California CPA articles from July 2007

California CPA archives from July 2007

Celebrating Women CPAs.(CalCPA News)
July 1, 2007... CalCPA is committed to advancing women within the CPA profession. Join us for a day of leadership development, professional growth and recognition as we celebrate California's women CPAs and their tremendous contributions to the profession. ...

More choices; unlimited possibilities.(CalCPA CLASSIFIEDS)
July 1, 2007... Looking for an affordable way to advertise? The new CalCPA. org classifieds offer improved search funtionality, expanded categories/regions, unlimited text--one low price ($195 members/$295 nonmembers). Connect with the California CPA...

Retirement thoughts.(News&Trends)(Brief article)
July 1, 2007... How do American views of retirement differ from that of their international counterparts? Consider: * Europeans, Asians and Latin Americans think men should retire around the age of 60 and women 56; Americans say 65 for men and 63 for...

PCAOB OKs new Internal Control standard.(PCAOB News)(Brief article)
July 1, 2007... The PCAOB has adopted Auditing Standard No. 5, An Audit of Internal Control That is Integrated with an Audit of Financial Statements. With SEC approval, the standard will supersede Auditing Standard No. 2 and apply to audits of all companies...

Uniform CPA Exam Fee changes.(CBA News)
July 1, 2007... The Uniform CPA Exam Section Fees paid to the National Association of State Boards of Accountancy have increased as follows: * Audit and Attestation: from $187 to $209.33; * Business Environment and Concepts: from $140.78 to $161.63;...

There are clear benefits to knowing and following the rules.(News&Trends)
July 1, 2007... "There are clear benefits to knowing and following the rules, but we should not limit ourselves by creating and relying on an ever-expanding rulebook." --Anthony W. Ryan, Assistant Secretary for Financial Markets, U.S. Treasury

Resort CPE: up to 40 hours of CPE in monterey.(EDUCATION FOUNDATION FOCUS)
July 1, 2007... Monterey CE week, Aug. 6-10 at the Embassy Suites, includes courses qualifying in accounting an7d auditing, fraud, ethics and certified financial planning. Call Embassy Suites at (800) 559-4308 or (831) 393-1115 for reservations by July 12 to...

Amnesty penalty? File a protective claim.(FTB News)(Brief article)
July 1, 2007... Several pending court cases challenge Revenue and Taxation Code Sec. 19777.5, which prevents the filing of refund claims to contest the amnesty penalty on other than computation errors. In general, to protect the statute of limitations on a...

Proper reporting of S corporation indebtedness.(News&Trends)(Brief article)
July 1, 2007... Unlike partners in a partnership, shareholders of an S corp may acquire tax bases in the S corp indebtedness only to the extent of their loans made directly to the corporation [IRC Sec. 1367(b)(2)(A)]. Therefore, proper reporting of S corp...

IFRS online.(IASB News)
July 1, 2007... An electronic consolidated edition of the International Accounting Standards Board's International Financial Reporting Standards--"eIFRS"--and accompanying documents are now available online. The standards are searchable, extensively...

Disclosure rules for govt. pensions, retiree health care.(GASB News)
July 1, 2007... GASB's newly issued Statement No. 50, Pension Disclosures, more closely aligns current pension disclosure requirements for governments with those that governments are beginning to implement for retiree health insurance and other postemployment...

Robert Kevane earns AICPA Service Award.(CONGRATS!)
July 1, 2007... Robert F. Kevane, CPA, of La Mesa, received the AICPA's 2006 Public Service Award. Kevane, owner of the Kevane Company, Inc. was cited for his deep commitment to his community. He has served on the boards of more than 40 local...

New e-filing requirements.(IRS News)
July 1, 2007... With the enactment of the Pension Protection Act of 2006, small tax-exempt organizations that previously were not required to file returns may be required to file an annual electronic notice beginning in 2008. [ILLUSTRATION OMITTED] ...

Status of GAO financial IRS audit.(News&Trends)
July 1, 2007... At the beginning of the GAO's audit of the IRS's fiscal year 2006 financial statements, 72 financial management-related recommendations from prior audits remained open because the IRS had not fully addressed the issues that gave rise to them....

AICPA Statement on Standards for Valuation Services.(AICPA News)
July 1, 2007... The AICPA has released a new professional standard on valuation services, Statement on Standard on valuation services, Statement on Standards for Valuation Services No. 1 (SSVS No. 1) "Valuation of a Business, Business Ownership Interest,...

Comment: exposure draft proposed Interpretation 102-7.(News&Trends)(Brief article)
July 1, 2007... The comment period is open for two proposals from the AICPA Professional Ethics Executive Committee: Interpretation 102-7, Other Considerations: Meeting the Objectives of the Fundamental Principles, under Rule 102, Integrity and Objectivity [ET...

