California CPA articles from June 2002

California CPA archives from June 2002

Sponsors of cafeteria plans get relief from filing IRS Form 5500. (IRS News).(Brief Article)
June 1, 2002... Sponsors of certain types of cafeteria plans no longer are required to file IRS Form 5500 for their plans. IRS Notice 2002-24 suspends the filing requirement for welfare plans that have fewer than 100 participants where the benefits are...

Annual Meeting notice. (Education Foundation).(California Certified Public Accountants Education Foundation)(Brief Article)
June 1, 2002... The California CPA Education Foundation Nominations & Leadership Development Committee has named a slate of candidates for its 2002-03 board of trustees. Foundation officers to serve a one-year term, beginning with election at the...

FBI Director to speak at June CPA Conference. (Education Foundation).(FBI Director Robert S. Mueller)(Brief Article)
June 1, 2002... Barring a national emergency, FBI Director Robert S. Mueller will speak at the Education Foundation's Financial Statement and Tax Fraud Conference, June 27 in Los Angeles and June 28 in San Francisco. Mueller will cover identity theft,...

Northern California communities more wealthy than Southern. (FTB News).(2000 state income tax returns)(Brief Article)(Statistical Data Included)
June 1, 2002... California taxpayers reported a nearly 16 percent increase in adjusted gross income on their 2000 state income tax returns according to Kathleen Connell, state controller and FTB chair. And, select San Francisco Bay Area communities continue to...

Technology operating costs in California. (News & Trends).(Brief Article)(Statistical Data Included)
June 1, 2002... Technology Operating Costs in California San Jose Sacramento Orange Co. San Diego Total Annual Labor Costs 9.5M 8.9M 9.1M 8.6M Electric Power Costs 53,244 48,192...

New law allows FTB to disclose tax data to local governments. (FTB News).(Franchise Tax Board)(Brief Article)
June 1, 2002... Beginning with the 2001 tax year, the FTB is authorized to disclose limited tax information to local tax officials. California Revenue and Taxation Code Sec. 19551.1 limits the FTB to disclosing the taxpayer's name, address, principal...

Keep alert to California's legislative response to Enron. (Government Relations).(California Society of Certified Public Accountants information service)
June 1, 2002... While CalCPA advocates for national and uniform reform that passes the public interest test, some California legislators are creating reform measures that may drive businesses out of the state. CalCPA is committed to keeping you up-to-date...

And the Oscar goes to "The Accountant". (News & Trends).(Brief Article)
June 1, 2002... Accountants these days may feel they are not getting the kudos they deserve. One accountant is. The short (38-minute) film, "The Accountant," picked up the Oscar for Best Live Action Short at this year's Academy Awards. "The Accountant" is...

Audit firm guidance issued. (AICPA News).(American Institute of Certified Public Accountants)(Brief Article)
June 1, 2002... The AICPA's SEC Practice Section recently issued guidance for U.S. audit firms that are taking on increased numbers of publicly traded clients or professional staff. The guidance draws from existing professional standards established by...

Tips for contacting and communicating with legislators. (Grassroots Means You).(Brief Article)
June 1, 2002... Key to any legislative contact is identification and information. Before you call, write or fax, know your argument. Be able to clearly explain why you support or oppose a certain bill. Using your own words is definitely best. And, your...

Fuel exemption regulation approved. (BOE News).(Reg. Sec. 1533.2; diesel fuel used in agriculture)(Brief Article)
June 1, 2002... The Board of Equalization has approved Reg. Sec. 1533.2, which limits the sales tax exemption for diesel fuel used in agriculture to the first point where the product is sold rather than to secondary processors and grocery stores. For more...

SEC proposes faster Form 8-K reporting and other reforms. (SEC News).(Brief Article)
June 1, 2002... The SEC recently issued proposed amendments to Form 8-K under the Securities Exchange Act of 1934, requiring companies to report transactions by executive officers. The amendments respond to investors' needs for timely disclosure on EDGAR...

