California CPA articles from January 2002

California CPA archives from January 2002

New mandatory employer poster required for 2002. (Labor Law).(Harassment or Discrimination in Employment is Prohibited by Law)(Brief Article)
January 1, 2002... California employers should have posted a new version of the state's employment discrimination poster by Jan. 1. The mandatory poster, "Harassment or Discrimination in Employment is Prohibited by Law" (DFEH-162), is changing to reflect...

Camico now approved to do business in 36 states. (Insurance Update).(Brief Article)
January 1, 2002... CAMICO's professional liability and risk management program for CPAs is now licensed to do business in five more states--Texas, Florida, Georgia, New Jersey and North Carolina. The company is now approved to write professional liability...

Pacific region gets new SEC chief. (SEC News).(Randall Lee, Financial Accounting Standards Board)(Brief Article)
January 1, 2002... Starting in January, Randall Lee is the new regional director of the SEC's Pacific Regional office. The Pacific Region has offices in Los Angeles and San Francisco and operates both enforcement and regulatory programs in a nine-state area....

FASB rescinds statements. (FASB News).(Financial Accounting Standards Board)(Brief Article)
January 1, 2002... FASB has issued an exposure draft that rescinds FASB Statement No. 4, Reporting Gains and Losses from Extinguishment of Debt, as well as an amendment of that statement, FASB Statement No. 64, Extinguishments of Debt Made to Satisfy Sinking-Fund...

Who are California's nonfilers?(Brief Article)(Statistical Data Included)
January 1, 2002... Wage Earners: 43% Self-Employed Individuals: 26% 1099 Income Earners: 13% Federal Return Filers: 10% 1098 Mortgage Interest Payers: 4% Seller of Real Property: 3% Partners/Shareholders: 1% Source: California...

"Financially correct" video features an all-star cast. (FASB News).(Brief Article)
January 1, 2002... FASB has teamed up with TV funnyman Ben Stein to create the educational video, "Financially Correct." The 40-minute video offers commentary from key financial leaders explaining why high-quality financial reporting is important to corporations,...

New chairman for FASB advisory council. (FASB News).(Financial Accounting Standards Board)(Richard J. Swift)(Brief Article)
January 1, 2002... Effective in January, Richard J. Swift, former chairman, president and CEO of Foster Wheeler Ltd., is the new chairman of the Financial Accounting Standards Advisory Council. The council advises FASB on technical issues relating to the board's...

Trade show business taxable says BOE. (BOE News).(California State Board of Equalization)(Brief Article)
January 1, 2002... The California State Board of Equalization has updated its regulations for sales and use tax. The change provides that a retailer is not engaged in business in California if the retailer's physical presence in the state is limited to convention...

Webfocus. (CalCPA Online).(fornia Society of Certified Public Accountants)(Brief Article)
January 1, 2002... So, You Know Someone Who Wants to Be a CPA? Looking for an easy way to inform and inspire a budding CPA within your midst? Steer your curious friend to CalCPA Online's CPA Careers section at www.calcpa.org/community/careers. CPA Careers is...

Q&A from annual liaison meetings with IRS and FTB. (CalCPA News).(Internal Revenue Service, Frachise Tax Board)(Brief Article)
January 1, 2002... Hard copies of the 2001 CalCPA Committee on Taxation's question-and-answer meetings with the IRS and FTB are available for a limited time. Also, this information will be posted on CalCPA Online. To obtain a hard copy, send your request,...

Recognize a member's distinguished service. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
January 1, 2002... Each year CalCPA recognizes a member for their distinguished service. The award may be granted either on the basis of long and distinguished service or for some singular act resulting in extraordinary contribution to the profession, CalCPA or...

Written any good books lately? (Recommended Reading).(Brief Article)
January 1, 2002... Have you written a book that would interest your CPA peers? Or perhaps you've read a business related tome that you think no one should miss? CalCPA is looking to beef up our online Recommended Reading,...

Does the IRS have an unclaimed check waiting for you? (Tax Refund Finder).(United States. Internal Revenue Service)(Brief Article)
January 1, 2002... Nearly 400,000 Americans may be missing out on nearly $200 million in tax refunds they're legally owed. Are you or one of your clients among them? Every year, thousands of income tax refund checks are returned to the IRS as undeliverable...

IRS reaches out to California's restaurants. (IRS News).(United States. Internal Revenue Service)(Brief Article)
January 1, 2002... The IRS is debuting a new outreach program for restaurant owners and others in the food and beverage industry. Prominent on the menu are two critical ingredients for correct and timely filing: accurate reporting of business income and...

2002 mileage rates. (IRS News).(United States. Internal Revenue Service)(Brief Article)
January 1, 2002... The 2002 optional standard mileage rates for use in computing deductible costs paid or incurred in operating an automobile for business, charitable, medical or moving purposes have been announced by the IRS in Rev. Proc. 2001-54, 2001-48 IRB....

FTB issues REG on automatic extensions. (FTB News).(California Franchise Tax Board)(Brief Article)
January 1, 2002... The FTB has finalized a regulation on automatic extensions for returns by individuals, fiduciaries and partnerships required to be filed on or after April 15, 1992, reports James C. Counts, CPA in his e-newsletter, TaxTalk News. The FTB...

Register now for premiere estate planning institute, Jan. 17-18. (Education Foundation).
January 1, 2002... There's still time to register for the Advanced Estate Planning Institute. But don't wait too long--the institute will be held Thursday and Friday, Jan. 17-18, and is the premiere event for the latest information concerning sophisticated areas...

