California CPA articles from January 2008

California CPA archives from January 2008

Promoting your image.(CalCPA News)(Brief article)
January 1, 2008... Core to CalCPA's mission is promoting the profession's image. One of the ways CalCPA does this most directly is through image advertising. All CalCPA ads, like our latest "At the Heart" radio ad--featuring Sebastiani Vineyards and...

Nominations wanted: CalCPA Service Awards.(DUE JAN. 31)
January 1, 2008... Each year, CalCPA recognizes members who go beyond the call of duty by awarding the Public Service Award (for notable works done outside the office) and Distinguished Service Award (for contributions to the profession). Do you know anyone...

Essential Tax Guides available.(DUE JAN. 31)
January 1, 2008... The CCH 2008 U.S. Master Tax Guide and 2008 Guidebook to California Taxes are available to CalCPA members at a substantial discount. You can order your copies today at www.educationfoundation.org.

Irs, FTB liaison meeting Q & As available.(DUE JAN. 31)
January 1, 2008... Print versions of CalCPA's Committee on Taxation's 2007 liaison meeting Q & As with the IRS and FTB will soon be available. A transcript of the Q & A sessions can be downloaded later this month at www.calcpa.org/Content/24157.aspx.

Foundation seeks nominations.(Education Foundation News)
January 1, 2008... The California CPA Education Foundation's Nominating Committee is accepting candidates for leadership positions, including board of trustee and officer positions. [ILLUSTRATION OMITTED] Review qualification information and download an...

AICPA proposes guidance on CPA indemnification.(AICPA News)
January 1, 2008... The AICPA's Professional Ethics Executive Committee has issued an exposure draft of a proposed new interpretation that warns CPAs they should follow the requirements of governmental bodies, commissions or other regulatory agencies on...

Audit watchdog issues subprime alert.(PCAOB News)
January 1, 2008... The PCAOB recently published a Staff Audit Practice Alert, Matters Related to Auditing Fair Value Measurements of Financial Instruments and the Use of Specialists, which highlights certain matters in four areas: [ILLUSTRATION OMITTED] ...

Like-kind exchange of TIC interest.(FTB News)(Brief article)
January 1, 2008... The FTB reports that deferring gains on transactions under IRC Sec. 1031 is causing many tax adjustments. [ILLUSTRATION OMITTED] Tenancy-in-Common interest is considered like-kind property for purposes of a Sec. 1031 exchange. A...

Establishing the right to a refund.(FTB News)(Brief article)
January 1, 2008... While most claims for refund are made on a completed amended return with a sufficient level of support, there has been an influx of claims that are not providing enough information for the FTB to determine whether the taxpayer has established a...

Legislative wrap-up 2007.(FTB News)
January 1, 2008... From determining an LLC's fee to requiring employers to notifying employees of their potential eligibility for the federal earned income tax credit, more than two dozen California tax-related bills were enacted in 2007. For a summary of...

IRS increases 2008 standard mileage rates.(IRS News)(Brief article)
January 1, 2008... Beginning Jan. 1, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: * 50.5 cents per mile for business miles driven; * 19 cents per mile driven for medical or moving purposes; and ...

409A corrections.(IRS News)(Brief article)
January 1, 2008... The IRS issued Notice 2007-100, which gives taxpayers the ability to correct certain operational failures to comply with IRC Sec. 409A, which addresses nonqualified deferred compensation. [ILLUSTRATION OMITTED] The notice also provides...

FASB rejects deferral of Statement 157.(FASB News)
January 1, 2008... FASB reaffirmed its vote against a blanket deferral of Statement 157, Fair Value Measurements. For fiscal years beginning after Nov. 15, 2007, companies will be required to implement the standard for financial assets and liabilities, as well as...

GAAP vs. IFRS: SEC weighs in.(SEC News)
January 1, 2008... The SEC approved rule amendments under which financial statements from foreign private issuers in the United States will be accepted without reconciliation to U.S. GAAP only if they are prepared using International Financial Reporting Standards...

Tax practitioners beware: SSVS applies to you.(Professional News)
January 1, 2008... The recently issued AICPA Statement on Standards for Valuation Services (SSVS) applies to engagements to estimate value accepted on or after Jan. 1, 2008. It's possible that work performed on a tax return prepared after Jan. 1, 2008, may fall...

Don't be late.(News & Trends)(Table)(Brief article)
January 1, 2008... 150 senior executives: "Which one of the following is the single most important characteristic of being a team player?" [ILLUSTRATION OMITTED] 2007 2008 meets deadlines 40% 37% avoids politics...

CPE convenience.(EDUCATION FOUNDATION FOCUS)(Brief article)
January 1, 2008... Look to the California CPA Education Foundation for convenient CPE delivered via webcast. Choose from quick two-hour updates or full-day programs presented by knowledgeable instructors. [ILLUSTRATION OMITTED] Eliminate travel time and...

Head of the class.(News & Trends)
January 1, 2008... Wendee Shinsato of Los Angeles and Irene Altman of San Francisco are the recipients of the John F. Forbes Award, given to CPA candidate(s) who receive the highest score on the Uniform CPA Exam. Each also receives $1,000 from CalCPA's Accounting...

Update your profile and make yourself known.(FIND A CPA)(Brief article)
January 1, 2008... Have you moved recently? Changed contact information? Then be sure to update your records at www.calcpa.org/find_profile. And while you're there, take advantage of the opportunity to increase your visibility and show your expertise to the world...

