California CPA articles from June 2005

California CPA archives from June 2005

Education Foundation names slate of candidates.(Education Foundation News)(California CPA Education Foundation)(Appointments)(Brief Article)
June 1, 2005... The California CPA Education Foundation Nominations and Leadership Committee has named the following officers as candidates for a one-year term on its board of trustees: Beverly Brautigam, president (Sacramento); David Primes, first vice...

AICPA releases retirement planning marketing tools.(AICPA News)(American Institute of Certified Public Accountants)(Brief Article)
June 1, 2005... The AICPA has unveiled "How to Afford a Long Happy Retirement," a brochure and presentation materials for marketing retirement planning services. [ILLUSTRATION OMITTED] AICPA members can access the free resources at...

Exposure draft: financial interests and independence.(AICPA News)(American Institute of Certified Public Accountants)(Brief Article)
June 1, 2005... The AICPA is seeking comment on a proposed ethics interpretation under Rule 101-Independence, which would change the rules for determining whether financial interests held by a company's external auditor impair independence. The new...

Social insecurity.(News & Trends)(California Society of Certified Public Accountants)(Brief Article)
June 1, 2005... Social Security reform has been a hot topic in 2005. CalCPA conducted a survey weighing Californians' attitudes on the issue. Among the findings were: 51% of Californians say they could make better investments than the government ...

Outsourcing ethics rulings take effect.(AICPA News)(American Institute of Certified Public Accountants)(Brief Article)
June 1, 2005... New ethics rulings adopted last year by the AICPA regarding a CPA's responsibilities when outsourcing client work take effect for all professional services performed on or after July 1, 2005, except for professional services performed pursuant...

Capitol Track.(Web Focus)(California Society of Certified Public Accountants)(Brief Article)
June 1, 2005... Stay on the cutting edge of activities in the California Legislature with Capitol Track, an ongoing update of bills affecting the CPA profession. From special district audits to tax on professional services, Capitol Track, provides updates on...

San Diego CPAs wanted to help write CPA Exam questions.(News & Trends)(job ad)(Brief Article)
June 1, 2005... The AICPA is looking for San Diego-area CPAs to help write and review auditing simulations for the Auditing and Attestation section of the Uniform CPA Exam. Participants will earn 11 hours of CPE to help develop the simulations, which...

GAO: IRS' IT system needs fixing.(IRS Update)(General Accounting Office )(Brief Article)
June 1, 2005... The IRS needs to fix several serious security control weaknesses to ensure the confidentiality, integrity and availability of sensitive taxpayer and Bank Secrecy Act information, according to the GAO. A recent GAO report found 39...

Don't forget to renew your membership.(CalCPA News)(California Society of Certified Public Accountants)(Brief Article)
June 1, 2005... CalCPA membership dues were due May 1. Renew now or you'll miss out on CalCPA's efforts to: * Ensure a fair and reasonable regulatory environment in California; * Protect you from unfair legislation; * Alert you to new...

IRS tips for accurate Schedule K-1 filing.(IRS Update)(Brief Article)
June 1, 2005... The IRS is providing tips to businesses, individuals and tax professionals to avoid errors on Schedule K-1s, which are used to report income and other distributions from partnerships, S corporations and some estates and trusts. For more,...

IRS releases Schedule M-3 FAQs.(IRS Update)(Brief Article)
June 1, 2005... The IRS has unveiled an online service where corporate taxpayers can find and request answers to their questions about the new Schedule M-3, "Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More." To...

2005 Tax Forum coming to San Francisco.(IRS Update)(Brief Article)
June 1, 2005... The IRS will host its annual Nationwide Tax Forum June 28-30 in San Francisco, the only forum to be held in California. Forum seminars feature the latest on IRS policies and programs. Topics on the 2005 agenda include like-kind...

Voluntary Compliance Initiative brings in $1.4B.(FTB News)(Franchise Tax Board)(Brief Article)
June 1, 2005... According to the FTB's final report on the 2004 Voluntary Compliance Initiative, 1,202 taxpayers reported $1.4 billion in additional tax liabilities by filing 2,289 amended returns for tax years 1990-2002. Individual taxpayers accounted...

