California CPA articles from December 2006

California CPA archives from December 2006

CalCPA remains opposed to BV exposure draft.(CalCPA News)(California Society of Certified Public Accountants, business valuation)(Brief article)
December 1, 2006... The AICPA has released a new exposure draft of the Proposed Statement on Standards for Valuation Services, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset. The standard would apply to AICPA members who...

Education foundation seeks nominations.(Education Foundation News)
December 1, 2006... The California CPA Education Foundation's Nomination and Leadership Development Committee is accepting applications for trustees through April 2. Information and applications are being mailed by request only. Contact Julie Jameson at (650)...

Top 5 e-filing errors for paid preparers.(News&Trends)
December 1, 2006... [ILLUSTRATION OMITTED] TOP 5 e-filing Errors for Paid Preparers (through Sept. 29, 2006) Paper Return 1040 Error Count 1. Dependent's last name didn't match SSA or 136,592 IRS...

Alternative approach to peer review transparency.(AICPA News)(Brief article)
December 1, 2006... The AICPA Board and AICPA Peer Review Board have approved an approach for greater transparency of peer review results. [ILLUSTRATION OMITTED] The approach involves a voluntary agreement by firms subject to peer review to include their...

Honest taxpayers shouldn't.(News&Trends)
December 1, 2006... "Honest taxpayers shouldn't subsidize those who are cheating the system." State Controller Steve Westley

Second chance: get your recorded webcast.(EDUCATION FOUNDATION FOCUS)
December 1, 2006... Have you missed a California CPA Education Foundation webcast and would still like to view it? Well, you're in luck! Most webcasts have been recorded and are available for sale--15 titles were recently released. [ILLUSTRATION OMITTED] ...

AICPA campaign "feed the pig".(News&Trends)
December 1, 2006... The AICPA and the Ad Council, working with state societies, has launched a nationwide effort to encourage Americans aged 25-34 to "feed the pig"--save more and spend less--as a key step toward building a solid financial future. ...

$8 million in undelivered refunds.(FTB News)(Brief article)
December 1, 2006... The FTB is holding more than $8.1 million in unclaimed 2005 state tax refunds, with 37,000 refunds returned to the FTB as undeliverable. Many refunds were never received because people moved between the time they filed their taxes and the...

William Holder [awarded highest honor from AICPA].(News&Trends)
December 1, 2006... Los Angeles-based William W. Holder received the AICPA's 2006 Gold Medal for Distinguished Service, the AICPA's highest award. "For more than three decades, Bill has demonstrated his dedication and involvement through his activities with...

Speak out.(News&Trends)(Letter to the editor)
December 1, 2006... I read your article, "Spotlight on Retention" (California CPA, October 2006) with great interest as I have experienced the shortage of accounting talent in private industry on a firsthand basis. As the CFO/CCO of a large private equity...

Comment on FTB draft tax forms.(News&Trends)
December 1, 2006... Do you have suggestions for improving a tax form? Ideas for making a form simpler or easier to understand? The FTB is looking for comments on its draft tax forms before they are published. To view the forms and comment, visit...

IRS announces Online Payment Agreement application.(IRS News)
December 1, 2006... The IRS has added another e-service: the ability to apply online for a payment agreement. The Online Payment Agreement application allows users to self-qualify, apply for and receive immediate notification of approval. The form allows...

IRS formalizes appeals arbitration process.(News&Trends)
December 1, 2006... The IRS has upgraded its appeals arbitration process from a pilot program to permanent. The program was established for cases in appeals in which a taxpayer and the IRS could jointly request binding arbitration on certain unresolved...

Tax year 2006 directions for corporations required to e-file.(News&Trends)
December 1, 2006... Starting with tax years ending on or after Dec. 31, 2006, corporations with $10 million or more in assets that file 250 or more returns a year are required to electronically file Forms 1120 and 1120S. Directions for affected corporations...

