California CPA articles from August 2003

California CPA archives from August 2003

Independence standards tool available online.(CalCPA News)(Brief Article)
August 1, 2003... CalCPA's Governmental Accounting and Auditing Committee has created a valuable resource for members who work in government or for nonprofits and their auditors. A chart that helps navigate the GAO Yellow Book independence standards is...

Wanted: bilingual CPAs.(CalCPA News)(Brief Article)
August 1, 2003... Are you bilingual? Are you interested in being one of CalCPA's news media experts? If so, act now. CalCPA is looking for bilingual CPAs, especially those who are fluent in Spanish, willing to take part in news media interviews on...

HIPAA alert available.(Privacy Tool, Health Insurance Portability and Accountability Act)(Brief Article)
August 1, 2003... CAMICO has issued an alert regarding the Health Insurance Portability and Accountability Act for CPAs who have health care clients who fall under the HIPAA definition of covered entities, in which CPAs are considered business associates. ...

Online tracking gets more complete, adds chapter CPE.(Education Foundation, Continuing Professional Education)(Brief Article)
August 1, 2003... CalCPA and the Education Foundation are joining forces to make your online CPE tracking system more complete. In addition to tracking Education Foundation CPE, chapter CPE information soon will be added to each member's online CPE record....

Taking the most.(News & Trends)(Brief Article)
August 1, 2003... The Tax Foundation has produced a list of states with the least--and most--tax burden for 2002. Not surprisingly, California is among the latter, with the ninth worst tax burden in the country at 32.7 percent. The total tax burden for each...

Panel adopts ethical standards.(PCAOB News)(Brief Article)
August 1, 2003... To guard against conflicts of interest, the Public Company Accounting Oversight Board has adopted a slew of ethical standards. Board members and staff are now forbidden to work or accept payment from accounting firms, save fixed payments...

Members reach out to schools.(News & Trends)
August 1, 2003... CalCPA's student outreach program made significant progress this past school year--more than tripling the number of CPA visits to high schools. And members are finding out that motivating and inspiring young people to follow their career...

Hurry up and settle.(IRS News)(Brief Article)
August 1, 2003... The IRS recently issued guidance that would speed up tax dispute resolutions. The Fast Track Mediation program, aimed at small businesses and the self employed, and the Fast Track Settlement program, aimed at large to midsize businesses, are...

$37M alternative tax error.(IRS News)(Brief Article)
August 1, 2003... Small businesses may have paid $37 million in taxes they never owed because of confusion over the alternative minimum tax, according to a report by the Treasury Department's tax inspector general. Although businesses with $7.5 million or...

Proposed privacy framework.(AICPA News)(Brief Article)
August 1, 2003... The AICPA and the Canadian Institute of Chartered Accountants recently issued a proposed Privacy Framework for public review and comment. The framework aims to educate companies . in managing its personal information assets, as well as the...

Practice alert: journal entries and other adjustments.(AICPA News)(Brief Article)
August 1, 2003... The AICPA's Professional Issues Task Force has issued a practice alert regarding journal entries and other adjustments to help financial statement preparers understand new audit procedures. Specifically, the alert clarifies audit procedures...

Allowance for credit losses.(AICPA News)(Brief Article)
August 1, 2003... The AICPA's Accounting Standards Executive Committee released an exposure draft of a proposed Statement of Position concerning allowance for credit losses. The draft addresses the measurement and recognition by creditors of the allowance...

Call for technical experts.(AICPA News -- American Institute of Certified Public Accountants)(Brief Article)
August 1, 2003... The AICPA is looking for CPA volunteers to serve on Expert Panels, which would focus on accounting and attest issues for certain industries. The panels identify emerging technical issues and serve as liaisons to industry groups and...

H&R block settles class action suit.(Settlements)(Brief Article)
August 1, 2003... H&R Block has agreed to settle a massive class action suit in Texas for $26 million, which will be shared among approximately 700,000 taxpayers. The lawsuit alleged that Block engaged in a "clear and serious violation of duty" by not...

2003 MAP Survey under way.(CalCPA Online WebFocus)(Brief Article)
August 1, 2003... The 2003 MAP Survey is under way. If you haven't already participated, there's no time like the present. The California CPA Education Foundation is underwriting the costs for CalCPA members' participation. The deadline is Friday, Aug. 22. You...

IMA finds salaries on the rise.(Survey Says; Institute of Management Accountants Salary Guide)(Brief Article)
August 1, 2003... The average financial executive's salary rose 5.3 percent to $83,235 in 2002, according to the Institute of Management Accountants Salary Guide. The survey, however, found that the gender gap may still be widening. While more women...

Blinding them with science.(Survey says)(Brief Article)
August 1, 2003... As accounting software continues to grow in complexity and with the coming of age of XBRL, CFOs expect accountants to know their technology. According to a recent Robert Half Finance & Accounting survey, CFOs said that in addition to...