Pratt's latest treatise. (Business Valuations).(Business Valuation Discounts and Premiums)
January 1, 2002... Hot off the press is By-guru Shannon Pratt's latest book: "Business Valuation Discounts and Premiums." The book is third in a trilogy of treatises by Pratt and features a comprehensive survey of the state of the art of business valuation....

Watch for tax law updates. (We've Got You Covered).(Brief Article)
January 1, 2002... As California CPA went to press, Congress still had not finalized its economic stimulus package. If and when Congress does, federal tax maven Stuart R. Josephs, CPA, will pen an article highlighting the changes for the 2001 tax year. We'll post...

San Francisco Bay Area execs are optimistic. (Survey Says).(Brief Article)
January 1, 2002... Despite the economic slowdown and uncertainty following the Sept. 11 terrorist attacks, a recent survey of San Francisco Bay Area business executives finds that 70 percent believe the regional economy has reached bottom and will hold steady or...

Quickbooks launches new accountant edition. (New Product).(Brief Article)
January 1, 2002... Quickbooks has launched a new accountant edition of their accounting program. Some key features include: * Improved general journal features like auto-reversing and auto-numbering; * New reconciliation and close date exception reports...

Member Milestones.(meshed brief)(Brief Article)
January 1, 2002... ANNOUNCEMENTS Peter G. Dolbee, Jr., has joined Irvine-based Haskell & White to head up the firm's Corporate Tax Services Group. FIRM NEWS San Diego-based Turnquist, Schmitt, Kitrosser & McMahon, joins 52 CPA firms across North...

It's time for one. (InternationalStandards).(Brief Article)
January 1, 2002... You might not have noticed, but its happening right under your nose. For the past year the Financial Accounting Standards Board has been working in tandem with the London-based International Accounting Standards Board to bring U.S. accounting...

Sec. 529 Planning with college savings plans. (FinancialPlanning).
January 1, 2002... The 2001 Tax Act has made qualified tuition savings programs more attractive than ever by allowing tax-free withdrawals from the plans to pay for qualified educational expenses. Qualified tuition programs, also known as Sec. 529 plans, are very...

Reach out: The profession's future depends on you. (Special Report).
January 1, 2002... For discussion sake, let's accept the following: * Enrollment in accounting programs is declining; * Qualified candidates are hard to find; and * Technology-driven careers and majors are stealing away the best and brightest. ...

Straight from the source: Members are integral to high school outreach efforts. (ReachOut).(Brief Article)
January 1, 2002... Steven Galet Steven Galet, a CPA with Thyssen Krupp Elevator in Commerce, suggests that the best way to keep high school students interested is to engage them in interactive situations and to use role models and examples from the business...

Chapter outreach. (ReachOut).(Brief Article)
January 1, 2002... For decades, CalCPA chapters have reached out to students via their annual scholarship programs. More recently, scholarship winners also have received a complementary year of CalCPA student membership. Now many chapters are taking these efforts...

Ida Yarbrough: Leading by example. (ReachOut).(Brief Article)
January 1, 2002... Perhaps more than most, CalCPA member Ida Yarbrough, a Los Angeles-based CPA, has been part of the student outreach solution for years--decades, really. Ida leads by example. Instead of looking out for Number One, as our society dictates,...

Inside scoop from the FTB: Officials answer CalCPA members' taxing questions.(California Franchise Tax Board, California Society of Certified Public Accountants)(Brief Article)
January 1, 2002... Among the many benefits of CalCPA membership are the annual liaison meetings that the Tax Committee holds with the Franchise Tax Board and IRS. Following are highlights from the FTB meeting. Multiple-Year Tax Returns Filing The FTB has...

New simplified rules: New distribution rules for qualified retirement plans and IRAs.
January 1, 2002... The March/April 2001 issue of California CPA, Page 32, summarized the 2001 proposed regulations that provide simplified rules for required minimum distributions from qualified retirement plans and IRAs: "The regs are proposed to be applicable...

Sacramento roundup: News to note as you embark on 2002.
January 1, 2002... CBA Client Notification Regulation Changes The regulation requiring client notification that CPAs are licensed by the California Board of Accountancy is being revised to specify that posting a notice or certificate in the CPAs office may...

Bold ideas: Managing change in turbulent times.
January 1, 2002... Congratulations! You weathered 2001. You may be a little more battered, but who wasn't? Whether you had a banner year, or you found yourself mired in the global credential controversy, staffing shortages, layoffs, a merger or Sept. 11, every...

Strike a deal. (StockOptions).
January 1, 2002... New clients Joe and Jane Bigdebt pay you a visit. They filed their 2000 tax returns late and sent them in without payment. They owe $400,000 in combined U.S. and California taxes, primarily due to their exercise of incentive stock options in...

Service key in 2002. (IRSUpdate).(Brief Article)
January 1, 2002... During 2001, the IRS focused on the actual details of sweeping changes to its structure and service, such as changes in service center filing locations for individual and business returns. In 2002, the IRS is set to focus on service. ...

In Memory. (News & Trends).(Brief Article)(Obituary)
January 1, 2002... CalCPA's 1979 Distinguished Service Award winner Robert A. Mellin, 82, passed away Oct. 9, 2001. Mellin joined San Francisco-based Hood & Strong in 1946 and became a partner in 1954. He served as managing partner of the firm from 1968-81...