California CPA articles from December 2008

California CPA archives from December 2008

No one disputes that these are trying economic times.(news & trends)
December 1, 2008... "No one disputes that these are trying economic times. However, the current crisis of liquidity, credit and confidence was not caused by fair value accounting; rather, sound accounting principles helped expose the problem." --Letter from...

The numbers.
December 1, 2008... 147 Number of recommendations made by the Government Accountability Office to the IRS regarding the organization's internal control and financial management system deficiencies. --GAO $369,000 The average income per partner in firms...

The profession needs your help; CPA day at the capitol.(news & trends)
December 1, 2008... California law does not meet the national standard for CPA licensure and California CPAs are at risk of losing the ability to serve their clients' interests outside of California. However, the solution is simple: California must adopt the...

CalCPA member lauded top scorer collects two awards.(news & trends)
December 1, 2008... CalCPA member Jason Brancazio, CPA reaped dual honors at the November CalCPA Council meeting as he received the John F. Forbes Award from CalCPA's Accounting Education Committee and the AICPA's Elijah Watt Sells Award for earning the top scores...

5.8: amount Social Security beneficiaries.(news & trends)
December 1, 2008... 5.8%: Amount Social Security beneficiaries' checks will increase, starting this month, due to inflation. This is the largest increase since 1982. --CCH

Education foundation accepting nominations for leadership positions.(new & trends)
December 1, 2008... The California CPA Education Foundation's Nominating Committee is accepting candidates for leadership positions, including board of trustee and officer positions. Review qualification information and download an application at...

BOE sales and use tax audit can lead to income tax audit.(MAP Survey)
December 1, 2008... The FTB recently warned that the California Board of Equalization's adjustments to sales and use tax returns has a direct impact on both gross receipts and business expenses on the income tax return. [ILLUSTRATION OMITTED] The FTB...

Standards of practice for tax professionals.(MAP Survey)
December 1, 2008... The Office of Professional Responsibility has developed an online resource for tax professionals on Circular 230 that includes links to reference materials and late-breaking announcements. Learn more at www.calcpa.org/CIRC_230.

FASB, IASB look to enhance presentations of financial statements.(MAP Survey:)
December 1, 2008... As the move toward convergence of accounting standards continues, the International Accounting Standards Board and FASB published for public comment Preliminary Views on Financial Statement Presentation that would establish a standard to guide...

2009 retirement plan limits announced.(MAP Survey)
December 1, 2008... The- IRS announced the cost-of-living adjustments to retirement plan limits for 2009 at www.calcpa.org/COLA_Increases. For a complete listing of the 2009 limits, refer to the appropriate web page under ''Published Guidance" at...

PCAOB proposes new auditor risk standards.(MAP Survey:)
December 1, 2008... The PCAOB has proposed for public comment a suite of seven auditing standards, available at www.calcpa.org/PCAOB_Rel2008-006, related to the auditor's assessment of and responses to risk and related conforming amendments. The proposed...

Fast tax facts updates.(news & trends)
December 1, 2008... Due to tax law changes emerging after press time, some updates have been made to the Fast Tax Facts feature appearing in the November 2008 issue of California CPA. Download an updated version at www.calcpa.org/fasttaxfacts. [ILLUSTRATION...

The Gap: still Minding the Tax Gap.
December 1, 2008... The Gap: Still Minding the Tax Gap: The latest estimate of the overall tax gap is approximately $345 billion. Learn what you can do as a tax professional to help improve voluntary compliance by visiting www.calcpa.org/Tax_Gap.

Energy tax credits: save your clients some green.(news & trends)
December 1, 2008... Many people thought the 2006 Energy Tax Credits were going to expire this year, but the bailout plan extended them to 2013. As a result, substantial opportunities remain for those who understand how to take advantage of these credits. A...

Financial crisis 2008: tips and strategies.
December 1, 2008... The stock market turmoil has made this year-end a critical time for investment and tax planning. CalCPA's Personal Finance Planning Committee has tips for you and your clients. Daniel C. Thomas, CPA/PFS and PFP Committee member provides...

Firm news.(member milestones)
December 1, 2008... Rothstein Kass, a CPA firm headquartered in Roseland, N.J., has opened an office in Orange County... Crowe Horwath LLP has signed an agreement to acquire certain assets of California-based Grobstein, Horwath & Company LLP.

New CEO of CAMICO prepares to take over: changing of the insurance guard.(Q&A)(Interview)
December 1, 2008... Ric Rosario, CPA, CFE is preparing to take the reins as CEO of CAMICO, the nation's largest CPA-owned provider of professional liability insurance for CPAs. He will take over for John A. Dodsworth, CPA, who, in a planned move, will retire June...

Tax Season Toolkit: everything you need to navigate through the busy season.
December 1, 2008... After the bustle of the holiday season, CPAs will be launched headlong into tax season. With the rapid changes taking place in the economy and regulatory world in response to the financial crisis, there is much to be wary of this year when...

Expanding reliability: Independence with respect to review engagements.
December 1, 2008... bankers, lenders and other third-party financial statement users count on CPAs to help small businesses get it right with respect to financial reporting. The AICPA Accounting and Review Services Committee has begun the Reliability Project to...

Still more legislation: 2008 Emergency Economic Stabilization Act changes.(Fed Tax)
December 1, 2008... The following are highlights of the 2008 Emergency Economic Stabilization Act (Act), signed into law Oct. 3, 2008. Prepare Penalty Standards Retroactively Relaxed Background: Before enactment of the 2007 Small Business and Work...

COT meets FTB: new laws, tools and answers for CPA.(CATax)(Interview)
December 1, 2008... This year's annual meeting between CalCPA's Committee on Taxation and the Franchise Tax Board started with FTB updates and then delved into FTA official responding to specifie, and often complex, questions submitted by CalCPA members. A full...

All aboard: time for ca to adopt the 150-hours educational pathway.(Capitol Beat)
December 1, 2008... It's almost 2009, which makes the California Legislature 32 years late hopping on the 150-hour train. Why is it important to get on the train? Adhering to national licensing standards is the only way California can obtain substantial...

YEP centric.(finalentry)(Interview)
December 1, 2008... California State University, Fresno grad--and pie baker--Tim Hancock is looking to recognize other young and emerging professionals, like himself. As chair of the Fresno Chapter's Young and Emerging Professionals Committee, he is organizing the...