Concern over regulation grows.(Survey says)(Brief Article)
August 1, 2003... While the Treasury Department and the IRS have toughened up on tax avoidance-imposing amended disclosure and list maintenance regulations under IRC Sec. 6011--many senior tax executives are worried about the unintended impact of such...

Mutual fund fee disclosure coming under fire.(GAO News, General Accounting Office report)(Brief Article)
August 1, 2003... A GAO report recommends that the SEC set new rules on the disclosure of mutual fund fees. The report suggests that actual fees incurred by a fund's trading activity should be disclosed in quarterly statements, allowing mutual fund...

Non-GAAP Financial Measures FAQ.(SEC News, generally accepted accounting principles)(Brief Article)
August 1, 2003... The staff of the SEC's Division of Corporate Finances set about clarifying Release No. 34 47226, Conditions for Use of Non-GAAP Financial Measures. The staff answered 33 of the most frequently asked questions regarding the implementation...

Option plans must be ok'd.(SEC News)(Brief Article)
August 1, 2003... Looking to increase shareholder rights, the SEC recently clarified rules governing the granting of stock options at the biggest publicly traded companies. Companies must now get shareholder approval before issuing stock options and other...

Broker/dealer auditors must register with PCAOB.(SEC News, Securities and Exchange Commission)(Brief Article)
August 1, 2003... The SEC has determined that auditors of privately held broker/dealers must register with the PCAOB. Although the Sarbanes-Oxley Act is primarily directed at "issuers" (as defined by the Act) and their auditors, privately held securities...

Sweeping changes at NYSE.(NYSE News, New York Stock Exchange)(Brief Article)
August 1, 2003... The NYSE said it will bar its directors from serving on the boards of listed companies. The change comes after criticism erupted over NYSE chief executive Richard Grasso's business relationship with Home Depot Corp. founder Kenneth...

Restoring confidence in the IPO.(NYSE News, New York Stock Exchange and National Association of Securities Dealers issue report on initial public offerings)(Brief Article)
August 1, 2003... NYSE and NASD have issued a report on improving the IPO process in response to eroding public confidence. The 20 recommendations for change follow four basic themes: * Promoting transparency in pricing and avoiding aftermarket...

Friar's Club.(Awards)(Brief Article)
August 1, 2003... Lawrence "Larry" Stern, managing partner at NSBN Certified Public Accountants and Business Consultants, was honored at the Friar's Club in Beverly Hills for his lifetime achievements. Stern was given a proclamation from Beverly Hills Mayor...

American Motel and Lodging Association.(Awards)(Brief Article)
August 1, 2003... Jack Campbell of Brea received the Most Valuable Volunteer Award from the American Motel and Lodging Association.

Rothstein, Kass & Company.(Announcements)(Brief Article)
August 1, 2003... Richard O'Rourke has joined Rothstein, Kass & Company, P.C. as audit manager of the firm's National Real Estate Group.

RBZ LLP's Real Estate Group.(Announcements)(Brief Article)
August 1, 2003... Encino-based Mark Umemoto has been named manager of RBZ LLP's Real Estate Group.

Prolong International Corp.(Announcements)(Brief Article)
August 1, 2003... Irvine-based Anthony J. Azavedo has been appointed to Prolong International Corp.'s board of directors.

Dewberry Cesinger Hodgson.(Announcements)(Brief Article)
August 1, 2003... Steve P. Cesinger has launched Dewberry Cesinger Hodgson, a private equity firm.

Susan Bradley.(Members In The News)(Brief Article)
August 1, 2003... Fresno-based Susan Bradley was quoted in a May 30 article on WebCPA.com.

John Phillips.(Members In The News)(Brief Article)
August 1, 2003... John Phillips was quoted in a May 30 story in the East Bay Business Times.

Scott Farb.(Members In The News)(Brief Article)
August 1, 2003... Beverly Hills-based Scott Farb was quoted in a May 30 article on SmartPros.com.

Robert Ketts.(Members In The News)(Brief Article)
August 1, 2003... Robert Ketts of San Diego was quoted June 2 in the Redland Daily Facts.

Indian Wells-based Lew Piper and Palm Springs-based Lyle Pierceall were quoted in a June 3.(Members In The News)(Brief Article)
August 1, 2003... Indian Wells-based Lew Piper and Palm Springs-based Lyle Pierceall were quoted in a June 3 article in The Desert Sun.

Michael Tiret.(Members In The News)(Brief Article)
August 1, 2003... Michael Tiret of San Bruno was quoted in a June 4 article on BankRate.com.

Donald Driftmier.(Members In The News)(Brief Article)
August 1, 2003... Rancho Cucamonga-based Donald Driftmier was quoted in a June 6 article in Silicon Valley Biz Ink.

John Levy.(Members In The News)(Brief Article)
August 1, 2003... Walnut Creek-based John Levy was quoted in a June 8 article in The Desert Sun.

