California CPA articles from July 2002

California CPA archives from July 2002

Wrong answer: mandatory E-file voted down. (Legislative Update).(electronic filing of tax returns)(Brief Article)
July 1, 2002... Gov. Davis thought he had a great idea to help ease the state's budget woes. CalCPA's Committee on Taxation--and the state Legislature--disagreed. In early June, the legislative conference committee considering the state budget removed a...

Benefits inflation: annual change in average total health benefits' costs.(Brief Article)(Statistical Data Included)
July 1, 2002... Benefits Inflation Annual change in average total health benefits' costs 1994 $3,644 1995 $3,653 1996 $3,703 1997 $3,594 1998 $3,817 1999 $4,097 2000 $4,430 2001...

July is conference-packed month. (CPE Opportunities).(Brief Article)
July 1, 2002... The Education Foundation's conference season is in full swing. Succession Planning for the CPA Firm It's never too early to plan for the future of your CPA firm. Held July 9 in Universal City and July 10 in San Francisco, the...

Fallen service members get tax relief. (FTB News).(Brief Article)
July 1, 2002... In California, armed service members who die while serving in a combat zone or as a result of wounds, injuries or disease incurred in a combat zone are entitled to some tax forgiveness. Although the state has not conformed to the federal...

IRS explores new ways to speed technical advice process. (IRS News).(Internal Revenue Service audits)(Brief Article)
July 1, 2002... A new IRS pilot program, Technical Expedited Advice Memorandum, is designed to streamline the process for issuing technical advice in audit situations. At the core of the program is the use of technology such as fax, e-mail and...

Hal Schultz embodies community spirit. (News & Trends).(Public Service Award)(Brief Article)
July 1, 2002... A community the confluence of many groups, organizations and individuals with varying needs and wants who work together to achieve common goals. PricewaterhouseCoopers partner, Harold "Hal" & Schultz of Costa Mesa, winner of CalCPA's 2002...

FTB revenues dive. (News & Trends).(Franchise Tax Board)(Brief Article)
July 1, 2002... FTB REVENUES DIVE The FTB banked $1.23 billion April 22-this year's largest daily deposit-a decrease of $2.44 billion from its April 2001 deposit.

Check your clients' refund status online. (IRS News).(Brief Article)
July 1, 2002... Access the IRS' secure website to find out if returns have been received and whether or not refunds have been processed and sent to your clients. To obtain an online refund status report, you'll need to provide the following: * Social...

Recruit new CalCPA members and earn prizes. (CalCPA News).
July 1, 2002... Step up to the plate and participate in CalCPA's Member-Get-a-Member campaign. As Sacramento takes on accounting reform, CalCPA and the profession need to increase their voice and presence in California. We need your help to recruit new...

Celebrity spotlight: members in the news. (CalCPA News).
July 1, 2002... Every month, many CalCPA members enthusiastically volunteer their expertise and opinions to journalists throughout the state and across the nation on issues relating to the profession. To learn just where your peers have been giving positive...

Britney Spears watch out: KPMG & PWC top music charts overseas. (Did You Know?).(Brief Article)
July 1, 2002... Britney Spears, 'N Sync, Madonna--step aside. The new kids on the block come from global accounting firms. Thanks to the Web, corporate jingles have emerged as a cult musical genre in Europe with hundreds of thousands of devoted fans,...

Give legislators an earful. (CalCPA Members).(Brief Article)
July 1, 2002... Just two days after CalCPA members descended on the state Legislature, a particularly onerous "accounting reform" bill, AR 1995 (Correa) was voted down on the Assembly floor. "The positive impact of so many members arriving on a single day...

Laptop Abuse Corporations. (News & Trends).(Brief Article)
July 1, 2002... LAPTOP ABUSE Corporations spent more than $700 million in 2001 repairing or replacing their workforce's damaged laptops, says International Data Corporation.

Workers' comp rates to rise 10.1 percent. (Insurance Update).(Brief Article)
July 1, 2002... While no one expects the South to rise again, workers' compensation insurance rates in California have. In May, the California Department of Insurance approved a 10.1 percent increase in average workers' compensation pure premium rates....

