California CPA articles from July 2003

California CPA archives from July 2003

Online classified ad discount for members. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
July 1, 2003... Need to fill a vacancy? Whether it's office space, or a top accounting spot, CalCPA's online classifieds are the best way to target your peers. CalCPA's classifieds receive thousands of visits each month, and is the second-most popular...

Accounting and auditing hotline. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
July 1, 2003... Have an accounting or auditing question, but you don't know where to turn for help? CalCRA has the answers to all your questions--and they're just a phone call away. Veteran CPA Art Korn staffs CalCPA's Accounting and Auditing Answersline and...

Don't lose track of CPE credits. (Education Foundation).(certified public accountants educational credits tracking system)(Brief Article)
July 1, 2003... The CalCPA Education Foundation's online CPE tracking system provides CPAs with an automatic tally of professional education credits they've earned through Foundation courses. To that total, members can add CE earned through their chapter or...

Education Foundation hands out 2002-03 awards. (Education Foundation).(Brief Article)
July 1, 2003... At the end of each CPE year, the Education Foundation recognizes outstanding instructors, speakers and volunteers who have made significant contributions to the its CPE programs. Award recipients for 2002-03 are: Instructor Excellence ...

Making the most. (News & Trends).(California Franchise Tax Board county median income report)(Brief Article)
July 1, 2003... The FTB's most recent county median income reports (for tax year 2001) indicates that Bay Area counties have the highest incomes. Of the top 10 counties on the list, seven are in the Bay Area. You have to get to No. 10 before the first Southern...

AICPA looks to strengthen disciplinary process. (AICPA News).(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2003... The AICPA is trying to take a bigger bite out of crime. The AICPA Council recently voted to strengthen its disciplinary processes with three proposals: * Establish an ethics enforcement policy that would allow the Professional Ethics...

Handbook for Fiduciaries. (AICPA News).(published by American Institute of Certified Public Accountants and Foundation for Fiduciary Studies)(Brief Article)
July 1, 2003... The AICPA's Personal Financial Planning Executive Committee, in conjunction with the Foundation for Fiduciary Studies, has released Prudent Investment Practices: A Handbook for Investment Fiduciaries. The handbook, aimed at financial...

Simplified method for requesting relief for late S elections. (IRS News).(S Corporation Internal Revenue Service regulations)(Brief Article)
July 1, 2003... Stuart R. Josephs, CPA, of the San Diego-based Tax Assistance Practice, reports that Rev. Proc. 2003-43, IRB 2003-23, June 9, 2003, generally may grant relief to certain eligible entities for failing to timely file elections if the request for...

Dan Cashier: making the time to help others. (Public Service Award).
July 1, 2003... For his volunteer work in San Luis Obispo County, Pismo Beach CPA Dan Cashier--a member of five organizations that improve the lives of San Luis Obispo residents--is this year's winner of the CalCPA Public Service Award. A past president...

Audit fees surge after SOX. (Survey Says).(impact of Sarbanes-Oxley Act)(Brief Article)
July 1, 2003... As the Sarbanes-Oxley Act begins to be implemented, some effect already is being felt. Auditing fees soared 27 percent on average in the last year for companies in the Standard & Poor's 500 index, according to law firm Foley & Lardner,...

Apparently, size doesn't matter. (GAO News).(women-owned and small business not receiving share of government contracts)(Brief Article)
July 1, 2003... The Government Accounting Office recently found that small-business contract awards were not "accurately registered in its database," and that many federal contract awards were going to large businesses. The GAO reviewed 50,000 contracts...

Mandatory e-file proposal. (FTB News).(CalCPA opposed to electronic tax filing regulations)(Brief Article)
July 1, 2003... Better brush up on your e-filing skills. Gov. Gray Davis' budget plan again contains a mandatory e-filing requirement for practitioners preparing more than 100 state tax returns a year. The proposal is outlined in SB 7x, which has passed the...

Interest rates on income tax. (FTB News).(California Franchise Tax Board)(Brief Article)
July 1, 2003... The FTB recently said that the adjusted interest rate on underpayments and overpayments of California personal income tax for the period of July 1 to Dec. 31 would be 5 percent. The interest on corporation overpayments will be 1 percent.

Lowering workers' comp costs. (Practice Management).(workers' compensation laws and regulations)(Brief Article)
July 1, 2003... As workers' compensation laws and regulations increase in number and complexity, companies must do more than sit on the sidelines to control their costs. Here are some steps--many inexpensive--that employers can take to minimize workers'...

