California CPA articles from August 2006

California CPA archives from August 2006

SB 1550 update: professional fiduciary bill amended.(CalCPA News)
August 1, 2006... SB 1550 is the most recent example of the successful collaboration of CalCPA and members to affect change in Sacramento. SB 1550 (Figueroa), which would have required CPAs who act as trustees for estates or exercise control over the financial...

Volunteer before disaster strikes.(California Society of Certified Public Accountants)(Brief article)
August 1, 2006... With wildfire season in full bloom, volunteer for CalCPA's disaster recovery program. [ILLUSTRATION OMITTED] Each year, many families and businesses lose homes, offices, personal belongings, vehicles, important tax and financial...

Small business hardest hit by fraud.(News&Trends)
August 1, 2006... The typical U.S. organization loses 5 percent of its annual revenue to occupational abuse and fraud, according to the Association of Certified Fraud Examiners' 2006 Report to the Nation, http://www.acfe.com/about/press-release-06-20-2006.asp....

AICPA launches 2006 map survey.(AICPA News)
August 1, 2006... The AICPA and Texas Society of CPAs have launched the 2006 Management of an Accounting Practice Survey, a collection of benchmarking stats in key practice management areas. [ILLUSTRATION OMITTED] While many CPA firms have received an...

Our ultimate goal is ... a high-quality.(News&Trends)
August 1, 2006... Our ultimate goal is... a high-quality, principles-based global standard for the accounting for post-retirement benefits. Robert Herz, FASB chairman

Industrious September: industry-specific conferences abound.
August 1, 2006... Throughout September, the California CPA Education Foundation will present industry-specific conferences, including: * Construction Industry Conference; Sept. 18 in San Francisco and Sept. 19 in Long Beach; * Common Interest Realty...

Proposed rules on dependent care assistance programs, FSAs.(Internal Revenue Service)(flexible spending accounts )(Brief article)
August 1, 2006... Employers offering dependent care assistance programs or flexible spending accounts should review new, more generous proposed rules from the IRS, which would apply to taxable years ending after they are finalized. [ILLUSTRATION OMITTED]...

Comment on Taxpayer Burden.(TAXPAYERBURDEN)
August 1, 2006... The IRS Office of Taxpayer Burden Reduction is soliciting recommendations from practitioners on ways to reduce taxpayer burden. You can submit your recommendation by using referral Form 13285A, Reducing Burden on America's Taxpayers. ...

Health insurance covering S corp shareholders.(News&Trends)
August 1, 2006... In many solely owned businesses, business owners will purchase health insurance in their own name versus the business' name. The type of entity may greatly affect where this insurance premium expense may be deducted on the individual's personal...

Classify employees and independent contractors.(News&Trends)
August 1, 2006... Most workers fall into two categories, independent contractors and common-law employees. How do you know which term to use? The key is degree of control--the more control the business has over a worker, the more likely it is that the worker...

FTB law summaries, chief counsel rulings online.(FTB News)
August 1, 2006... The FTB has made several legal documents, including law summaries on such topics as alimony deduction and late payment penalties, available online. [ILLUSTRATION OMITTED] Chief counsel rulings and information letters spanning 2000-05...

Economic Condition Reporting: the Statistical Section.(News&Trends)
August 1, 2006... CalCPA's Governmental Accounting and Auditing Committee and the California Committee on Municipal Accounting have issued a white paper on GASB Statement No. 44, Economic Condition Reporting: the Statistical Section, to help California...

From the GAO: proposed revisions to Government Auditing Standards.(News&Trends)
August 1, 2006... The Government Accountability Office is accepting comments until Aug. 15 on its exposure draft of proposed revisions to the 2003 revision of Government Auditing Standards (the Yellow Book). The proposed revisions deal with an auditor's ethical...

Comment: private company reporting process.(Financial Accounting Standards Board, American Institute of Certified Public Accountants)(Brief article)
August 1, 2006... The Financial Accounting Standards Board and the AICPA have issued a joint proposal to improve the financial reporting process for private companies. The initiative seeks feedback on proposed enhancements to FASB's standard-setting...