Computerization of CPA Exam set for May 2004. (CPA Exam).(Brief Article)
July 1, 2002... The AICPA and NASBA have agreed that the November 2003 Uniform CPA Exam will be paper and pencil, but by May 2004 students' typing skills should be honed. The computerized version of the Uniform CPA Exam is expected to be implemented by...

Response to May California CPA article, "from where he sits". (Speak Out!).(Letter to the Editor)
July 1, 2002... Blaming the Enron scandal on inadequate accounting standards is like blaming 9/11 on bad airport security--neither is the real issue. What occurred was the circumvention of systems based on longstanding beliefs that had never been questioned....

Slavery reparation claims rise in 2001. (News & Trends).(Brief Article)
July 1, 2002... SLAVERY REPARATION CLAIMS RISE In 2001, the IRS received more than 80,000 fraudulent returns claiming more than $2.7 billion in reparation refunds.

Announcements. (Member Milestones).(Brief Article)
July 1, 2002... Jeff Garrison, partner in the Santa Monica-based firm of Stonefield Josephson, Inc., has been named president.

Firm news. (Member Milestones).(Brief Article)
July 1, 2002... San Diego-based Turnquist, Schmitt, Kitrosser & McMahon has reached a definitive agreement with Moss Adams to combine practices.

Achievements. (Member Milestones).(Brief Article)
July 1, 2002... David M. Cieslak, principal in Encino based Information Technology Group, has been elected to the board of directors of the Information Technology Alliance, a not-for-profit membership-based association.

Members in the news. (Member Milestones).(Brief Article)
July 1, 2002... Menlo Park-based Karen Goodfriend, CPA/PFS, wrote an article for the May issue of IT Recruiter magazine... Robert Caplan of Foster City was quoted in the May 3 edition of the Silicon Valley/San Jose Business Journal... Encino-based CPA Nancy...

Ripple effect. (California Property Insurance Rates on the Rise).(Statistical Data Included)
July 1, 2002... Property and casualty insurance rates are skyrocketing across the country and the Golden State is no exception. California's businesses are feeling the ripple effects of the massive property damage at New York City's Ground Zero and the...

So long, traditional audit: no more "same as last year" with risk-based approach.(internal controls assessed)(Cover Story)
July 1, 2002... There's an old saying in our business: CPAs love change, just not yet. Maybe that's why many have trouble embracing the changes proposed in 1990's SAS 55, Consideration of the Internal Control Structure in a Financial Statement Audit and its...

NOL carrybacks and carryovers: action may be required by Oct. 31, 2002.(net operating losses)(Brief Article)
July 1, 2002... May's California CPA, Page 34, discussed the 2002 Tax Act, and stated that "The new law temporarily extends the general NOL carryback period from two to five years for NOLs arising in tax years ending in 2001 and 2002.... A taxpayer can...

Transforming the annual review. (Human Resources).(performance appraisals)
July 1, 2002... Performance reviews are difficult. The reviewer spends hours trying to condense a year's worth of work into words, only to have the employee focus completely on the money. Meanwhile, instead of working to meet goals, the employee has spent...

Worth the risk? Weighing strategies for nonqualified stock options in a volatile market.
July 1, 2002... * As the technology bubble burst, many employees who exercised stock options learned a painful lesson: Although this popular form of compensation has generated significant wealth, options also have threatened their owners' financial security....

It happened one night: members leave a mark in Sacramento. (Government Relations).(accounting regulation bill defeated)(Brief Article)
July 1, 2002... On Thursday night, May 30, something interesting happened in Sacramento--AB 1995 (Correa) failed on the Assembly floor. The final vote was 23 yes, 31 no and 26 not voting. It wasn't even close. Legislators weren't opposed to the...

And now the detail: a closer look at California's Partial Tax Conformity.(Brief Article)
July 1, 2002... The June issue of California CPA went to press just days after Coy. Davis signed two partial tax conformity bills. The article, "Partial Conformity," on Page 27 contained a few snippets about the new laws. Following is a more complete...