California CPA articles from August 2008

California CPA archives from August 2008

By 2030, need to fund government deficits.(news & trends)
August 1, 2008... "By 2030, the need to fund government deficits will drive the debt-to-GDP ratio to 68 percent--far surpassing the non-wartime peak of 49 percent in 1993. By 2040, this ratio is projected to reach 128 percent, well above the World War II peak of...

Global talent shortage.(news & trends)(Author abstract)
August 1, 2008... Hiring and Retaining Skilled Professionals Still Challenging: A shortage of experienced accounting and finance professionals continues to affect employers around the world. * More than half (56%) of the finance and human resources managers...

National database of CPAs for consumers.(news & trends)
August 1, 2008... Propelled by the rapid passage of mobility legislation in many states, NASBA is developing a national accountancy licensing database. Sixteen states, including California, are fully participating, providing NASBA with lists of their licensees;...

XBRL and IFRS: convergence is here.(news & trends)
August 1, 2008... Mike Willis, of PricewaterhouseCoopers and XBRL International, addressed CalCPA Council June 28. As the rest of the world rushes to adopt IFRS and to use XBRL for generating financial statements, it is becoming increasingly important for...

The numbers.(news & trends)(Brief article)
August 1, 2008... $1 trillion. The amount that will be lost by U.S. organizations in 2008 to fraud. --Association of Certified Fraud Examiners $276 billion The 2007 federal net operating cost --Treasury Department 82 Number of...

CalCPA leadership institute 2008-09.(CalCPA news:)
August 1, 2008... This five-day program, which is designed to teach members skills that will make them better leaders and managers, begins in October. The program will be taught by Bill Reeb, CPA, who has been teaching leadership and coaching individuals to...

CPA Dennis Young of Los Altos receives public service award.(news & trends)
August 1, 2008... For his services to Los Altos-area organizations, CalCPA has presented Dennis Young, CPA with its 2008 Public Service Award. [ILLUSTRATION OMITTED] The award recognizes Young's quarter of a century of service to community organizations...

New CalCPA chair advocates for more accounting educators.(ADVOCATING FOR EDUCATION)
August 1, 2008... Because of the urgent need for accounting educators, Greg Burke, CPA, newly elected 2008-09 CalCPA chair, has directed that increasing their number will be a principle goal for the nation's largest state accounting association. ...

PCAOB adopts rules for annual and special reporting.(news & trends)
August 1, 2008... The PCAOB has adopted rules for annual and special reporting of information and events by accounting firms that are registered with the PCAOB. Sec. 102(d) of the Sarbanes-Oxley Act of 2002 provides that each registered public accounting firm...

Accounting salaries up 6.9 percent.(news & trends)
August 1, 2008... According to the Institute of Management Accountants survey released in July 2008, the average salary of accountants has risen nearly 7 percent and now exceeds S100,000. "With today's unstable economic conditions, including soaring gas...

Shorter extensions for some passthrough entities.(news & trends)
August 1, 2008... Previously proposed regulations allowed an automatic six-month extension for filing partnership, estate and trust returns. However, recently issued temporary regulations will allow only an automatic five-month extension for returns due after...

IRS Reduces business tax extension period.(news & trends)
August 1, 2008... The IRS has moved the extended due date for partnership, estate and trust tax returns from Oct. 15 to Sept. 15 to avoid overlapping with the extended deadline for individual taxes. The change is aimed at easing the burden on taxpayers who must...

Top CalCPA events for 2008-09.(news & trends)(Calendar)
August 1, 2008... Educator Practitioner Forum--Nov. 14, 2008 Women's Leadership Forum--Dec. 3, 2008 CPA Day at the Capitol--Jan. 21, 2009 CalCPA Centennial Celebration--June 19, 2009 * Listing is by date only and if space allowed, we'd actually...

Tax relief for those affected by Northern California fires.(news & trends)
August 1, 2008... The Board of Equalization and Employment Development Department are offering guidance on extensions and other tax relief measures currently available. For BOE information, visit www.boe.ca.gov/news/newsroom.htm. EDD information is...

Mileage rate increased.(news & trends)(Brief article)
August 1, 2008... Due to rising gas prices, the mileage rate will increase by eight cents to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, 2008. The new rate for computing deductible medical or moving expenses also will increase by...

Theft loss deduction.(news & trends)
August 1, 2008... With the increased occurrence of individuals falling victim to embezzlement schemes, the FTB offers this reminder on how to properly deduct these losses on income tax returns. A taxpayer's ability to take a theft loss deduction is governed...

Announcements.(member milestones)
August 1, 2008... Michael Good, CPA has made partner at Good Swartz Brown & Berns... Michael B. Allmon, CPA has been appointed to Loyola Marymount University's Career Advisory Board... The Institute of Internal Auditors announced that Patricia K. Miller, CIA,...

