California CPA articles from July 2001

California CPA archives from July 2001

E-FILES ARE UP.(electronic filing)(Brief Article)
July 1, 2001... By the time the e-filing program ends this year, the IRS expects to receive about 40 million returns--more than 30 percent of individual taxpayers. Through April 20, taxpayers filed nearly 39.5 million returns electronically, breaking the...

TAX FRAUD ALERTS.(information on IRS web site)(Brief Article)
July 1, 2001... There is no such thing as a free lunch! However, the hard sell is often difficult to pass up--so advise your clients to seek expert advice before subscribing to any scheme that offers instant wealth or exemption from paying taxes. To help...

THE CHECK'S IN THE MAIL.(tax rebates)(Brief Article)
July 1, 2001... The IRS is concerned about getting swamped with phone calls concerning taxpayer refund checks that will soon be issued as a result of recent tax law changes. James C. Counts, a Hemet-based CPA and editor of TaxTalkNews, an e-newsletter,...

SELF-CHARGED FEES PRODUCE TAXABLE INCOME.(Brief Article)
July 1, 2001... David Hillman owned substantially all the stock of an S corporation that charged real estate management fees to approximately 90 other passthrough entities involved in real estate rental activities. Hillman also owned interests in these other...

"PRACTICE" SPACE MAY BE DEDUCTIBLE.(Brief Article)
July 1, 2001... For tax years beginning after 1998, a home office qualifies as "the principal place of business" if a two-part test in IRC Sec. 280A(c)(1) is met. For prior years, consider the case of Katia Popov--a professional violinist for the Los...

EVOLVING SKILL SETS.(accountants)(Brief Article)(Statistical Data Included)
July 1, 2001... EVOLVING SKILL SETS CFOs were asked, "Other than financial expertise, which one of the following do you think will be the most critical to an accounting professional's career success?" Technology expertise 44% Strong...

CPA2BIZ ROARS INTO TOWN--FINALLY.(Brief Article)
July 1, 2001... The long-awaited accounting portal, CPA2Biz, went live June 11. The launch of CPA2Biz marks an important milestone for the portal project that began with the formation of a national database of state society and AICPA members. Originally, the...

TWO NEW MEMBERS APPOINTED TO CBA.(California Board of Accountancy)(Brief Article)
July 1, 2001... Governor Gray Davis recent y appointed Wendy Perez as a CPA member and Ian Thomas as a public member to the California Board of Accountancy. Perez, a partner in the San Jose office of Ernst & Young LLP, has been a CPA in California since...

GO BACK TO HIGH SCHOOL.
July 1, 2001... Ever thought about reliving your high school days? Whether or not yours were fond memories, CalCPA is offering you the chance to walk those sacred halls of learning once again. To counteract the decline in students choosing accounting as a...

STATE SAYS "NOT SO FAST" TO OVER-EAGER FILERS.(homeowner and renter assistance claims)(Brief Article)
July 1, 2001... The FTB asks claimants to wait until they receive the 2001 Homeowner and Renter Assistance booklets before filing for the 2001 claim year since the program's annual changes are not included on the 2000 claim year forms. Eligible claimants...

HELP WRITE THE NEW COMPUTERIZED CPA EXAM.(Brief Article)
July 1, 2001... If you have a penchant for writing; knowledge of accounting, auditing or taxation; and an awareness of the desired skill set for entry level CPAs--the AICPA/NASBA team that is developing the computerized Uniform CPA Exam has a job for you. The...

2001-02 FOUNDATION TRUSTEES NOMINATED.(California Certified Public Accountants Education Foundation)(Brief Article)
July 1, 2001... The Education Foundation's Nominations Committee has named the following slate of candidates for its 2001-02 board of trustees: D. Paul Regan, president; Marc G. Parkinson, first vice president; Denise S. Hurst, vice president; Loretta Doon,...

REGISTER NOW FOR NEW TAX LAW CONFERENCE.
July 1, 2001... The Education Foundation is sponsoring a New Tax Law Conference, Aug. 1-3 in San Francisco, Orange County and Burbank. The half-day conference features Noelle Allen, CPA discussing the Individual Update, and Alex Brucker, Esq., CPA and E....

