California CPA articles from December 2005

California CPA archives from December 2005

Who are you? New member ID cards.(CalCPA News)
December 1, 2005... CalCPA and the California CPA Education Foundation have merged their member ID numbers and soon you'll receive a new member ID card. Please note that while some member ID numbers changed, others did not. If you have any questions,...

Nominate a member for public, Distinguished Service Awards.(News & Trends)
December 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. CalCPA's annual...

More accounting degrees.(News & Trends)
December 1, 2005... More than 50,000 accounting degrees were awarded in the 2003-04 academic year, an 8 percent increase over the previous year, continuing an upward trend. YEAR BACHELOR'S MASTER'S TOTAL 1998-99 41,170 6,725 47,895 ...

10 best ideas for 2006 and luncheon--free.(AICPA News)
December 1, 2005... Don't miss this special event Jan. 11, 2006, from noon-2 p.m., held in conjunction with the AICPA Personal Financial Planning Conference at the Manchester Grand Hyatt in San Diego. [ILLUSTRATION OMITTED] At this complimentary luncheon...

The more flexible an economy.(News & Trends)
December 1, 2005... "The more flexible an economy, the greater its ability to self-correct."

AICPA tax reform report.(News & Trends)
December 1, 2005... The AICPA has released a tax reform study describing the nature of the issues, suggesting a balanced approach for analyzing tax reform proposals and summarizing key issues to be addressed whether taxing income or consumption. The report...

Earn CPE at home: self study, online courses.(EDUCATION FOUNDATION FOCUS)
December 1, 2005... Earn CPE credit the most convenient way possible--with self-study or online courses offered by the California CPA Education Foundation. Study in the comfort of your home or office anytime you want--at your own pace. There's no travel or...

Best Practices in Recruiting and Retaining Staff.(News & Trends)
December 1, 2005... In today's job market, attracting and retaining talented staff is a priority for every CPA firm, but few have formal programs, according to a study by the AICPA's Private Companies Practice Section. The study, Best Practices in Recruiting...

2006 pension plan limitations.(IRS Update)
December 1, 2005... The IRS has unveiled cost of living adjustments applicable to dollar limitations for pension plans and other items, for tax year 2006. Many pension plan limitations will change for 2006. For most limitations, the increase in the...

IRS: Abusive Transaction Settlement Initiative.(Abusive Transaction Settlement Initiative )(Brief Article)
December 1, 2005... Taxpayers have until Jan. 23, 2006, to submit settlement papers to the IRS regarding an array of transactions the IRS considers abusive. The Abusive Transaction Settlement Initiative identifies 21 transactions eligible for the program,...

New tool for private foundations available.(DO YOU COMPLY?)
December 1, 2005... The IRS has launched Life Cycle of a Private Foundation, an online tool to help private foundations comply with federal tax rules and requirements, including starting the organization; applying for tax-exempt status; filing requirements;...

Practice privilege handbook available.(CBA News)
December 1, 2005... The CBA has released a practice privilege handbook detailing substantial equivalency requirements for out-of-state CPAs looking to practice in California. The handbook includes information about California's new practice privilege...

Fair value measurements.(Financial Accounting Standards No. 15X )(Brief Article)
December 1, 2005... FASB's Statement of Financial Accounting Standards No. 15X changes current practice relating to the definition of fair value, the methods used to estimate fair value and the requirement for expanded disclosures about estimates of fair value....

PCAOB sets 2006 priorities.(PCAOB News)
December 1, 2005... The PCAOB and its Standing Advisory Group has unveiled a series of topics it will consider as candidates for auditing and related professional practice standards in 2006. They include: * Engagement quality review; * Fraud, including...

Internal Control Framework for smaller companies.(COSO News)(Brief Article)
December 1, 2005... The Committee of Sponsoring Organizations of the Treadway Commission has released an exposure draft, a modification of its Internal Control-Integrated Framework aimed at smaller companies. The guidance outlines 26 principles associated with...

GAO: understanding the tax reform debate.(GAO News)
December 1, 2005... The Government Accountability Office has released a comprehensive study that traces the history and structure of the federal tax system and is designed to aid policymakers and the public in developing tax policy for the 21st century. ...

Proposed standard to enhance financial statement transparency.(IFAC News)
December 1, 2005... The International Federation of Accountants has issued an exposure draft on the reporting of budgeted--and actual--financial information in general purpose financial statements. The draft, ED 27, Presentation of Budget Information in...

OMB issues Circular A-133 2005 Compliance statement.(Office of Management and Budget)(Brief Article)
December 1, 2005... The Office of Management and Budget's Circular A-133 2005, Compliance Supplement, identifies compliance requirements that the federal government expects as part of an audit in accordance with the single audit act and OMB Circular A-133, Audits...

Accounting salaries on the rise.(Survey Says)
December 1, 2005... Increased competition for finance and accounting professionals will lead to an average 3.1 percent rise in next year's starting salaries, according to the 2006 Salary Guide from Robert Half International. In the wake of SOX, corporate...

SOX transforming revenue recognition policies.(News & Trends)(Brief Article)
December 1, 2005... Some 55 percent of all public companies have changed revenue recognition policies as a result of SOX, according to a survey of 400 public and private companies conducted by CFO magazine. And more change is on the way as 58 percent of public...

Tax Boot Camp.(ATTENTION!)(Brief Article)
December 1, 2005... Enlist Now: next camp is Jan. 9-12 Tax Boot Camp is designed to prepare new staff of CalCPA members for tax season by providing hands-on training in return preparation, work paper technique, tax research and basic tax law. A...

