California CPA articles from June 2004

California CPA archives from June 2004

Applause optional: CalCPA nets national awards.(CalCPA News; California Society of Certified Public Accountants)(Brief Article)
June 1, 2004... Several CalCPA member benefits and services recently were recognized nationally. CalCPA's financial literacy initiative has received an American Society of Association Executives' 2004 Award of Excellence as an outstanding program that has...

Paying your dues--literally.(CalCPA News)
June 1, 2004... If you haven't already renewed your CalCPA membership--which was due May 1--now is the perfect time to take advantage of CalCPA's many resources and benefits. As we enter the new membership year, CalCPA continues to advocate on your behalf...

Education Foundation names slate of candidates.(Education Foundation News)(California CPA Education Foundation Nominations and Leadership Committee)(certified public accountants)(Brief Article)
June 1, 2004... The California CPA Education Foundation Nominations and Leadership Committee has named a slate of candidates for its 2004-05 board of trustees. [ILLUSTRATION OMITTED] Foundation officers to serve a one-year term, beginning with...

Bulk tin matching launched.(IRS News; electronic tax returns)(Brief Article)
June 1, 2004... Bulk Taxpayer Identification Number matching--used by authorized payers who file Forms 1099 to match taxpayer identification numbers with the names of those they pay--is the latest segment of the IRS suite of Internet-based business tools...

Where the money is.(wages)(Brief Article)
June 1, 2004... Is geography a factor when it comes to deciding what to pay people? According to a survey by Accountants Inc., apparently so. Below are salary figures--in thousands--for similar positions in various parts of the state. ...

IRS offers tips for accurate Schedule K-1 filing.(IRS News; corporate taxes)(Brief Article)
June 1, 2004... The IRS is providing tips to businesses to avoid errors on Schedules K-1. The form and instructions for tax year 2003 Schedule E, Supplemental Income, has been enhanced to improve Schedule K-1 reporting accuracy, the IRS says. ...

Update form 8633 or submit new one online.(IRS News; electronic tax returns)(Brief Article)
June 1, 2004... You can now update Form 8633, Application to Participate in the IRS E-file Program, or submit a new one online. [ILLUSTRATION OMITTED] The new service allows electronic update and maintenance of the e-file application for those who...

PCAOB forms Advisory Group, AICPA left out.(PCAOB News; Public Company Accounting Oversight Board)(American Institute of Certified Public Accountants)(Brief Article)
June 1, 2004... The PCAOB has formed a Standing Advisory Group charged with assisting the board in standard setting. [ILLUSTRATION OMITTED] The 30-member group includes two Californians: Richard Koppes, co-director of Stanford Law School, and Linda...

PCAOB adopts auditing standard, delays non-U.S. firm registration.(PCAOB News; Public Company Accounting Oversight Board)(Brief Article)
June 1, 2004... The PCAOB has approved an auditing standard for internal control audits and proposed amendments to existing interim auditing standards. The auditing standard, An Audit of Internal Control Over Financial Reporting Performed in Conjunction...

Distinguished service award winner: Gale Case.(Awesome!)
June 1, 2004... For a career devoted to the betterment of the accounting profession, Gale Case is CalCPA's 2004 Distinguished Service Award winner. [ILLUSTRATION OMITTED] Case's career is colored by numerous contributions to the profession, including...

FASB proposes equity-based compensation.(FASB News; Financial Accounting Standards Board )(Brief Article)
June 1, 2004... The Financial Accounting Standards Board has published its long-anticipated exposure draft, Share-based Payment, an Amendment of FASB Statements No. 123 and 95, which would require publicly traded companies to record share-based payments to...

New requirements for abusive tax shelters.(FTB News; accounting)(Brief Article)
June 1, 2004... The FTB has added regulation and reporting requirements for promoters and organizers of potentially abusive tax shelters. [ILLUSTRATION OMITTED] Tax professionals are now responsible to report, register and maintain investor lists for...

