee the commission package for your company's sales force, you should consider numerous components to create a plan that both fairly compensates and adequately motivates the sales team. Ultimately, your plan should keep...

No more incompatability. (Practical Technology).(operating system software)
August 1, 2002... My client uses the native Windows 98 backup program to back up his files. I'm running the latest Microsoft operating system, Windows XP Professional, on my desktop. The built-in backup program on Windows XP is not compatible with my client's...

Stock options are compensation. (Sound Off).(Brief Article)
August 1, 2002... Accounting treatment for stock options needs to change. In our post-Enron world, investors believe that the reported earnings they have relied on to make decisions are highly inflated. One key accounting practice we can apply to restore some of...