Mail without return address no longer delivered to CBA. (CBA News).
June 1, 2002... Putting your return address on correspondence to the CBA is now as important as remembering the stamp. Citing the reason of "security concerns occasioned from national events," the CBA no longer accepts mail without a return address. Any...

CalCPA CEO wins Lifetime Achievement Award. (CalCPA News).(Susan B. Waters)(Brief Article)
June 1, 2002... CalCPA CEO Susan B. Waters, CAE, has won the Lifetime Achievement Award from the Northern California Society of Association Executives. The award is one of NCSAE's highest honors and is given only in years in which there is a candidate who...

No joke: 2001-02 a banner year for positive publicity. (CalCPA News).(Brief Article)
June 1, 2002... It may seem ironic, but 2001-02 turned out to be a banner year for positive visibility for the profession in California. This year's emphasis on electronic media paid off as CalCPA nearly doubled television and radio appearances with segments...

Real accountants only. (News & Trends).(electronic filing)(Brief Article)(Statistical Data Included)
June 1, 2002... REAL ACCOUNTANTS ONLY, PLEASE 33 percent of respondents to an informal Yahoo! Finance poll said they didn't e-file this year because they prefer working with an accountant.

Shockingly wealthy women. (News & Trends).(Brief Article)(Statistical Data Included)
June 1, 2002... Women now control 51.3 percent of personal wealth in the United States, according to the Federal Reserve Board.

2002 Distinguished Service Award. (News & Trends).(Brief Article)
June 1, 2002... Sacramento-based CPA Michael G. Ueltzen has been awarded CalCPA's highest honor: the 2002 Distinguished Service Award. "Mike is one of the finest people we have ever had the privilege of working with," says Bruce C. Allen, CalCPA's...

CPAs are top choice for small business. (News & Trends).(Brief Article)(Statistical Data Included)
June 1, 2002... Small business owners overwhelmingly choose CPAs over other financial professionals for their personal and business matters, but tend to use different individuals for each, according to a new study by Nationwide Financial, a distributor of...

Tax Freedom Day. (News & Trends).(Brief Article)
June 1, 2002... This year's Tax Freedom Day fell on April 27-two days earlier than 2001. Tax Freedom Day is the date by which Americans paid off all of their income taxes.

Enhanced eye care benefits. (GIT News).(Brief Article)
June 1, 2002... The CalCPA-sponsored group vision plan from VSP, which has provided member firms with an eye-care package for many years, recently added an enhanced plan with significantly improved benefits at a slightly higher price. If your firm already...

Solid waste fee increases. (Business Expenses).(Brief Article)
June 1, 2002... Effective July 1, the California Integrated Waste Management Board's fee on solid waste will increase from $1.34 to $1.40 Per ton (Resolution 2001-216, passed June 19, 2001).

Announcements. (Member Milestones).(Brief Article)
June 1, 2002... Joanna Boisky, Ronald D. Chandler and Michael G. Kaplan have been admitted as partners in the North Hollywood firm of Miller, Kaplan, Arase & Co.... Paul Bradshaw has been promoted to the position of tax manager in the San Francisco Tax...

Hood & Strong LLP. (Firm News).(Brief Article)
June 1, 2002... This year marks the 85th anniversary of the founding of San Francisco Bay Area-based Hood & Strong LLP.

Achievements. (Member Milestones).(Brief Article)
June 1, 2002... Lina Ledford, a partner with West Covina-based Parke, Guptill & Co., has been appointed to Mt. San Antonio Community College's Citizen Oversight Committee... Victor Fenster recently celebrated 40 years as a CaICPA member and 49 years as a CPA....

Fed OSHA requirement will have minor impact in California. (Ergonomics Update).(Brief Article)
June 1, 2002... In April, OSHA announced that they will develop a set of voluntary guidelines designed to reduce repetitive motion injuries in certain industries. However, the OSHA program is expected to have little impact on California employers who are...