M&A accounting guidance for Not-for-Profits.(FASB News)
December 1, 2006... FASB has issued two exposure drafts on accounting and disclosures for mergers and acquisitions by not-for-profit organizations. The first proposal, Not-for-Profit Organizations: Mergers and Acquisitions, eliminates the use of the...

Guidance on auditing fair value of share options.(PCAOB News)(Public Company Accounting Oversight Board)(Brief article)
December 1, 2006... The Public Company Accounting Oversight Board has issued a staff Q&A about auditing the fair value of share options granted to employees. The guidance provides direction for auditing a company's estimation of the fair value of stock...

CalCPA service awards.(News&Trends)(California Society of Certified Public Accountants)
December 1, 2006... Public Service Award Do you know an outstanding CalCPA member who goes above and beyond the call of duty in community service? Start naming names. Each year CalCPA's Public Service Award recognizes a member for notable works done...

Leonard Williams awarded Saul Braverman Award.(News&Trends)(Brief article)
December 1, 2006... CalCPA's Committee on Taxation named Leonard Williams this year's recipient of the Saul Braverman Award, presented annually to a CalCPA member who has made exceptional contributions to the profession in the tax field. Williams, who owns a...

Member milestones.(News&Trends)
December 1, 2006... ANNOUNCEMENTS Rancho Cucamonga-based Craig B. Miller has been named partner at Bowen, McBeth, Inc.... Dana Patterson has joined the Los Gatos accounting firm of Offereins, Janda, Roe & McCahan CPAs as a manager... Jeffrey M. Glick,...

Send it out: cost savings, efficiency lead reasons to outsource.(coverstory)(Cover story)
December 1, 2006... Good help is hard to find. The old adage rings painfully true for California businesses. In fact, a December 2005 CalCPA survey found attracting and retaining qualified staff to be the top business concern among California CPAs. As they...

In the know: new laws cover everything from minimum wage to trade secrets. Here's a primer.(LABORLAW)
December 1, 2006... Some 636 of the bills introduced in the 2005-06 California legislative session mentioned "employer." Yet, with all that interest in employers, not too many of them made it through the Legislature. Even fewer made it past the governor's desk and...

Tax season: everything you need to navigate through the busy season.(TOOLKIT)
December 1, 2006... 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...

The crux of CRUTs: charitable remainder unitrusts provide donors giving opportunity, income.(estateplanning)
December 1, 2006... Estate planners have several tools and techniques to help clients meet their tax and non-tax planning needs, including the charitable remainder unitrust, or CRUT. This tool combines a client's charitable intentions with the opportunity to...

FTB tell-all: tax gap, filing procedures and legislative updates fill liaison meeting.(californiatax)
December 1, 2006... The annual CalCPA-FTB liaison meeting was held Oct. 25, providing the opportunity for candid inquiry and exchange between FTB staff and CalCPA members. The New Executive Officer Selvi Stanislaus, the new FTB executive officer, welcomed...

The full FOIA: Freedom of Information Act request can help CPAs secure info related to tax case.(PROFESSIONALISSUES)
December 1, 2006... Following an unagreed resolution of a federal or California tax examination, practitioners may want to consider submission of a Freedom of Information Act (FOIA) request. With increased tax enforcement efforts, a FOIA request may hit the...

Mobility stability: California's practice privilege struggles leading to reforms.(governmentrelations)
December 1, 2006... You are a California CPA who never leaves the state. You may prepare some tax returns for clients who have interests in other states and provide them with tax advice on those interests. You may do some consulting with CPAs in your firm or...

Private annuities: proposed regulations would negate income tax benefits.(federaltax)
December 1, 2006... Regulations [Sec. 1.72-6(e) and 1.1001-1(j)], proposed Oct. 18, 2006, addressed the income tax treatment of property exchanged for an annuity contract. BACKGROUND Gross income includes any amount received as an annuity under an...