Free classifieds resume service for students.(CalCPAClassifieds)
January 1, 2008... California accounting and business students can enhance their career prospects thanks to free resume postings at www.calcpa.org. To be eligible for the service, students must be CalCPA members. Student memberships cost $30 per year. Students...

Webcast: California Economic Update.(FinancialLeadershipForum)(Brief article)
January 1, 2008... California is often maligned as unfriendly to business, yet the state continues to boast one of the nation's fastest-growing economies. [ILLUSTRATION OMITTED] Join noted economists Christopher Thornberg and Jon Haveman, principals at...

Henry Paulson.(News & Trends)
January 1, 2008... "Until legislation is enacted that provides AMT relief for 2007, the IRS will not be able to complete preparations for the upcoming filing season." --U.S. Treasury Secretary Henry Paulson.

No back up.(News & Trends)
January 1, 2008... of 7,200 executives surveyed, 63% of respondents said they do not audit or monitor user compliance with internal security policies.--CIO magazine

Balancing act.(News & Trends)
January 1, 2008... 57% of 1,400 CFOs surveyed said job candidates are likely to ask about work/life balance program.--Robert Half

Eye to eye.(News & Trends)
January 1, 2008... In a survey of college grads, 90% said they would seek employers whose corporate social responsibility behavior reflects their own.--PricewaterhouseCoopers

My bad.(News & Trends)
January 1, 2008... 63% of CFOs surveyed said it's possible for them to intentionally misstate their financial statement to their auditor.--Grant Thornton

The way it was.(News & Trends)
January 1, 2008... After four years of SOX, 24% of companies said their internal audit depts. are renewing their focus on traditional responsibilities.--Protiviti

Unhealthy plan.(News & Trends)
January 1, 2008... 55% of retirees over the age of 65 said they underestimated health care expenditures when they planned for retirement.--Medco Health Solutions, Inc

Announcements.(membermilestones)
January 1, 2008... Dorfman & Rutt, LLP has promoted Mali Reilly, CPA, MST to tax manager... Eid A. Fakhouri, CPA was appointed chair of the Independent Citizen's Oversight Committee by the Santee School District... Singer Lewak Greenbaum & Goldstein LLP named...

Accomplishments.(membermilestones)
January 1, 2008... Steve Nunnemaker, a founding partner of Rubens Nunnemaker LLP in Walnut Creek, has obtained an Accredited in Business Valuation certification from the AICPA.

Firm news.(membermilestones)
January 1, 2008... Fremont-based Greenstein Rogoff Olsen & Co. has been named to the 2007 list of best-managed CPA firms in America by Inside Public Accounting... Upland-based Wiebe & Associates, CPA, LLP was awarded the 2007 Best Companies to Work for in...

Firm news.(membermilestones)
January 1, 2008... SmartPros published comments from Mitch Freedman Dec. 5 regarding the importance of safekeeping vital records... The Dec. 4 CPA Technology Advisor profiled Tony Ganze and noted his associates Karen Stuart, Bill Suh and Jeremy Witt... In the...

Financial Leadership Forum: excellence, leadership and vision delivered to CalCPA members.(Conference news)(Cover story)
January 1, 2008... At the heart of California's world-class economy are multitudes of talented business and finance professionals. And over the past several years, the demands from regulators, shareholders and employers to keep the businesses these professionals...

FTB face time: COT-FTB annual meeting provides updates on hot topics.(californiatax)
January 1, 2008... The Tax Practitioner Hotline, e-filing and legislation were among hot topics recently discussed at CalCPA's Committee on Taxation liaison meeting with the FTB. Part of the meeting also included a Q & A session covering issues from bankruptcy...

Success in reverse: reverse mergers can help attain liquidity, growth and capital goals.(BUSINESSFINANCING)
January 1, 2008... Small and mid-size companies under $50 million in revenues often seek growth capital at certain stages of their development. A strong established company with solid financial statements and a good earnings history is a good candidate for...

IRS talk: acronyms, dilemma and new Form 8919.(federaltax)
January 1, 2008... The following are highlights from the annual meeting between CalCPA's Committee on Taxation and the IRS. A transcript of the Q & As discussed will be available at www.calcpa.org/Content/24157.aspx later this month. Acronym Update: TAS and...

License, please: why Ohio is the model for interstate practice.(governmentrelations)
January 1, 2008... Imagine taking a family trip to Florida. Instead of simply driving off, you sit down to a stack of forms. Before you can drive into Florida, or any of the states in between, you have to register with each state's Department of Motor Vehicles...

'Bouncing Czech': lessons learned from Robert Maxwell's international fraud case.(FIGHTINGFRAUD)
January 1, 2008... Brian D. Rowbotham, principal with Rowbotham & Company LLC, spent 14 years investigating the international fraud case of Robert Ian Maxwell. [ILLUSTRATION OMITTED] Maxwell was born in Czechoslovakia, changed his name three times, and...

Tax quick fix: TaxTalk hot topics include business use of autos, 1099s and more.(californiatax)
January 1, 2008... Some recent conferences provided guidance on the following: * FTB Publication 737 is the guideline for Registered Domestic Partners (RDP). Currently, there is no way for FTB to verify RDP--or marital--status. Find more information at...

In(ternal) control.(Final Entry)
January 1, 2008... Nai Hwang grew up in Taiwan, the youngest of six siblings. After earning her undergraduate accounting degree there, she followed in her brother's footsteps and came to the United States. Hwang tackled a master's degree in accounting at Missouri...