Edward John Culligan.(Members In The News)(Brief Article)
August 1, 2003... Salinas-based Edward John Culligan was quoted in a June 9 story on CalifomianOnline.com.

Stephanie Loose.(Members In The News)(Brief Article)
August 1, 2003... Salinas-based Stephanie Loose was quoted in a June 10 article in CalifomianOnline.com.

Paul Dictos and Vicki Crow of Fresno were quoted in a June 12.(Members In The News)(Brief Article)
August 1, 2003... Paul Dictos and Vicki Crow of Fresno were quoted in a June 12 article in the The Fresno Bee.

Lianyi Jia.(Members In The News)(Brief Article)
August 1, 2003... Lianyi Jia was profiled in a June 13 Alameda Times-Star article.

Robert Caplan.(Members In The News)(Brief Article)
August 1, 2003... Foster City-based Robert Caplan was quoted in a June 16 story in American Medical News.

Dan Morris of San Jose and Karen Goodfriend of Menlo Park were quoted in a June 19.(Members In The News)(Brief Article)
August 1, 2003... Dan Morris of San Jose and Karen Goodfriend of Menlo Park were quoted in a June 19 article on MSNMoney.com.

Gary Lambrix.(Members In The News)(Brief Article)
August 1, 2003... Gary Lambrix of Las Vegas was quoted in a June 19 article in the Las Vegas Sun.

Scott Dionne.(Members In The News)(Brief Article)
August 1, 2003... Scott Dionne of Long Beach was noted in a June 19 article in The Long Beach Press-Telegram.

John Campbell.(Members In The News)(Brief Article)
August 1, 2003... Irvine-based John Campbell was quoted in a June 20 article in The Sacramento Bee.

Scott Haislet.(Members In The News)(Brief Article)
August 1, 2003... Lafayette-based Scott Haislet was quoted in a June 23 article on CBSMarketWatcfl.com

Mary Kay Foss, Ken Fowler, Stephen Graves, Ralph Haskew, Loella Haskew, Laura Ross and Terry Seiberlich skillfully answered hundreds of calls during a June 25.(Members In The News)(Brief Article)
August 1, 2003... Mary Kay Foss, Ken Fowler, Stephen Graves, Ralph Haskew, Loella Haskew, Laura Ross and Terry Seiberlich skillfully answered hundreds of calls during a June 25 tax call-in at KRON-TV in San Francisco.

Renew your pledge: CPAs can respond to turmoil with a renewed commitment to ethical standards.(Professional Ethics)
August 1, 2003... The past two years have been tumultuous for the accounting profession. To move forward in a way that is viable and credible,everyone in the profession must recommit themselves to our principles of professional conduct and communicate these...

California dreamin': CalCPA chair shares his vision for rebuilding the public's trust.
August 1, 2003... It is with great pleasure that I begin my term as CalCPA chair. It's an honor to represent such a wonderful organization and our 28,000 members. On behalf of our membership, 1 would like to thank 2002-03 CalCPA Chair Nancy Wheeler Chandler for...

Here comes e-filing: ready or not, mandatory e-filing will soon begin.(government relations)
August 1, 2003... In his 2003-04 budget Gov. Gray Davis once again is proposing the implementation of a mandatory e-file requirement for tax practitioners who prepare more than 100 individual state tax returns and use tax preparation software. The proposal is...

Measuring what matters: [want to know how successful your firm is? Take the customer's point of view].
August 1, 2003... CPA firms are enamored with their internal performance measures. The most popular include [tours billed: hourly rate hilled: percentage write offs: non-billable hours: and gross revenue per partner, per team member and per office. All of these...

New IRA trust rulings: IRS making it difficult to use "separate share" trusts.(estate planning)
August 1, 2003... The IRS has issued a series of private letter rulings (LTRs 200317041, 200317043, 200317044) this year that make it difficult to use "separate share" trusts. A separate share trust is a trust named as an IRA beneficiary that divides by its...

There's value in membership.(Technical Resources)
August 1, 2003... ACCOUNTING EDUCATION CalCPA links accounting educators by serving as a clearinghouse on issues impacting accounting curriculum. Questions about the accounting program at your local college or university? Our academic members can answer...

Filing an OIC? Better make it complete.(IRS News -- changes in the Offer in Compromise program)
August 1, 2003... California tax practitioners have been lamenting the departure of the "kinder and gentler" IRS and complaining that revenue officers have become more aggressive in seizing property; appeals officers have become more aggressive in sustaining the...

Recent developments: truck and van depreciation, automatic extensions and more.(federal tax)
August 1, 2003... Temporary and proposed regulations (T.D. 9069, REG-138495-02), issued July 7 2003, exclude trucks or vans that are "qualified nonpersonal use vehicles" from the depreciation limits on luxury passenger automobiles [under IRC Sec. 280F(a)]. ...