California CPA articles from January 2009

California CPA archives from January 2009

In a changing world.(news & trends)
January 1, 2009... "In a changing world, the past is not necessarily a reliable guide to the future, especially when the basics change, like the nature and volume of mortgages with novel terms that significantly elevated the cash flow risks."

How it all panned out.(Internal Revenue Service's latest reports in the Statistics of Income Bulletin)(Brief article)
January 1, 2009... The IRS released the fall 2008 issue of the Statistics of Income Bulletin, which features information on 138.4 million individual income tax returns filed for tax year 2006. Among the figures: [ILLUSTRATION OMITTED] * Adjusted gross...

CalCPA post-conference PFP session.(California Society of Certified Public Accountants )(Brief article)
January 1, 2009... Join your CalCPA peers for lunch and a post-conference workshop on "Advising Clients Post-retirement' at the AICPA Advanced Personal Financial Planning Conference. Whether your clients are fast-approaching retirement, thinking about...

CalCPA COT honors IRS employee.(news & trends)(Brief article)
January 1, 2009... CalCPA's Committee on Taxation bestowed an award of recognition to Joe Calderaro, IRS Northern California technical adviser and facilitator of the annual GOT-IRS liaison meeting since 1978. The committee recognized Calderaro for "his most...

$157.6 million.(the numbers)
January 1, 2009... The PCAOB's 2009 budget. --PCAOB

11,300 The number of investment advisers.(the numbers)
January 1, 2009... The number of investment advisers registered with the SEC. --SEC

$1.092 billion.(the numbers)
January 1, 2009... The amount distributed in the 1.546 million additional stimulus payments in November.

51 percent of baby boomers.(the numbers)
January 1, 2009... Percent of Baby Boomers, with a comprehensive investment plan, who indicated they had to rebalance their portfolio in the last year. --Value of Financial Planning Study

55 percent of CPAs surveyed at firms.(the numbers)
January 1, 2009... Percent of CPAs surveyed at firms and companies nationwide who said they are preparing in a variety of ways for adoption of IFRS. --AICPA

LA run/walk 2008.(news & trends)
January 1, 2009... CalCPA Scholarships Big Winner at Annual L.A. Run/Walk More than 500 runners and walkers participate in the L.A. Run/Walk 2008. Race winners included Aigars Fadejevs (10K), an Olympic silver medalist in the 50K walk, and Daniel...

CalCPA Service awards.(nominate Your Favorite Today)
January 1, 2009... Do you know CalCPA member who goes above and beyond the call of duty, either in community endeavors or within the profession? We want to know. Nominations are open for CalCPA's Public Service and distinguished Service awards, as well as the...

Tax Season Toolkit correction.(news & trends)
January 1, 2009... The Tax Season Toolkit in the December issue of California CPA should have indicated the federal standard deduction for married filing jointly as $11,400 under the subhead "2009 Inflation Adjustments." An updated version of the Tax Season...

FASB Accounting Standards Codification expected to launch July 1.(news & trends)
January 1, 2009... Effective July 1, the FASB Accounting Standards Codification is expected to become the single source of authoritative nongovernmental U.S. generally accepted accounting principles, superseding Task Force and other related literature. Learn...

Audit considerations in today's economic environment.(Public Company Accounting Oversight Board Audit Practice Alert )(Brief article)
January 1, 2009... A new PCAOB Staff Audit Practice Alert assists auditors in identifying matters related to today's economic environment that might affect audit risk and require additional emphasis in audits of financial statements and audits of internal control...

Home mortgage interest deduction.(news & trends)
January 1, 2009... According to the FTB, audits of tax returns with large home mortgage interest deductions indicate that many taxpayers and tax practitioners are not complying with the rules regarding debt limitations on the deductibility of home mortgage...

Legislative Wrap-up.(news & trends)
January 1, 2009... The FTB has released its annual summary of tax-related legislation enacted this past session. Check it out at www.calcpa.org/LegWrapup.

PCAOB proposal on the timing of certain non-U.S. inspections.(news & trends)(Public Company Accounting Oversight Board )(Brief article)
January 1, 2009... The PCAOB adopted an amendment to Rule 4003 and to issue for public comment a separate proposed amendment to that rule. Both amendments relate to the timing of certain inspections of registered non-U.S. firms. The PCAOB also invited public...

Chief accountant leaves post.(news & trends)
January 1, 2009... The SEC announced that Chief Accountant Conrad W. Hewitt will leave the agency in January following more than two years of service. "It has been a privilege to work with the highly motivated and extremely talented staff in the SEC's office of...

CalCPA member discounts on CCH Tax Guidebooks.(news & trends)
January 1, 2009... CalCPA members can order CCH's 2009 U.S. Master Tax Guide and the Guidebook to California Taxes 2009 at significantly discounted rates; * 2009 U.S. Master Tax Guide (Expected ship date, late December): $49.95/members; $69.95/ nonmembers....