Technology Committee site overflows with resources. (CalCPA Online WebFocus).(California Society of Certified Public Accountant's technical information service)(Brief Article)
July 1, 2003... CalCPA's Technology committee website is a valuable resource aimed at CPAs thirsting for technical knowledge. Users can browse an extensive array of hardware and software resources, technical references, office equipment resources and...

Ray named deputy chief auditor. (PCAOB News).(Thomas Ray appointed to Public Company Accounting Oversight Board)(Brief Article)
July 1, 2003... The PCAOB recently named Thomas Ray as deputy chief auditor. Ray, a partner with KPMG LLP, has served as chairman of the AICPA's International Auditing Subcommittee and has been a member of the AICPA's Internal Control Reporting Task Force....

Instruments with aspects of both liabilities and equity. (FASB News).(Financial Accounting Standards Board)(Brief Article)
July 1, 2003... FASB recently issued Statement 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. Under previous guidance, certain financial instruments could be accounted for as equity, whereas now...

Execs to certify validity of internal controls. (SEC News).(public companies Securities and Exchange Commission regulation)(Brief Article)
July 1, 2003... Executives at public companies are now required to certify their company's internal controls, following an unanimous vote by the SEC. The vote also requires company management to evaluate and report at the end of each quarter any change to...

Barry Melancon, Kayla Gillan visit Silicon Valley. (Events).(executives of Public Company Accounting Oversight Board)(Brief Article)
July 1, 2003... What does AICPA President and CEO Barry Melancon think about the Public Company Accounting Oversight Board? "It was born with a full set of adult teeth," he said at the recent Fourth Annual Silicon Valley Financial Management Institute in San...

Sacramento County Treasury Oversight Committee. (Achievements).(Stuart Robken of Robken & Company appointed as public member)(Brief Article)
July 1, 2003... Stuart Robken of Carmichael-based Robken & Company has been appointed a public member of the Sacramento County Treasury Oversight Committee.

Van Trigt LLP. (Achievements).(Holthouse Carlin & Van Trigt LLP)(Brief Article)
July 1, 2003... Los Angeles-based Holthouse Carlin & Van Trigt LLP was ranked ninth in the April issue of Practical Accountant Magazine's list of the West's top firms.

Linkenheimer LLP. (Achievements).(R .John Jones finalist for American Business Awards 2003)(Brief Article)
July 1, 2003... R. John Jones, managing partner of Santa Rosa-based Linkenheimer LLP, was a finalist for the American Business Awards 2003 "Stevie" award.

Los Angeles Times article. (Members in the News).(Brief Article)
July 1, 2003... Dave Berger of Los Angeles was quoted in a March 1 Los Angeles Times article.

March issue of The Practical Accountant. (Members in the News).(Brief Article)
July 1, 2003... John Cameron appears in the March issue of The Practical Accountant.

April issue of The Practical Accountant. (Members in the News).(Brief Article)
July 1, 2003... Stephen Mayer, Blake Christian and Manny Kaplan were quoted in the April issue of The Practical Accountant.

Morgan Hill Times & San Martin News. (Members in the News).(Brief Article)
July 1, 2003... A column written by Hollister-based Barbara Andres appeared in the April 8 Morgan Hill Times & San Martin News.

Palm Springs Desert Sun. (Members in the News).(Brief Article)
July 1, 2003... A column written by Palm Springs CPA Howard Gordon appeared in the April 10 Palm Springs Desert Sun.

Monterey Herald. (Members in the News).
July 1, 2003... Monterey Herald.

Hollister Free Lance. (Members in the News).(Brief Article)
July 1, 2003... A column written by Barbara Andres appeared in a April 15 Hollister Free Lance.

Milwaukee Journal Sentinel. (Members in the News).(Brief Article)
July 1, 2003... Gregg Wind of Marina Del Ray was quoted in the April 17 Milwaukee Journal Sentinel.

Sacramento Bee. (Members in the News).(Brief Article)
July 1, 2003... John Campbell of Irvine was quoted in April 24 and April 30 articles in the Sacramento Bee

MSN's Bcentral.com. (Members in the News).(Brief Article)
July 1, 2003... Tustin Ranch CPA Patrick Rogan was quoted in the April 29 edition of MSN's Bcentral.com

Accounting Technology. (Members in the News).(Brief Article)
July 1, 2003... David Cieslak was featured on the cover of April's Accounting Technology

San Jose Mercury News. (Members in the News).(Brief Article)
July 1, 2003... In May, San Jose firm Morris + D'Angelo was a source for a chart detailing different levels of income and tax changes in the San Jose Mercury News

Silicon Valley Biz Ink. (Members in the News).(Brief Article)
July 1, 2003... A column by Ken Fowler of CBIZ Silicon Valley ran in Silicon Silicon Valley Biz Ink in May