Announcements.(member mile stones)(Richard Shields joins Oakley)(Erik A. Lawson joins American River Bankshares )(Merav Spradlin joins Just, Gurr & Associates Accountancy Corporation)(Brief Article)
December 1, 2005... Foothill Ranch-based Richard Shields has been appointed CFO of Oakley, Inc.... Sacramento-based Erik A. Lawson has joined American River Bankshares as vice president and controller... San Jose-based Merav Spradlin has been admitted as a...

Accomplishments.(President George W. Bush appoints Sharon Allen to the Export Council)(American Institute of Certified Public Accountants appoints Douglas J. Nakakihara)(Liquid Engines, Inc. appoints David Millstein)(Brief Article)
December 1, 2005... Los Angeles-based Sharon Allen has been appointed by President Bush to serve on the President's Export Council... Long Beach-based Douglas J. Nakakihara was selected to join the AICPA's IT Executive Committee... Tustin-based Errol Mathieu has...

Awards.(member mile stones)
December 1, 2005... Irvine-based David White, co-founder of Haskell & White, received the DreamMaker Award in recognition of his philanthropy and 14-year dedication to the Santa Ana Boys & Girls Club. [ILLUSTRATION OMITTED] Send Member Milestones to:...

Firm news.(member mile stones)
December 1, 2005... Irvine-based Robert Redwitz & Co. acquired San Diego-based Coradino, Hickey and Hanson in a merger effective Oct. 1... John T. Bierman has moved his firm to a new office in Orange. Send Member Milestones to: felicia.rodriguez@calcpa.org.

In memoriam.(member mile stones)(Obituary)
December 1, 2005... Henry Hwang, founder of the Far East National Bank, died Oct. 9. He was 77. Send Member Milestones to: felicia.rodriguez@calcpa.org.

Members in the news.(member mile stones)
December 1, 2005... Los Angeles-based Aubie Goldenberg was quoted in the Sept. 26 Los Angeles Business Journal... Petaluma-based Ronald Joseph Baker, Simi Valley-based David Cieslak, Redwood City-based John Dunleavy, Sherman Oaks-based Mitch Freedman and San...

Immediate impact: California CPAs reach out to Katrina victims.(Hurricane Katrina)(Cover Story)
December 1, 2005... Make a difference. Who first urged you to "make a difference?" A parent? A teacher? A mentor? A peer? Making a difference is harder than it seems. Often, our professional and personal lives consume us, so we leave the betterment of...

Financial reporting: recommendations from the Committee on the Future of California's Professional Accountants.(FUTURES REPORT)
December 1, 2005... Financial reporting is facing a crisis of credibility. Problems involving financial executives and accountants too often have appeared on the evening news. The fallout, in terms of the public's perception of the financial reporting community,...

Labor law update: what's new for 2006 and how to make sure you're in compliance.(EMPLOYMENT LAW)
December 1, 2005... A report by the California Labor Workforce Development Agency, www.labor.ca.gov/laborlawreg.htm, reveals that 477 labor and employment laws were passed by the California Legislature and signed by former Gov. Gray Davis from 1999-2003. In those...

Tax Season Toolkit: everything you need to navigate through the busy season.(tax rules and regulations)
December 1, 2005... As California's rainy season gives way to reveal an azure spring sky, CPAs know that the greater storm is yet to come. As the holiday season turns into tax season, bringing the promise of constant, adrenaline-fueled deadlines, CPAs can be...

AB 115 conformity: AB 115 conforms state with federal tax acts, with some exceptions.(TAX LEGISLATION)
December 1, 2005... In October, Gov. Schwarzenegger signed AB 115, a conformity bill that adopts many 2004 federal tax changes in California. The bill conforms to federal tax law as enacted Jan. 1, 2005, for taxable years beginning after 2004, moving California's...

Under scrutiny: 10 rules to follow if you're involved in an IRS criminal investigation.(LEGAL ISSUES)
December 1, 2005... If you or your client ever are visited by IRS Criminal Investigation Division special agents, you'll realize it's not a normal life event. It's an experience governed by a set of rules with which you might not be familiar. Or, you might be...

Closing the gap: transparency, ease-of-use, tax gap are 2006 priorities.(tax amnesty penalty)(Franchise Tax Board's plans)
December 1, 2005... Franchise Tax Board Interim Executive Officer Will Bush kicked off CalCPA's 2005 FTB Liaison meeting by outlining his vision for 2006, which includes making the FTB's rulemaking processes more transparent and its services more user-friendly....

Sec. 199 defined: what you need to know for the 2005 tax season.(Corporate tax)
December 1, 2005... IRC Sec. 199, enacted to replace the phase out of the extraterritorial income regime (ETI), and the centerpiece of the American Jobs Creation Act of 2004, permits taxpayers to claim a domestic manufacturing deduction (DMD) from taxable income...

Federal Tax Reform: Advisory Panel's recommendations would overhaul tax system.(government relations)
December 1, 2005... Less than a year after its formation, the President's Advisory Panel on Federal Tax Reform released its report Nov. 4, recommending fundamental changes to the federal tax code. The report is in the hands of the U.S. Treasury Department for...

Two new elections: charitable contributions and tax-free incorporations.(tax relief to hurricane victims)
December 1, 2005... On Sept. 23, President Bush signed the 2005 Katrina Emergency Tax Relief Act (P.L. 109-73) into law. Most of the act's provisions are Katrina-related, providing tax relief and assistance to hurricane victims. One significant provision not...