Alternate Track.(licensing changes)(Brief Article)
July 1, 2001... Guide to California's Proposed CPA Licensing Changes Effective Jan. 1, 2002, CPA candidates may have new options for entering the profession if AB 585 (Nation, Campbell) and SB 133 (Figueroa et. al) are signed into law. The measures...

SPEAK OUT ON CPA COMPETENCY.
July 1, 2001... The International Federation of Accountants seeks comments on a new discussion paper, "Competence-Based Approaches to the Preparation and Work of the Professional Accountant," which aims to define "competencies" and "capabilities," to provide...

OCBOA FINANCIAL STATEMENT GUIDANCE.(Other Comprehensive Basis of Accounting)(Brief Article)
July 1, 2001... If you prepare financial statements on the cash or tax bases of accounting (also known as "other comprehensive basis of accounting" or OCBOA), You might be surprised to learn that there is authoritative guidance on what is to be disclosed in...

CALIFORNIA CPA REACHES THE ONE-YEAR MARK.(Brief Article)
July 1, 2001... It was one year ago this month that the first issue of California CPA rolled off the presses and landed in your mailbox. Now that you've been able to take a good look at our new look, we'd like to know what you think. Are there sections...

ANNOUNCEMENTS.(Larry Berlant re-joins PricewaterhouseCoopers)(Brief Article)
July 1, 2001... Larry Berlant will be re-joining the Los Angeles office of PricewaterhouseCoopers as a director in the state tax consulting practice.

ACHIEVEMENTS.(names in financial planning)(Brief Article)
July 1, 2001... Congratulations to Joel Framson, Mitch Freedman, Karen Goodfriend, David Lieberman, Irwin Rothenberg and Ginita Wall all of whom are listed in Accounting Today as "names to know in financial planning."... Walnut Creek-based CPA John Levy...

FIRM NEWS.(Brief Article)
July 1, 2001... San Jose-based Delucchi, Hawn & Co is pleased to announce that O'Neil & Sutton Inc. has merged the practice. Ron O'Neil and Skip Sutton have been named partners in the firm.

Tax Relief.(Statistical Data Included)
July 1, 2001... HIGHLIGHTS FROM THE 2001 TAX ACT On June 7, President Bush signed the 2001 Economic Growth and Tax Relief Reconciliation Act into law. Following are highlights of selected provisions: INDIVIDUALS, ESTATES & TRUSTS For tax years...

CHANGING TIDES.(stock option taxation)(Statistical Data Included)
July 1, 2001... Real Taxes on Virtual Income: The ISO Dilemma UP AND DOWN. UP AND DOWN. The last few years have been a roller coaster for employees who have held stock options, especially those in California's technology sector. While some have...

Worth the Risk? You Decide.(aplication service providers)(Brief Article)
July 1, 2001... Application service providers who offer Web-based accounting programs are blazing a trail in cyberspace. CPAs and businesses who use these ASPs have weighed the benefits of innovative solutions, time-savings, flexibility and accessibility...

Great Expectations: How to Hire Top Performers.(Brief Article)
July 1, 2001... Most managers want to find the most qualified candidate for a job vacancy as quickly as possible. Unfortunately, this can be easier said than done, and no one can afford the negative consequences from acting too hastily and making a poor hiring...

Where to Start? Try an Accounting Portal.(Brief Article)
July 1, 2001... How targeted are your Internet searches? Do you type keywords into Yahoo! and hope for the best? Or are you a more savvy Web user who knows that a good accounting portal can get you to the information you need quickly and with minimal...

Changing the Way Couples Hold Title in California.(Brief Article)
July 1, 2001... Beginning July 1, married couples can hold title to property as community property with right of survivorship. The California Legislature enacted this law to allow married couples to transfer their community property to the survivor without the...

ONLINE LEARNING: TRY IT.(accounting)(Brief Article)
July 1, 2001... Can't seem to tear yourself away from the computer to take CPE courses? No problem--the Foundation's online learning program brings the classroom to you. Kathleen Wright, Foundation instructor who teaches the online course, "California Tax...