WebCPA.com. (Members in the News).(Brief Article)
July 1, 2003... Walter Martynec was quoted in a May 15 article in WebCPA.com

Washington Post. (Members in the News).(Brief Article)
July 1, 2003... Mitchell Freedman was quoted in a May 21 article in the Washington Post

CBSMarketWatch.com. (Members in the News).(Brief Article)
July 1, 2003... Los Angeles-based Michael Eisenberg was quoted in a May 28 article in CBSMarketWatch.com

North Lake Tahoe Bonanza. (Members in the News).(Brief Article)
July 1, 2003... A column written by Jeff Quinn appeared in the May issue of the North Lake Tahoe Bonanza

San Diego Union Tribune. (Members in the News).(Brief Article)
July 1, 2003... Sheryl Rowling and Curt Welker were quoted in a June 2 article in the San Diego Union Tribune.

IRS Office toughens up. (News & Trends).(Internal Revenue Service Office of Professional Responsibility)
July 1, 2003... The IRS' Office of Professional Responsibility, which enforces standards of practice for those who represent taxpayers before the IRS, is toughening up--and it wants CPAs, attorneys and enrolled agents to be aware of it. "As many of you...

Get in line: CPAs face new set of CBA regs. (Cover Story).(California Board of Accountancy regulations for certified public accountants)
July 1, 2003... CPA's Across a Wide Spectrum of Practice Areas Are Facing a New Spate of Regulations from the California Board of Accountancy What Do They Mean for You? As the Sarbanes-Oxley Act flexes its muscles nationally, California CPAs also are...

Get a grip. (Federal Tax).(highlights of 2003 Jobs and Growth Tax Relief Reconciliation Act)
July 1, 2003... UNDERSTANDING THE 2003 TAX ACT On May 28, President Bush signed the 2003 Jobs and Growth Tax Relief Reconciliation Act into law. Following are highlights of selected provisions: CHANGES AFFECTING NONCORPORATE TAXPAYERS REDUCED...

Know what you're getting into. (Due Diligence).(issues for buyers and sellers of accounting practices)
July 1, 2003... Whether your firm is acquiring another accounting practice, merging into another firm, merging the practice of another accounting firm into your firm--or even if you are becoming a partner in a firm--it is imperative that you conduct due...

Practically IRS proof: preserving the tax benefits of family limited partnerships. (Planning).(Tax Court strategies FLP with Sec. 2036 Noose)
July 1, 2003... A family limited partnership can reduce or eliminate a client's estate taxes, especially when combined with defective income trusts and gifts. The estate and gift tax benefits of FLPs have most recently been confirmed in Charles T. McCord Jr....

Open up and say ouch! (Health Insurance).
July 1, 2003... Like most small CPA firms, Rowbotham and Co. isn't holding its breath for health insurance rates to drop. While making a conscious effort to offer a good, low-cost health plan, the San Francisco-based firm doesn't know how much longer it can...

What's your safeguard? FTC Safeguards Rule applies to most CPAs. (Government Relations).(Federal Trade Commission)
July 1, 2003... The Federal Trade Commission's Safeguards Rule, which implements the security provisions of the Gramm-Leach-Bliley Act, went into effect in May. The rule requires most CPA firms and others who perform significant financial services, including...

Practical tips: IRAs, 401(k)s, choosing the right title and more. (California Tax).
July 1, 2003... Prior columns have concentrated on California tax matters discussed--and resolved--on the Tax Talk Listserve. That aspect of the listserve has been reasonably quiet recently, but there have been lively discussions on other matters. So this...

PricewaterhouseCoopers. (News & Trends).(Sarbanes-Oxley Act affects shareholder value.)(Brief Article)
July 1, 2003... NOT SO GOLDEN RULE 28 percent of the nation's fastest-growing companies expect SOX to have a long-term negative impact on shareholder values. PricewaterhouseCoopers

Robert Half International. (News & Trends).
July 1, 2003... DON'T CALL US Of 1,400 CFOs surveyed, 85% said they don't expect to hire accounting and finance professionals in the third quarter. Robert Half International

Mergerstat. (News & Trends).(Brief Article)
July 1, 2003... OFF THE STREET 316 public companies left Wall Street in 2002, an all-time high, and 93 companies have announced their intention of going private as of April 1, 2003. Mergerstat

Financial Executives International. (News & Trends).(It will cost public companies to comply with Sec. 404 of Sox )(Brief Article)
July 1, 2003... OVERTIME Public companies will spend more than 6,000 hours and an additional $480,000 on average to comply with Sec. 404 of SOX. Financial Executives International