Q&A: Adjustments to Prior Period Financial Statements.(PCAOB News)
August 1, 2006... The PCAOB has issued a staff Q&A--Adjustments to Prior-Period Financial Statements Audited by a Predecessor Auditor--that details various issues related to adjustments to prior-period financial statements audited by a predecessor auditor. ...

Company filings, mutual funds now searchable.(SEC News)
August 1, 2006... The SEC has made the text of every SEC document filed by companies, as well as mutual fund filings, searchable online. [ILLUSTRATION OMITTED] The company filing search engine enables searches of filings on the entirety of the SEC's...

SEC describes investment professional regulation study.(News&Trends)
August 1, 2006... The SEC has published a draft contract proposal in preparation for a study comparing how the different regulatory systems that apply to broker-dealers and investment advisers affect investors. The document, a "Request for Information," is...

Free webcast with SEC Chair Christopher Cox.(California Board of Accountancy )(Brief article)
August 1, 2006... The California Board of Accountancy is sponsoring a free eight-hour continuing education seminar Oct. 23 featuring SEC Chair Christopher Cox as the keynote speaker. The webcast will cover such topics as auditor independence, ethics and fraud....

EDD, IRS looking for outreach volunteers.(EDD News)
August 1, 2006... The EDD and IRS are asking California practitioners to help educate Small Business Self-Employed taxpayers in employment taxes. The IRS will provide technical and resource materials, and the EDD will continue to provide EDD speaker. ...

D&T legs it out for charity.(News&Trends)
August 1, 2006... Local members of Deloitte & Touche USA LLP recently participated in San Francisco's Project Homeless Connect 11. Nearly 400 Deloitte & Touche volunteers gave their time June 9 to help recipients sign up for social services and participating...

Changes to Workers' Comp Info for new hires.(Workers' Comp News)
August 1, 2006... The Division of Workers' Compensation has approved revisions to the California Workers' Compensation Institute pamphlet, "Facts About Workers' Compensation," which employers and insurers use to meet the statutory requirement to provide...

Reporting of Medicare Part D payments.(GASB News)
August 1, 2006... GASB has issued a technical bulletin clarifying how state and local governmental entities should report payments received from the federal government under the retiree drug subsidy provisions of Medicare Part D. The bulletin, effective on...

Shortage of Ph.D.-qualified accounting faculty.(Survey Says)
August 1, 2006... The American Accounting Association and the Accounting Programs Leadership Group has issued a report on the shortage of Ph.D.-qualified accounting faculty, whether that shortage is expected to grow and what can be done about it. Some of...

Internal auditor shortage among top challenges.(News&Trends)
August 1, 2006... The shortage of competent internal audit staff is the top challenge facing chief audit executives, according to a survey by ACL Services Ltd. When senior audit professionals were asked to list key challenges, the shortage of staff came in...

Announcements.(membermilestones)
August 1, 2006... San Francisco-based Harriet Leung has been named partner at Rowbotham & Company LLP... Los Angeles-based Shylesh Viswanathan has been promoted to manager from senior supervisor at RBZ, LLP... Bakersfield-based Ron Dill has been named partner...

Accomplishments.(David Cieslak appointed at Sage Accpac Business Partner Advisory Council)(Ilene Eisen speaks at Intuit Enterprise Solutions Users Conference )(Brief article)
August 1, 2006... Simi Valley-based David Cieslak has accepted the position of chair of the Sage Accpac Business Partner Advisory Council... Monterey-based Ilene Eisen spoke at the Intuit Enterprise Solutions Users Conference May 31 and June 1. ...

Firm news.(membermilestones)
August 1, 2006... Los Alamitos-based G.L. Howard, CPA celebrates its 20th anniversary this year. Send Member Milestones to: editor@calcpa.org. If you've been in the news, we want to know. Contact Bill Spaniel at bill.spaniel@calcpa.org.