Grant gives back, earns public service kudos.(News&Trends)
July 1, 2007... Robert B. Grant, a solo practitioner in Orange County, is the recipient of CalCPA's 2007 Public Service Award for his significant contributions to the CPA profession, CalCPA and the community. [ILLUSTRATION OMITTED] Professionally,...

CFO survey finds integrity most desired leadership quality.(Survey)
July 1, 2007... More than 30 percent of CFOs polled said the most important quality for a business leader to possess is integrity. Experience and communication skills followed, each receiving 27 percent of the response. The survey was conducted by an...

Does it surprise you?(News&Trends)
July 1, 2007... 56% of Americans lack the time or have too many work and family commitments to exercise more. - CIGNA

Being flexible?(News&Trends)
July 1, 2007... 59% of working men age 35-44 think flexibility for working mothers causes some resentment among co-workers. - Adecco

Hire or fire.(News&Trends)
July 1, 2007... 6% of 1,400 CFOs surveyed anticipate adding employees in the third quarter and 3% forecast cutbacks. - Robert Half Financial Hiring Index

CalCPAwebinars.(News&Trends)(California Society of Certified Public Accountants)(Brief article)
July 1, 2007... CalCPA's monthly business and industry webinars offer one hour of CPE. The registration cost is $55 for CalCPA members. From the comfort of your home or office, you can participate in upcoming discussions covering everything from cost...

Announcements.(membermilestones)(Brief article)
July 1, 2007... Geri Wood was recently promoted to manager in the Hutchinson and Bloodgood, LLP San Diego office... Robert Klein, president of Financial Design Center in Newport Beach, was recently named to Advisor Products Inc.'s editorial advisory board....

Accomplishments.(membermilestones)(Brief article)
July 1, 2007... The Newport Beach Chamber of Commerce honored Dorothy Larson, of Larson & Associates CPAs, with the Silver Anchor Award for her support of the chamber and community... Blake Christian was selected as one of five statewide recipients of the...

Firm news.(membermilestones)
July 1, 2007... Macias Gini & O'Connell LLP was named a finalist in the "Website Overall Design" category in the 2007 American Business Awards, a national, all-encompassing awards program honoring great performances in business... Burr, Pilger & Mayer in San...

Members in the news.(membermilestones)(Mary Kay Foss, Leonard Wright, Wilson Cheung, Troy Prather, Michael Eisenberg, Douglas Bartlett, Nanda Senathi, Dana Basney, Steve Hermes, Martha Doran, Bridget Foreman, Gregg Wind, Michael Bader and Robert Green )(Brief article)
July 1, 2007... Mary Kay Foss was interviewed April 4 on Forbes on Radio regarding retirement drawdown dangers... The April 16 Los Angeles Times quotes Roger Niello about the Republican "no-tax pledge" in the state Assembly... Leonard Wright provided tax...

The coming convergence: global accounting standards: International Accounting Standards convergence is quietly moving forward and practitioners should begin to prepare for the inevitable.(IFRS)(Interview)
July 1, 2007... The accounting profession has several sets of international standards. Perhaps best known are the International Accounting Standards Board's international financial reporting standards (IFRS), which have been embraced at some level by most...

Strike a balance: new CalCPA Chair Teresa Mason carves a steady path--personally & professionally.(Cover story)
July 1, 2007... CalCPA Chair Teresa Mason knows how to achieve balance. She's balanced work and school in her professional life; a give-and-take relationship with her mother, who is also her business partner; and she encourages a healthy quality of life...

Inside job: without the right IP protection, internal abuse is a fear-inducing threat.(IPPROTECTION)
July 1, 2007... If you are a business owner or manager, you likely shoulder the responsibility to safeguard your business' assets, including information such as trade secrets and employee and customer personal information. And while you may focus on...

CalCPA salutes its Top 50 Firms.(CalCPANEWS)(Company rankings)
July 1, 2007... 2006-07 CalCPA Chair Marc Parkinson demonstrated a commitment to growth and outreach to communities within the CPA profession. As a result, CalCPA is now more than 31,000 members strong and the nation's largest statewide association of CPAs....

Independence: CPAs, firms must carefully consider how to manage FIN 48 compliance.(FASBNEWS)
July 1, 2007... Issued by the Financial Accounting Standards Board, FIN 48--Accounting for Uncertainty in Income Taxes adds significant financial statement reporting and disclosure requirements for income tax liabilities under generally accepted accounting...

Sound of relief: IRS provides transitional relief for return preparer penalty.(governmentrelations)
July 1, 2007... The IRS recently released Notice 2007-54, providing guidance and transitional relief for the return preparer penalty provisions amended by the Small Business and Work Opportunity Act of 2007. The new amendments are effective for returns...

Nevada LLCs: plus, 'Difficult' Residency issues and 'memo to file'.(californiatax)
July 1, 2007... A California resident client established a Nevada LLC that holds stocks and mutual funds. Its only activity is investing in the stocks and funds, receiving interest and dividends, paying the expenses of the fund, and distributing cash. The...