California CPA articles from August 2005

California CPA archives from August 2005

Spread financial literacy.(Dollars $ense)(Brief Article)
August 1, 2005... With a new school year right around the corner, the timing is perfect for you to join CalCPA's efforts to improve high school students' financial literacy--and promote the profession. CalCPA's Dollars & Sense program is an informal way to...

Fraud CE requirement effective July 1.(Licensing Alert)(continuing education )(Brief Article)
August 1, 2005... The FTB's fraud continuing education requirement is effective for CPA licenses with audit and attest authorization renewed on or after July 1, 2005. CPAs subject to the accounting and auditing or government CE requirement will need, as a...

I was just not thinking.(News & Trends)(Kozlowski, Dennis)(Brief Article)
August 1, 2005... I was just not thinking when I signed my tax return that I had a $25 million loan forgiveness... I didn't pick up on it. Dennis Kozlowski, former CEO, Tyco International

Paid Family Leave.(News & Trends)(Brief Article)
August 1, 2005... [ILLUSTRATION OMITTED] Paid Family Leave California's Paid Family Leave insurance program is one year old, and the first year has yielded fewer claims than many expected. The first year totals are: CLAIMS RECEIVED: ...

Code of conduct revisions; auditor guidance.(AICPA News)
August 1, 2005... The AICPA Professional Ethics Executive Committee is proposing revisions in two sections of the Code of Professional Conduct. One proposal provides guidance on whether a member's objectivity is compromised by offering or accepting gifts or...

AICPA releases Audit Toolkit for not-for-profits.(American Institute of Certified Public Accountants)(Brief Article)
August 1, 2005... The AICPA has released an Audit Committee Toolkit for not-for-profit organizations that provides a set of best practices covering governance topics from audit committee charters to evaluating independent auditors. Downloaded the free...

AICPA adds to CPA Marketing Toolkit.(American Institute of Certified Public Accountants)(Brief Article)
August 1, 2005... The AICPA has added to its CPA Marketing Toolkit a brochure and speech for business consulting services titled "Selecting the Right Structure for Your Business." The resources offer guidance on forming a sole proprietorship, partnership,...

Guidance on charitable vehicle donations.(IRS Update)(Brief Article)
August 1, 2005... The IRS has released guidance on charitable deductions for donated vehicles. [ILLUSTRATION OMITTED] The American Jobs Creation Act limited the vehicle deduction to the actual sales price of the vehicle when sold by the charity,...

Online event registration.(Web Focus)(California Society of Certified Public Accountants)(Brief Article)
August 1, 2005... CalCPA's online event registration lets you rapidly register and promptly pay for CalCPA meetings and events 24/7. By visiting CalCPA.org's master calendar, you can search CPE and other events by chapter or key word. When you log in to...

Comment on draft version of 2005 Schedule M-3.(IRS Update)(Calendar)
August 1, 2005... Aug. 31 is the deadline to comment on the IRS draft version of the 2005 Schedule M-3, used by certain corporate taxpayers filing Form 1120. The draft includes two new line items: one for the new domestic production activities deduction and...

Staff report: off-balance sheet arrangements, SPEs.(SEC News)(special purpose entities)(Brief Article)
August 1, 2005... The SEC's report on off-balance sheet arrangements, special purpose entities and related issues recommends a rethinking of current guidance on reporting the financial results of leases and defined-benefit pension plans, while pressing for...

Guidance on pension consultant conflicts of interest.(SEC News)(Brief Article)
August 1, 2005... New guidance from the Department of Labor and SEC helps fiduciaries of employee benefit plans review conflicts of interest for pension consultants. [ILLUSTRATION OMITTED] The guidance, "Selecting and Monitoring Pension...

IASB, FASB exposure drafts: business combinations.(Financial Accounting Standards Board)(International Accounting Standards Board)(Brief Article)
August 1, 2005... The International Accounting Standards Board and FASB each have published exposure drafts aligning the accounting for business combinations for both domestic and cross-border financial reporting. The proposed standard would replace IASB...

SB 393 held: could return in '06.(Legislative Update)(senate bills)(government auditing standards for financial and compliance audits)(Brief Article)
August 1, 2005... SB 393 (Ortiz), Special District Audits, which proposed additional requirements on CPAs who perform audits of special districts and expanded controller oversight of those firms that performs audits of special districts, has been held in the...

Doctoral scholarship.(News & Trends)(Brief Article)
August 1, 2005... ACCOUNTING DOCTORAL SCHOLARSHIP AWARDED With a record shortage of accounting educators looming throughout the nation, CalCPA is doing its part to close the gap, one future educator at a time. Damon M. Fleming has been awarded the 2005...

