California CPA articles from July 2006

California CPA archives from July 2006

Spread the (financial) word.
July 1, 2006... With a new school year just around the corner, it's the perfect time for you to join hundreds of your CalCPA peers who have volunteered to bring financial literacy to high school students--and promote the profession at the same time. You...

Help write CPA Exam questions.(AICPA News)
July 1, 2006... The AICPA Examinations Team and ACT Inc. are looking for CPAs interested in writing test items for upcoming versions of the CPA Exam. [ILLUSTRATION OMITTED] Eligible volunteers must be licensed and familiar with the work of entry-level...

Movin' on up.(News & Trends)
July 1, 2006... As CalCPA grows, so do our services to members, effectiveness as advocates for the profession and opportunities to promote the profession. [ILLUSTRATION OMITTED] New Members FY06: 2,743 FY05: 2,328 FY04: 1,615 FY03:...

Updated correction program for retirement planners.(IRS Update)
July 1, 2006... The IRS has revised Rev. Proc. 2006-27, which governs the Employee Plans Compliance Resolution System, its voluntary correction program for employee retirement plans. [ILLUSTRATION OMITTED] The revisions provide guidance for excluded...

Revised regs relieve corps, promote e-file.(Internal Revenue Service)(Brief article)
July 1, 2006... The IRS has rolled out several regulatory revisions to relieve businesses and shareholders of excessive reporting obligations, while making it easier to e-file. The changes apply to more than 20 regulations involving corporate and...

What plan?(News & Trends)
July 1, 2006... what plan? Almost 36% of U.S. companies have no coordinated and comprehensive approach to deterring, detecting and preventing fraud.--Deloitte Financial Advisory Services

Direct deposit refunds split.(Internal Revenue Service)(Brief article)
July 1, 2006... The IRS has created a program allowing taxpayers who use direct deposit to divide their refunds in up to three personal accounts, such as checking, retirement or savings accounts. A new form, Form 8888, will give taxpayers the ability to...

Final manufacturing deduction regs.
July 1, 2006... The IRS has issued final regulations for IRC Sec. 199, which concerns the deduction for income attributable to domestic production activities. The deduction equals roughly 3 percent of income from domestic production activities for 2005 and...

CPE on the coast: enjoy a week of CPE in San Diego.
July 1, 2006... The California CPA Education Foundation is taking reservations for its 2006 San Diego CE Week at the Hilton Mission Bay July 24-28. Located in Mission Bay Park, the resort is an aquatic preserve and natural paradise. Relax, have some fun and...

When is a document "filed"?(Franchise Tax Board's Tax administration)(Brief article)
July 1, 2006... The Franchise Tax Board and Secretary of State take different approaches to when they consider a document "filed." The Secretary of State date-stamps and processes documents as of the date received, regardless of the postmark. ...

Tax documents translated.(FTB News)
July 1, 2006... The FTB has translated the California Taxpayers' Bill of Rights, the FTB's Privacy Notice and the Innocent Spouse--Relief From Paying California Income Tax into Chinese, Korean and Vietnamese. In addition, the FTB is working on translating...

Comment on reporting for insurance accounting.(FASB News)
July 1, 2006... FASB is seeking comments on the potential bifurcation of insurance and reinsurance contracts into insurance components and financing components. Chief among the board's concerns is the possible lack of transparency in the financial...

Plan experience.(News & Trends)
July 1, 2006... plan experience: 67% of financial planners are between the ages of 40 and 59, with 57% having between 10 and 24 years' experience.--College for Financial Planning

Marcy Shepardson: 2006 doctoral scholarship winner.(News & Trends)
July 1, 2006... Marcy Shepardson, CPA has been selected to receive the 2006 CalCPA accounting doctoral scholarship. The scholarship is a combined effort of the CalCPA Accounting Education Committee and the California CPA Education Foundation to help boost the...

Proposed rules on annual, special reporting.(PCAOB News)
July 1, 2006... The PCAOB has proposed rules for annual and special reporting by registered accounting firms including providing: * Basic information once a year about the firm and the firm's issuer-related practice over the most recent 12-month period....

GAO issues SOX report.(Survey Says)
July 1, 2006... The Government Accountability Office has issued a report on the effects of SOX on smaller companies. Download the report at www.gao.gov/new.items/d06361.pdf.

Robert Kevane wins Public Service Award.(News & Trends)
July 1, 2006... For a lifetime devoted to the betterment of his community, Robert "Bob" Kevane, CPA, is CalCPA's 2006 Public Service Award winner. La Mesa-based Kevane has divided his professional time between a sole practitioner accounting firm and The...

