California CPA articles from December 2002

California CPA archives from December 2002

It's open enrollment time: ProtectPlus and Delta Dental.(Group Insurance Trust)(Brief Article)
December 1, 2002... December means it's time to examine your insurance plan options and determine if you want to make changes. Or for those of you without a plan, now is your chance to enter one. Eligible member firms may enroll in ProtectPlus and receive 2002...

AICPA issues new audit standard for detecting fraud. (New Fraud Standards).(American Institute of Certified Public Accountants)(Brief Article)
December 1, 2002... The AICPA's Auditing Standards Board announced that it has approved a new standard: Statement on Auditing Standards 99, Consideration of Fraud in a Financial standard gives auditors expanded guidance for detecting material fraud. SAS 99...

IRS proposes user fee for offers in compromise. (IRS News).(United States Internal Revenue Service)(Brief Article)
December 1, 2002... The IRS is proposing regulations that would require a $150 user fee when submitting an offer in compromise. The deadline for submitting comments on this proposal is Feb. 4. For the proposed regulations, answers to frequently asked...

New guidance on classifying qualified entities. (News/Trends).(business taxation regulations United States)(Brief Article)
December 1, 2002... Tax Assistance Practice, San Diego A qualified entity is a business entity that is wholly owned by a husband and wife as community property under the laws of a state, foreign country or U.S. possession (and no person, except one or both...

Filing requirements change for Schedule B. (News/Trends).(income tax regulations United States)(Brief Article)
December 1, 2002... Fifteen million taxpayers will have one less schedule to file with their 2002 tax return. The IRS and the Department of the Treasury have announced an increase in the threshold for filing a separate schedule for interest or dividend income. ...

Considering the profession's future.(Committee on the Future of California's Professional Accountants)
December 1, 2002... WITH STRONG NATIONAL and state accounting reform legislation signed into law recently, a distinguished group of Californians has launched an ambitious project to study and report on issues related to public trust and confidence in financial...

Single audit quality under scrutiny. (Audit Practitioner Alert).(regulations United States)(Brief Article)
December 1, 2002... Firms that conduct audits for organizations receiving federal awards should be aware of recent industry, regulatory and professional developments in performing single audits. Most notably, the quality of audits performed in accordance with...

AICPA gets out of standards-setting business. (AICPA News).(American Institute of Certified Public Accountants)(Brief Article)
December 1, 2002... To achieve the mutual goal of creating principle-based U.S. accounting standards, the AICPA, in cooperation with FASB, has agreed to stop issuing statements of position and focus on industry-specific accounting and auditing guidance. The...

Express your interest in AICPA council now: deadline is DEC. 13. (AICPA News).
December 1, 2002... Each year, CalCPA's chair recommends four members to serve on the AICPA Council. If you are an AICPA member and interested in representing your California peers on AICPA Council, let CalCPA know. Send a letter of intent along with your...

CalCPA's public service award in search of worthy nominee. (CalCPA News).(California CPA)(Brief Article)
December 1, 2002... Each year CalCPA recognizes a member for notable works done outside of the office--often for the betterment of their community or the assistance of the less fortunate. These acts of public service are nearly always voluntary, (see article,...

CalCPA member's distinguished service needs recognition. (CalCPA News).(Brief Article)
December 1, 2002... CalCPA's annual Distinguished Service Award may be granted either on the basis of long and distinguished service or for a singular act resulting in an extraordinary contribution to the profession, CalCPA or the community. The award is...

SEC proposes rules to implement Sarbanes-Oxley Act reforms. (SEC News).(Brief Article)
December 1, 2002... In late October, the SEC voted to propose rules and amendments to implement provisions of the Sarbanes-Oxley Act. To read the proposals visit www.sec.gov/news/press/2002-155.htm. Comments will be accepted for 30 days following...

Women's Financial Health Week: Opportunity to market services. (Personal Financial Specialists).(Brief Article)
December 1, 2002... Did you know that the percentage of women filing for bankruptcy rose from 17 percent of all filers in 1981 to 40 percent of all filers in 1999? What's more, only 32 percent of women have a retirement plan, and save only half of what men...

Correction.(Correction Notice)
December 1, 2002... Fast Tax Facts There were two omissions and one error in "Fast Tax Facts" in the November 2002 issue of California CPA. On Page 18, under 2002 Tax Data Schedule, the California SDI wage base for 2003 is $56,916. On Page 19, under...

Volunteer spirit: CPAs making public service a priority.(Cover Story)
December 1, 2002... STEPHEN MAYER LAUGHS mischievously as he recalls a particular pre-game talk he gave to a Pop Warner football team while he was a volunteer coach. He pounded his fist on the chalkboard so forcefully to make his point during the talk that...

10 Deadly Sins: common errors to avoid in charitable trust administration.
December 1, 2002... With so many IRS requirements surrounding planned giving instruments, it's no surprise that mistakes are made in establishing and administrating charitable trusts. Here are some common errors, based on importance. 1. Inappropriate...