SEC IFRS roadmap.(news & trends)
January 1, 2009... THE SEC is proposing a roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board by U.S. issuers for purposes of...

Announcements.(member milestones)(Brief article)
January 1, 2009... David Swartz, CPA has been reappointed to a four-year term by Gov. Arnold Schwarzenegger to the California Board of Accountancy... A CM&AA certification has been granted to Brian Rabinovitz, CPA... Patrick A. Kohlmann, Ja, CPA has been...

Accomplishments.(member milestones)(Brief article)
January 1, 2009... Jennifer Cavender was honored by the Orange County Chapter with the Member of the Year award... Haskell & White received the Distinguished Achievement Award at the 27th Annual Business in the Arts Awards hosted by the Orange County Business...

Firm News.(member milestones)
January 1, 2009... Andersen & Company LLP has merged with Burr Pilger Mayer LLP... The Zamzow Group, Inc. has received national certification as a Women's Business Enterprise by the Women's Business Enterprise National Council... Burr Pilger Mayer earned its...

Members in the News.(member milestones)
January 1, 2009... KESQ-TV in Palm Desert interviewed Tom O'Brien Dec. 5 about how to handle credit card debt... David Neighbors' bid for a spot on the Berryessa Union School Board was featured in an article in the Dec. 5 San fose Mercury News... Rob Seltzer...

Taxing times: tax aspects of foreclosures and 'short sales'.(taxissues)
January 1, 2009... California experienced a record 800,000-plus foreclosures in 2008, according to RealtyTrack. Since various foreclosure related tax laws have changed, here's what you need to know. The Basics In a foreclosure, the lender exercises its...

Sustaining Geny: corporate responsibility attracts and retains young professionals.
January 1, 2009... Each May, Armanino McKenna LLP's staff participates in a team-building initiative. In 2007, the San Ramon-based accounting and consulting firm decided to give back, christening the initiative "AM Gives Back." [ILLUSTRATION OMITTED] ...

Acronymic assembly: COT-IRS annual meeting.(Fed Tax)(CalCPA's Committee on Taxation and Internal Revenue Service)
January 1, 2009... Most of this year's annual liaison meeting between CalCPA's Committee on Taxation (COT) and the IRS focused on the more than 40 questions prepared and submitted by COT members and answered by select members of the IRS. Vivian Draughon, IRS...

Rising stars.(Spotlight on Emerging Professionals)(Interview)
January 1, 2009... Young and emerging professionals are making a name for themselves in CalCPA. Recently, Nikolya Serdyuk, CPA/ABV was awarded the first Fresno Chapter YEP of the Year Award for Excellence; the annual statewide YEP Conference presented in...

Future talk: educators, CPAs tackle challenges, opportunities.(accountinged)(certified public accountants)
January 1, 2009... CalCPA recently assembled key accounting educators, select practitioners from top firms and accounting regulators to explore the challenges (and opportunities) the profession and our educational system face. "We seek to gain a better...

Navigating volatility: concepts for investment success in turbulent times.(financial planning)
January 1, 2009... This historic market downturn is instilling in people a fear of volatile markets--and making wealth preservation and recovery key issues. As trusted advisers, what can CPAs say and offer to clients? Plenty. First, CPAs (or qualified...

CA developments: estimated tax payments, 1099s and more.(CATax)(California)
January 1, 2009... The annual liaison meeting between the FTB and CalCPA Committee on Taxation cleared up a long-standing source of confusion among CPAs. [ILLUSTRATION OMITTED] Under Rev. & Tax Code Sec. 23114, a corporation is not liable for taxes or...

Changes ... again: putting tax return preparer penalties in perspective.(Preparerpenalties)
January 1, 2009... tax preparers have endured an interesting roller coaster ride over the past 17 months regarding their responsibilities for recommending tax positions when preparing tax returns, or advising clients in the preparation of tax returns. When...

CBA's new ED: Patti Bower discusses her role and the CBA's plans for 2009.(CapitolBeat)(California Board of Accountancy's Executive Director)(Interview)
January 1, 2009... How did your career lead you to the CBA's top job. I started in the enforcement, division and, after moving up through enforcement, I moved into the licensing division and eventually became licensing chief, which brought a new set of...

Woman to Watch: "my personal legacy: Watching young people gain a true passion and desire to be involved in a profession that has served me well.".(finalentry)(Interview)
January 1, 2009... At the 2008 Women's Leadership Forum CalCPA presented its inaugural Woman to Watch awards to these outstanding experienced and emerging leaders: Krisline Caratan, Moss Adams LLP; Marie Ebersbaeher, CB1Z & Mayer Hoffman McCann P.G.; Geralyne...