CPA exam section fees increase.(Professional News)(certified public accountants)(Brief Article)
August 1, 2005... The cost of each section of the CPA Exam increased as of July 1, 2005. The Audit and Attestation section fee is now $159.25; Business Environment and Concepts is now $114.25; Financial Accounting and Reporting is now $148; and Regulation...

Spotlight members who have made a difference.(Service Awards)
August 1, 2005... Each year, CalCPA's Public Service Award recognizes a member for notable works done outside of the office--often for the betterment of the community or the assistance of the less fortunate, nearly always as a volunteer. And CalCPA's annual...

FTB exec officer Gerry Goldberg retiring.(News & Trends)(Franchise Tax Board)
August 1, 2005... Longtime Franchise Tax Board executive officer and CalCPA member Gerald Goldberg will retire Aug. 31. Goldberg has been the FTB's executive officer since September 1980, a tenure that spanned six governors and 24 elected FTB members. ...

Workers ok with pay, unsure about reviews.(Survey Says)(Brief Article)
August 1, 2005... Although 66 percent of U.S. workers are very or somewhat satisfied with their compensation and benefits, many organizations still apply inconsistent standards to setting pay levels and managing employee performance. [ILLUSTRATION OMITTED]...

Standards for termination benefits.(GASB News)(Governmental Accounting Standards Board)(Brief Article)
August 1, 2005... GASB has released Statement No. 47, Accounting for Termination Benefits, providing guidance for state and local governments that offer benefits such as early retirement incentives or severance pay. The statement requires similar forms of...

Announcements.(member mile stones)(appointments)(Brief Article)
August 1, 2005... Fresno-based Norman R. Wong has been named partner at Dunn Jeffries & Hering, and the firm has been renamed Dunn Jeffries Hering & Wong... Tustin-based Pat Rogan has been hired as an accounting instructor at Consumnes River College... San...

Accomplishments.(member mile stones)(Brief Article)
August 1, 2005... Harvey Bookstein, co-founder of Los Angeles-based RBZ, LLP has donated $1 million to Cal State Northridge for the creation of the Harvey and Harriet Bookstein Chair in Taxation in the university's College of Business and Economics... David...

Firm news.(member mile stones)(Brief Article)
August 1, 2005... San Bernardino-based Cole Jackson has merged his practice with Frederick Reiss and Company. The new firm will be called Reiss, Jackson and Company... Century City-based Bernstein, Fox, Whitman & Company LLP has been renamed Bernstein, Fox,...

Members in the news.(member mile stones)(Brief Article)
August 1, 2005... David Cieslak was quoted in a May 25 posting on WebCPA.com... Stephen Norman was quoted in a June 3 Oroville Mercury-Register article... Leonard Williams was quoted in the June 5 San Francisco Chronicle article... Lou Robken was quoted in a...

Opening doors: CalCPA chair creates opportunity, focuses on diversity.(California Society of Certified Public Accountants)(Cover Story)
August 1, 2005... When Chris Yahng began his CPA career in 1976, Enron and WorldCom didn't exist, advertising was forbidden for CPAs, professional rules governed what a CPA firm could name itself--and only a small percent of CPAs were women or ethnic minorities....

Ensuring care: age, needs among factors to consider when selecting long-term care insurance.(LONG-TERM CARE)
August 1, 2005... Statistics indicate that our population is aging at a staggering pace. In 2002, 30 percent of all non-institutionalized people age 65 or older lived alone, representing 41 percent of older women and 18 percent of older men, according to the...

Planning with LLCs: LLCs offer asset protection, business flexibility, and tax advantages.(TAX PLANNING)(limited liability companies)
August 1, 2005... From the time limited liability companies came into prominence, practitioners have been working to maximize their asset protection, business flexibility and tax advantages, among other benefits. [ILLUSTRATION OMITTED] CHARGING-ORDER...

Labor bills on tap: shift to private enforcement may make it easier to sue.(government relations)
August 1, 2005... California entered the new fiscal year with an almost on-time budget. The governor signed the most quickly passed budget in five years into law July 11, clearing the way for a legislative summer break scheduled to begin July 15. "The...

Written tax advice: new Circular 230 rules apply to advice rendered after June 20, '05.(federal tax)
August 1, 2005... Circular 230 governs the recognition of CPAs, attorneys, enrolled agents and other persons representing taxpayers before the IRS and prescribes duties and restrictions relating to such practice. Among these duties and restrictions are...