GAO clarifies Yellow Book CPE requirement.(GAO News; General Accounting Office)(Brief Article)
June 1, 2004... When the GAO revised Government Auditing Standards (Yellow Book) in June 2003, the issue of whether or not taxations courses would qualify as CPE was unclear to many practitioners. [ILLUSTRATION OMITTED] The GAO has clarified that most...

Computerized CPA Exam hits the 'on' button.(CPA Exam; Certified Public Accountants)(Brief Article)
June 1, 2004... The new computerized CPA Exam format went live April 5, the culmination of more than three years of work by the AICPA, NASBA and Thomson Prometric. The new format offers several upgrades over the paper and pencil format. Candidates now are...

Free Professional literature for Exam candidates.(CPA Exam; accountants)(Brief Article)
June 1, 2004... Candidates who have applied to take the CPA Exam are allowed free, six-month access to the professional literature used in the exam. [ILLUSTRATION OMITTED] The package includes AICPA Professional Standards, FASB Current Text and FASB...

Announcements.(Member Milestones; accounting services)(Brief Article)
June 1, 2004... Adam Ochoa has been named partner at Peterson, Slater & Osborne... Edward A. Rose Jr. was appointed CFO of Beverly Hills-based Xynergy Corp.... James Glover was named CFO of Fullerton-based Beckman Coulter, Inc.... Suzanne Payne was appointed...

Awards.(Member Milestones; accountants)(Brief Article)
June 1, 2004... Ronald Stumpf was named the Small Business Administration's Financial Services Advocate of the Year for 2004. Stumpf was named Regional Champion for the SBA's Administration Region IX, which includes California Hawaii, Arizona, Nevada and Guam...

In memoriam.(Member Milestones)(Brief Article)(Obituary)
June 1, 2004... Brenda Bailey, CPA, owner of La Mesa-based Bailey and Associates, died April 14.

Members in the News.(Member Milestones; accountants)
June 1, 2004... David Cieslak was quoted in the March Accounting Technology and Practical Accountant... Ric Rosario was quoted in the March Practical Accountant... Stephanie Loose and Jim Calandra were quoted in the March 27 Monterey Herald... Luis Ramirez...

Hot stuff: CPA profession keeps emerging in proposed legislation.(Government Relations)
June 1, 2004... The state attorney general is sponsoring legislation SB 1262 (Sher) that imposes additional controls on nonprofits, management and fundraising. [ILLUSTRATION OMITTED] The original bill would have required nonprofits with revenues of...

Dude, wheres my teacher? Who will teach the next generation of CPAs?(Certified Public Accountants)(Cover Story)
June 1, 2004... Just like slide rules and inkwells, accounting educators are becoming a vanishing breed. While enrollment in undergraduate accounting programs has risen in recent years--and increasing numbers of candidates are sitting for the CPA Exam--the...

Knowledge is power.(FinancialLiteracy)
June 1, 2004... In any given year, some segment of the population ascribes great wisdom to the voters of California. And, regardless of your political leanings, one would be tempted to think that California voters represent a slightly more concerned and...

Healing workers' comp: a primer on what the reforms mean for businesses.
June 1, 2004... California's weathered workers' compensation system has been a top issue for California employers in recent years. The state has seen some of the highest workers' comp premiums in the nation--costs that have skyrocketed 136 percent on average...

Are defined Benefit plans still a good option?(PensionPlans)
June 1, 2004... Traditional defined benefit pension plans have taken a backseat--in perception if not in reality--to their defined contribution counterparts for the better part of the past two decades. The defined contribution revolution started with the...

Providing you value.(AffinityProgram; California Society of Certified Public Accountants)
June 1, 2004... There's a lot that goes into running a business or practice--everything from company credit cards to insurance to employee background checks, all of which can come at a high cost. Enter CalCPA's Affinity Partner Program, which allows CalCPA to...

Expanded reconciliation: IRS expects new form to be used for 2004.(FederalTax; corporate taxes)
June 1, 2004... The U.S. Treasury and IRS released a draft Jan. 28 of a three-page Schedule M-3 (Form 1120), titled "Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More." The Treasury and IRS expect the final version of...