M-3.(News & Trends)
July 1, 2006... M-3: More than 40% of senior finance execs expect additional Sched. M-3 requirements to significantly or moderately affect the time/expense to complete returns. - Grant Thornton

Announcements.(Ramona Farrell, Joy Urquhart, Duncan Will join Ueltzen & Company LLP)(Gary E. Jones appointed at Economic & Industry Research, LLC)(Robert Greene joins Haskell & White LLP)(Brief article)
July 1, 2006... Sacramento-based Ramona Farrell has been named managing partner, Joy Urquhart has been named partner and Duncan Will has joined Ueltzen & Company LLP... Cupertino-based Gary E. Jones has become CEO of The Center for Economic & Industry...

Accomplishments.(James Godsey presents at American Institute of Certified Public Accountants)(Craig Enos earns credential at American Institute of Certified Public Accountants)(Mike Ueltzen has been appointed to the American Institute of Certified Public Accountants)(Brief article)
July 1, 2006... Los Angeles-based James Godsey presented "OPEB Through the Auditor's Lens" at the Santa Barbara Office of the Auditor-Controller... Sacramento-based Craig Enos of Ueltzen & Company LLP has earned the AICPA's ABV credential......

In memoriam.(membermilestones)(Obituary)
July 1, 2006... Tustin-based Gerald "Jerry" Higashi, senior partner with HMWC CPAs & Business Advisors, died May 25. He was 65. Send Member Milestones to: editor@calcpa.org. If you've been in the news, we want to know. Contact Bill Spaniel at...

Firm news.(Burr, Pilger & Mayer LLP merges with Brach, Neal, Daney & Spence LLP)(SJ Gallina & Co. LLP merges with Bartig Basler & Ray CPAs Inc.)(Brief article)
July 1, 2006... San Francisco-based Burr, Pilger & Mayer LLP has merged with San Jose-based Brach, Neal, Daney & Spence LLP. Combined, the new firm will have offices in Palo Alto, San Francisco, Walnut Creek and San Jose... Sacramento-based SJ Gallina & Co....

Members in the news.(Ron Baker, Karen Kaseno, Susan Carlisle on media)(Brief article)
July 1, 2006... Ron Baker was quoted in a May 11 Accountingweb.com article... Karen Kaseno was quoted in a May 7 Los Angeles Times article... Susan Carlisle was interviewed on KCAL-TV May 3... Susan Bradley was quoted in a May Journal of Accountancy...

California's leader: Marc Parkinson chair focuses on growth, outreach to young CPAs.(Cover story)
July 1, 2006... IN 1979, CALCPA HAD 17,812 members, including 26-year-old Marc Parkinson, an entry-level accountant at Price Waterhouse in San Jose. Freshly graduated from UCLA's MBA program and studying for the CPA Exam, Parkinson never imagined he'd one day...

Money found: cost segregation studies can help clients realize tax savings.(COSTSEGREGATION)
July 1, 2006... Cost segregation is one of the IRS' cash-flow secrets that CPAs, financial planners, real estate investment managers and other professionals can use to realize tax savings for their clients. Such studies separate personal property...

Public defender: Former Assistant U.S. Attorney provides an inside look on fraud prosecution.(Q & A)(Interview)
July 1, 2006... Jeffrey Bornstein has a unique perspective on fraud. He served the U.S. Attorney's Office in San Francisco for 19 years, most recently as an assistant U.S. attorney, senior litigation counsel for the criminal division, white collar/securities...

In the Zone: Enterprise Zone credits offer businesses tax breaks that make a difference.(location-based incentive credits)
July 1, 2006... Location-based incentive credits (LBICs) offer many advantages, including current and prior year refund potential and favorable financial statement impact. Yet, according to the Franchise Tax Board, only 3,199 companies claimed hiring...

Lifelong leadership: Education Foundation celebrates 40 years of providing CPE.(40THANNIVERSARY)
July 1, 2006... As the California CPA Education Foundation celebrates its 40th anniversary this year, it remains true to its founding mission: Providing quality CPE and keeping up with the changing needs of financial professionals. The California CPA...

What's excludable? Despite amendment, IRC Sec. 104 leaves some questions unanswered.(FEDERALTAXATION)
July 1, 2006... Internal Revenue Code Sec. 104 excludes from income damages for personal physical injuries or physical sickness. Sound simple? Hardly. Tax advisers have long lamented the lack of clarity surrounding this provision, even though it's been in...

Capitol's newest CPA: CalCPA member Fiona Ma elected to Assembly.
July 1, 2006... The June primaries yielded profession when Fiona Ma, a member of the City and County of San Francisco Board of Supervisors and CalCPA, received the Democratic nomination to replace termed out Assembly Member Leland Yee. [ILLUSTRATION...

Taxtalk highlights: taxpayer permission, Hawaiian refunds, EDD Q&As and more.(californiatax)
July 1, 2006... Loose lips sink ships. This old World War II expression meant that "the walls have ears," and things said could be heard by the enemy. An adage taught to children was "Of these five things beware: Of whom you speak, to whom you speak, how,...