Awards.(Shari Freidenrich, Denise Patterson, Marlen Christina Rosales)(Brief article)
August 1, 2006... Huntington Beach-based Shari Freidenrich was named 2006-07 Woman of Distinction for Economic & Social Development by Soroptimist International-Huntington Beach... Denise Patterson has been awarded the Faculty Initiate into the Honorary...

In memoriam.(membermilestones)(Obituary)
August 1, 2006... John C. Pfahnl, past president of the Silicon Valley San Jose Chapter and Santa Clara County Estate Planning Council, died June 18. He was 83. Born in San Francisco, Pfahnl's CPA career spanned 58 years. He was an active member of his...

Members in the news.(membermilestones)
August 1, 2006... Irvine-based Rick Smetanka, Santa Monica-based Scott Farb, Los Angeles-based Harvey Bookstein, Costa Mesa-based Christopher Tower, Los Angeles-based Michael Gillmore, John Davis, Philip Sutton, Doug McEachern, Irvine-based Tom O'Rourke and...

OPEB unveiled: GASB 45 requires governmental entities to disclose future liabilities.(Cover story)
August 1, 2006... Governmental entities will start accruing post-employment benefits other than pensions (OPEB) over the next several years--a major change that, for some, will result in massive financial liabilities. However, the change gives governmental...

Show off: firms share their strategies for recruiting the best and brightest.
August 1, 2006... Where have all the qualified job candidates gone? That's what CPA firms across the country are asking in a job market short on supply and heavy on demand. While attracting qualified staff has always been at the fore of a CPA firm's...

DOL update: changes to Voluntary Fiduciary Correction Program expands relief ability.(PROFESSIONALISSUES)(Department of Labor)
August 1, 2006... The Department of Labor issued an updated version of its Voluntary Fiduciary Correction Program in April, adding transactions that can be corrected under the program and expanding the ability to obtain relief from prohibited transactions. ...

CAMICO at 20: out of a crisis--a member-driven success story.(20THANNIVERSARY)(Company overview)
August 1, 2006... In retrospect, the cancellation notice the Imperial Casualty Insurance Company bestowed on CalCPA in fall 1986 was CAMICO's birth certificate. The notice ignited a chain of events that lasted about nine months and led to the creation of...

Leaders all: CalCPA's Leadership Institute is waiting--for you.(LEADERSHIPINSTITUTE)
August 1, 2006... Strong leaders in strategic positions are key to the continued success of CalCPA--and your business. And whether you are a seasoned leader or fairly green, CalCPA's Leadership Institute can help you hone your leadership skills for future...

Combining financial statements & independent auditor's report 2005 to 2006.(annual report)
August 1, 2006... CalCPA TREASURER'S REPORT CalCPA has experienced another excellent year of membership growth and financial success. Revenues exceeded budget primarily due to investment gains, strong chapter events and increased advertising revenue. The...

Partner puzzles: Sec. 470's broad applicability may surprise practitioners.(corporatetax)
August 1, 2006... The American Jobs Creation Act of 2004 created Internal Revenue Code Sec. 470 to deal with perceived abuses from Sales-in Leased-out, or SILO, transactions. These transactions were created to shift tax benefits to taxable entities and shift...

Practice privilege: CalCPA-supported AB 1868 amended.(governmentrelations)
August 1, 2006... CalCPA is sponsoring AB 1868 (Bermudez), which would make substantial corrections to California's practice privilege statute that went into effect Jan. 1, 2006. [ILLUSTRATION OMITTED] The bill is supported by the California Board of...

TIPRA highlights: new law generally favors taxpayers.(federaltax)
August 1, 2006... The following are highlights of domestic provisions in the 2005 Tax Increase Prevention and Reconciliation Act (TIPRA), signed into law May 17, 2006, affecting individuals, businesses and corporations. Changes Affecting Individuals ...