Firm news.(member milestones)
August 1, 2008... J.H. Cohn LLP has combined practices with Good Swartz Brown & Berns LLP... Robert Green, CPA has merged his firm with Singer Lewak, where he will serve as partner... Hood & Strong LLP has moved to a new office location at 100 First Street in...

Members in the news.(member milestones)
August 1, 2008... Ira M. Landis had a letter to the editor on primary reforms published in The New York Times on Sunday June 15... The June 12 Capitol Weekly quoted Roger Niello regarding the CPA mobility issue... The June 8 Los Angeles Times interviewed Diane...

Succession planning; Eases the mystery of your firm's future.(what now?)
August 1, 2008... In June 2004, Haskell & White co-founder Steve Haskell met with our firm's partners to discuss a number of matters, and succession planning was at the top of the list. At the time, none of us realized how quickly we would be facing the issue...

Without further ado ... Top 10 business valuation errors.(businessvaluation)
August 1, 2008... CPAs often advise clients regarding the value of their businesses, whether they perform the valuation themselves or help clients find and hire a qualified appraiser. In either case, the client and appraiser rely on the CPA for financial...

Nonprofit tax compliance; IRS Raises the governance bar with the revised form 990.(federaltax)
August 1, 2008... the IRS has raised the governance bar for public charities. It has issued a revised Form 990, the annual information return filed by most nonprofits based on the premise that good governance produces better tax compliance (see Sidebar I). The...

CA Enterprise zones; Improved, expanded and additional compliance.(californiatax)
August 1, 2008... Over the past two years, the California Enterprise Zone Tax Credit Program has witnessed significant changes, including major expansions, new regulations and additional tax compliance measures that will certainly affect CPAs across California....

Delinquent taxes? No license AB 1925, SB 1689 and NASBA.(CapitolBeat)
August 1, 2008... Sometimes success in Sacramento can best be gauged by what doesn't happen. AB 1925 (Eng) would have expanded the authority of the Franchise Tax Board to suspend all Occupational and Professional Licenses due to unpaid tax liabilities. Existing...

CALCPA treasurer's report.(annual report 2008)(California Society of Certified Public Accountants)
August 1, 2008... CalCPA ended its 98th year financially sound. We are well-grounded to take the organization into the next century strong and committed to our current and next generation of members. We reached another milestone in membership growth with more...

California CPA education foundation treasurer's report.(annual report 2008)
August 1, 2008... The Education Foundation has completed another productive year with total operating revenues of $12.3 million. An increase in the number of events offered in response to market demand, improved and focused marketing efforts, an increase in our...

Independent auditor's report.(annual report 2008)
August 1, 2008... We have audited the accompanying combining statements of financial position of the California Society of Certified Public Accountants (Society) and California Certified Public Accountants Education Foundation (Foundation) as of April 30, 2008...

Combining statements of financial position.(annual report 2008)(Table)(Financial report)
August 1, 2008... California Society Of Certified Public Accountants California Certified Public Accountants Education Foundation April 30, 2008 And 2007 (Amounts Expressed In Thousands) Society ...

Combining statements of activities.(annual report 2008)(Table)(Financial report)
August 1, 2008... California Society Of Certified Public Accountants California Certified Public Accountants Education Foundation Year Ended April 30, 2008 And 2007 (Amounts Expressed In Thousands) Society ...

Statements of functional expenses.(annual report 2008)(Table)
August 1, 2008... California society of certified public accountants years ended April 30, 2008 and 2007 (Amounts Expressed In Thousands) Member Events 2008 Chapters Committees ...

Combining statements of cash flows.(annual report 2008)(Table)(Financial report)
August 1, 2008... California Society Of Certified Public Accountants California Certified Public Accountants Education Foundation. Years Ended April 30, 2008 And 2007 (Amounts Expressed In Thousands) Society ...

Notes to the combining financial statements.(annual report 2008)
August 1, 2008... 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES The California Society of Certified Public Accountants (Society) is a nonprofit incorporated membership organization whose purpose is to advance the profession of accountancy in the State...

Up coming events:.(Calendar)
August 1, 2008... Conferences Common Interest Realty Associations Conference Sept. 17: Burbank Farmers Tax and Accounting Conference Sept. 24: Fresno [ILLUSTRATION OMITTED] Webcasts Home At Last - SFAS 162: The New GAAP Hierarchy...

Prepare yourself; IRS proposes regulations on new prepare penalties.(FedTax)(Internal Revenue Service)
August 1, 2008... The 2007 Small Business and Work Opportunity Tax Act. (P.L. 110-28) expanded and increased preparer penalties. On June 17, 2008, the IRS published proposed regulations (REG-129243-07) to implement that new law. It is proposed that these...

Giving back.(final entry)(Interview)
August 1, 2008... CalCPA member Gertrude Lamden recently donated $10 million to San Diego State University, and the school will be considering naming the School of Accountancy the Charles W. Lamden School of Accountancy--in memory of her husband. Inspired....