FASB issues proposal on GAAP Hierarchy.(FASB News)(Financial Accounting Standards Board)(Brief Article)
June 1, 2005... To simplify the standard-setting process, the FASB has published The Hierarchy of Generally Accepted Accounting Principles, an exposure draft that it says will achieve "... the ultimate vision for simplification of standard setting: one process...

Conditional Asset Retirement Obligations.(FASB News)(Financial Accounting Standards Board)(Brief Article)
June 1, 2005... FASB has released Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations, to produce more consistent recognition of liabilities relating to asset retirement obligations, as well as more information about expected future...

EU, U.S. set standards roadmap.(Standards News)(generally accepted accounting principles)(Brief Article)
June 1, 2005... The EU Commission and SEC have agreed on a roadmap toward equivalence between International Financial Reporting Standards and U.S. generally accepted accounting principles. The roadmap details steps the SEC will take to eliminate the need...

GAO: guidance on Government Audit Standards CPE.(Government A&A News)(Government Accountability Office)(Government Auditing Standards 2003)(Brief Article)
June 1, 2005... The Government Accountability Office has issued guidance to auditors and audit organizations expanding and modernizing the types of programs and the list of subjects and topics that can satisfy CPE requirements under Government Auditing...

CCMA issues revised white paper on redevelopment agency loans.(Government A&A News)(California Committee on Municipal Accounting)(Brief Article)
June 1, 2005... The California Committee on Municipal Accounting has revised its white paper on reporting guidance for loans between redevelopment agencies and cities due to the addition of question 7.479 to the GASB Comprehensive Implementation Guide. ...

Hats off to Hal! 2005 CalCPA Distinguished Service Award winner: Harold S. "Hal" Schultz.(News & Trends)(California Society of Certified Public Accountants)
June 1, 2005... For a career devoted to the betterment of the accounting profession, Harold S. "Hal" Schultz is CalCPA's 2005 Distinguished Service Award winner. Schultz, a partner with PricewaterhouseCoopers in Irvine, is a 33-year veteran of the CPA...

Condense your search: CalCPA.org classifieds.(CalCPA NEWS)(California Society of Certified Public Accountants)(Brief Article)
June 1, 2005... Businesses--public and private--are clamoring for CPAs to join their teams. Nowhere is this more apparent than with CalCPA.org's classified ads. The ads are a targeted online community linking California's top employers with job seekers,...

e-filing sets record pace.(IRS NEWS)(Brief Article)
June 1, 2005... e-filing sets record pace: The IRS saw a record number of e-filed tax returns during the 2005 tax season. Roughly 66 million tax returns were e-filed through April 22, up 11 percent from last year's record 62 million returns. And there...

NASBA: proposed changes to the 150-hour rule.(CPE News)(National Association of State Boards of Accountancy )(Brief Article)
June 1, 2005... The National Association of State Boards of Accountancy is proposing changes to the model Uniform Accounting Act rules, which would include increasing the semester hours of accounting at the upper-division undergraduate level from 24 to 30, and...

Retroactive workers' comp apportionment rules.(Court Rulings)(Brief Article)
June 1, 2005... Workers' comp reform legislation requires that permanent disability benefits be determined based on the percentage of permanent disability directly caused by the injury incurred with that employer. A California appeals court recently...

401(k) providers voice concerns.(Survey Says)(Brief Article)
June 1, 2005... Rising use of investment advisers and increased fee transparency are the foremost concerns for human resource and employee benefits executives nationwide, according to Deloitte Consulting's 2004 Annual 401(k) Benchmarking Survey. ...

How's your plan? 2005 pension fund survey.(Survey Says)(Brief Article)
June 1, 2005... In a study of 100 U.S. companies sponsoring pension plans, the average investment return on pension assets was 12.4 percent, beating expectations; pension expenses increased by $4.1 billion in 2004; and more than 90 companies increased their...

CPAs: an untapped resource for real estate investments.(Survey Says)(Brief Article)
June 1, 2005... While CPAs can lend plenty of real estate-related tax planning advice, clients usually don't take advantage of that expertise, according to a survey of 700 CPAs conducted by the AICPA's Insider newsletter. Specifically, a CPA's knowledge...

Firms view involvement in associations as beneficial.(Survey Says)(Brief Article)
June 1, 2005... A majority of hiring managers cite involvement in industry or trade associations as beneficial to an employee's career, according to a survey conducted by an independent research firm and released by Accountemps. When asked how beneficial...