Beaucoup candidates. (News & Trends).(Brief Article)
June 1, 2002... California administered its largest Uniform CPA Exam ever in November 2001. More than 12,000 were scheduled to take the exam and 9,130 did.

Pay your membership dues online. (CalCPA Online: Web Focus).(Brief Article)
June 1, 2002... Paying Your CalCPA membership dues is as easy as using the Web. If you haven't already renewed your CalCPA membership, which was due May 1, now is the perfect time to renew and take advantage of the many resources CalCPA offers. A new...

Because trust matters: Sacramento CPA Ken Macias speaks out on California's reform proposals; Ken Macias understands the public trust.
June 1, 2002... After Orange County found itself mired in bankruptcy and scandal several years ago, it turned to Macias' firm, Macias, Gini & Company, to take over its annual external audit. Macias understands that his clients--and the public--need fair,...

Are you chasing the right solution? (Financial Services).
June 1, 2002... Here's a bold idea in the face of an onslaught of accounting reform and attempts to limit what CPAs do: Our role as CPAs will expand. It must. CPAs realize that they must reassess their traditional roles to meet clients' expectations and...

Measuring risk: enterprise risk management takes a holistic approach.
June 1, 2002... Even before Sept. 11 knocked insurance premiums into the stratosphere, JoAnn Ralph began telling her clients that the days of easy insurance coverage were coming to an end. Her advice? Prepare for inevitable premium increases by looking for...

Partial conformity: highlights from CalCPA's TaxTalk listserve. (Tax).(California Society of Certified Public Accountants responds to proposed changes in the 2001 California federal tax act)(Brief Article)
June 1, 2002... California CPA went to press just days after Coy. Davis signed two bills that conform to some, but not all, of the changes in the 2001 federal tax act. The bills, AB 1122 (Corbett) and SB 657 (Scott) feature the following: * The...

Work that room. (Networking 101).
June 1, 2002... Congratulations! You're good at what you do. Your technical and professional skills are sterling. But if you really want your hard work to pay off, don't forget that networking and relationship skills are integral to your success. If this...

When to consolidate a special purpose entity. (Accounting and Auditing).(Brief Article)
June 1, 2002... Generally accepted accounting principles require that companies consolidate all entities in which they have a controlling financial interest, including special purpose entities. Although FASB has not defined "controlling financial interest," it...

Depreciation detailed: more highlights from the 2002 Tax Act. (Federal Tax).
June 1, 2002... May's California CPA, Page 33, discussed the new 30-percent additional first year depreciation deduction for qualified property generally acquired after Sept. 10, 2001 and before Sept. 11, 2004 and pointed out that "A taxpayer can elect out of...

2002-03 CalCPA officer candidates. (Special Section).(California Society of Certified Public Accountants)(Brief Article)
June 1, 2002... Chair Nancy Wheeler-Chandler, CPA partner, Hecox, Horn & Wheeler, CPAs, Encino. Current: CalCPA first vice chair; Board of Directors; Council; Board of Trustees of the Group Insurance Trust; Group Insurance Trust Claims and Plan...

The opportunity that wasn't. (Federal Taxes).(Brief Article)
June 1, 2002... The 2001 Tax Act exempts qualified plan loans to owner from the prohibited transactions rules. Previously, these loans could subject the plan to excise taxes or plan disqualification. Sole proprietors, partners who own more than a 10 percent...

Mission critical: intelligent internet use. (Employment Practices).(Brief Article)
June 1, 2002... You've given them a broadband Internet connection and desktop access, but have you provided your employees with an intelligent internet use policy that will help minimize liability, increase productivity and bolster your company's positive...

Little did I know. (From the Chair).(challenges of accounting profession)(Brief Article)
June 1, 2002... It seems like only yesterday, but it was a year ago, that I stood before you describing the challenges faced by the profession, along with my initiative to communicate to young people in high schools, colleges and universities about our dynamic...