Tax Season Toolkit: everything you need for the most wonderful time of the year!(Directory)
December 1, 2002... "It's the most wonderful time of the year," croons Andy Williams through the Muzak system of nearly store you enter this month. But is something lurking in the corner--behind the Game Boys, golf clubs and Post-Millennial Barbies? Could It be...

Auditing laws on tap: CBA discusses everything from audit documentation to restatements.(California Board of Accountancy's Reform Statutes Implementation Task Force)
December 1, 2002... The California Board of Accountancy's Reform Statutes Implementation Task Force has drafted proposed regulations related to audit documentation and retention; the reporting of financial statement restatements, settlements arbitration awards and...

Coming attractions in employment law for 2003 (& beyond). (Employment Law).(Gray Davis, California)
December 1, 2002... Gov. Davis' hand must be tired from signing so much employment law-related legislation in a single session. From bills regarding the nation's first paid family leave program to California's own WARN act, employers need to be aware of their new...

On the same page. (Business Management).(business enterprise partnerships)
December 1, 2002... Business failure can occur when two or more stakeholders--who must work together because of operational or financial arrangements--view a situation differently. Call it "philosophical discontinuity." Disagreements and undercurrents of...

Real estate withholding laws changing. (Real Estate).(Federal Tax Board, California)(Interview)
December 1, 2002... New real estate withholding laws take effect Jan. 1. To learn what these new regulations mean to your clients or your business, the FTB provides the following Q&A. Q: What are the changes to real estate withholding? A: Assembly Bill...

Sacramento vs. 1,000-pound Gorilla: budget woes bring more cuts, tax increases. (Federal Tax).(Franchise Tax Board, California)
December 1, 2002... "This past year was one of the ugliest budget sessions in my memory," said FTB Executive Director Gerald Goldberg at this year's annual State Committee on Taxation meeting with the FTB in October. "The budget was the 1,000-pound gorilla last...

Combating the market: no penalty for reduced retirement distributions. (Federal Tax).(income tax United States)
December 1, 2002... Rev. Rul. 2002-62 (IRB 2002-42, 10/21/02) will enable some taxpayers to maintain their retirement savings when there is an unanticipated decline in the value of those savings. These taxpayers began receiving fixed payments from their IRAs...

Sick or Stressed? Reasons for employees' unscheduled absences.(research findings)(Brief Article)(Illustration)
December 1, 2002... stressed? Reasons for employees' unscheduled absences 2002 1995 Personal Illness 33% 45% Family Issues 24% 27% Personal Needs 21% 13% Stress 12% 6%...

CPAs in politics. (Member Milestones).(California Chartered Public Accountants)(Brief Article)
December 1, 2002... On Nov. 5, the following CalCPA members were elected to public office: John Campbell of Irvine was re-elected to the State Assembly, representing District 70... Wally Lowry of Santa Rosa was elected to the Santa Rosa Board of Education...

Firm news. (Member Milestones).(accounting business openings by Nesva Derani & Co. and Bratton, McMorrow & Kearney, California)(Brief Article)
December 1, 2002... Parisa Nesva Derani has opened an accounting and consulting firm, Nesva Derani & Company, in Menlo Park... Ventura County-based Bratton, McMorrow & Kearney, has launched a new division called McMorrow Valuation Partners to handle business...

Announcements. (Member Milestones).(accounting services appointments United States)(Brief Article)
December 1, 2002... Scott M. Sachs has joined Los Angeles-based Good Swartz Brown & Berns as partner, Melissa A. Stein has joined the firm as senior manager in the firm's tax planning and compliance practice, specializing in corporate taxation and Kevin D. Holmes...

Members in the news. (Member Milestones).(California CPA)(Brief Article)
December 1, 2002... Ralph Bovitz penned a column Sept. 26 about investment risk tolerance in the San Francisco Daily Journal... Michael Eisenberg was quoted Sept. 30 on CBS Marketwatch regarding converting IRAs to Roths... Gregg Wind was quoted Oct. 9 in the...

WebFocus. (CalCPA Online).(information technology help at www.calcpa.org/tech)(Brief Article)
December 1, 2002... Tech Troubles? Technology Committee Website Can Help! Software got you steaming? Hardware has you hollering? The CalCPA Technology Committee website is a great CPA community source of information that can help you navigate the increasingly...

Determining taxable portion of pension.(Publication 939, Internal Revenue Service United States)(Brief Article)
December 1, 2002... IRS Publication 939 explains how to determine the taxable portion of your pension or annuity. But if you can't figure it out from those instructions, the IRS will calculate the amount for you--for $75.

Rich are paying up?(income tax report Internal Revenue Service United States)(Brief Article)
December 1, 2002... Rich are paying up? The top 1 percent of tax filers paid 37.4 percent of federal personal income taxes in 2000, an increase from the 1999 level of 36.18 percent, IRS.

Elderly women in poverty.(American Institute of Chartered Public Accountants)
December 1, 2002... Elderly women in poverty 75 percent of elderly Americans in poverty are women, reports the AICPA.

Jobless in Silicon valley.(Santa Clara County)(Brief Article)
December 1, 2002... Jobless in Silicon valley At the end of 2000 Santa Clara County had a 1.3% unemployment rate; by September 2002 the rate was 7.6%-California's highest for an urban county.