Announcements.(member mile stones)(Brief Article)
June 1, 2005... John Moyle has been promoted to partner at Ueltzen & Co. LLP... Walnut Creek-based Annette Bevers and Palo Alto-based Katie Sims have been promoted to senior manager and Palo Alto-based Sharon Selleck has been promoted to director at Burr,...

Accomplishments.(member mile stones)(Brief Article)
June 1, 2005... Aptos-based J. Ben Vernazza was reappointed chair of the AICPA International Reporting Requirements Task Force... Joseph B. Ucuzoglu, a senior manager at Deloitte & Touche LLP in Los Angeles, has been named a professional accounting fellow by...

Firm news.(member mile stones)(Storey & Bowen LLP)
June 1, 2005... San Ramon-based Armanino McKenna LLP acquired the health care audit and review practice of San Francisco-based Clare, Chapman, Storey & Bowen LLP. Dan Bowen, a partner at Clare, Chapman will join Armanino McKenna in its new San Francisco...

Awards.(member mile stones)(Brief Article)
June 1, 2005... Annette Nellen was chosen for San Jose State University's Faculty Distinguished Service Award in recognition of her exemplary service in a leadership capacity to the university, community and profession.

Members in the news.(member mile stones)
June 1, 2005... Ed Hashim was quoted in the Feb. 15 Fresno Bee... Miguel Palma was interviewed on KIQI, KLIV Radio in San Jose Feb. 22... Barry Dolowich wrote a column for the Feb. 23 Bakersfield Californian... Janice Carr was featured in an article in the...

Drive: take control of your business' profitability.
June 1, 2005... Is your business reaching its true potential? If you're like most experienced CFOs and controllers, you probably would answer "yes." You and your team have spent your careers analyzing your business' financial results and finding ways to reduce...

Good advice (Bankruptcy Abuse Prevention & Consumer Protection Act of 2005): what you need to know about the Bankruptcy Act of 2005.
June 1, 2005... The recent passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is the culmination of more than a decade of bankruptcy reform debate in Congress. For CPAs, the act means they may find that their financially challenged...

Eyeing nonprofits: the Charity Integrity Act & other pending governance, accountability rules.(NONPROFIT REGULATIONS)
June 1, 2005... You could see it coming--more transparent financial reporting, the restructuring of corporate governance--if it was good for public companies, it wouldn't be long until someone decided it also would be good for private companies and nonprofits....

Tax: the hot topic: tax talk hits everything from high-income earners to services.(government relations)
June 1, 2005... With budget issues making headlines daily in California, it's no surprise that changing the tax code--read, increasing revenue to the state--is one of the hottest topics in the state capitol. Last year, Gov. Schwarzenegger made it clear...

Chief value officer: no firm should be without one.(PRACTICE MANAGEMENT)
June 1, 2005... Who's in charge of value in your firm? My VeraSage Institute colleagues and I have posed this question to thousands of accountants around the world. We are usually met with a momentary staring ovation, and then someone will inevitably shout,...

Trickle down: how Sarbanes-Oxley reaches pension plans of private companies.(PENSION PLANS)
June 1, 2005... Nearly three years have passed since the passage of the Sarbanes-Oxley Act, requiring public companies to make their operations more transparent to outsiders. As public companies have struggled to comply, private companies--in particular, those...

Marketing value: a well-rounded marketing plan can showcase your Type-2 services.(PRACTICE MANAGEMENT)
June 1, 2005... The CPA profession is undergoing numerous changes that are reshaping the way we practice and require increased attention to marketing. One key change is the migration from total dependence on Type 1 (historical) services to a blend of Type...

Notice of meeting.(NOMINATIONS)
June 1, 2005... The Annual Members Business Meeting of the California Society of Certified Public Accountants will take place at 11 a.m. Friday, July 22 at the Monterey Plaza in Monterey. The Annual Members Business Meeting will include a membership vote...

2005-06 CalCPA officer candidates.(CANDIDATES)
June 1, 2005... Chair Christopher T. Yahng, CPA Co-owner, BAYCPA, Benson & Yahng Oakland Current: CalCPA Board of Directors, first vice chair; CalCPA Council; East Bay Chapter Board of Directors; California CPA Education Foundation Board of...

Articles of Incorporation.(ANNUAL MEETING)
June 1, 2005... Articles of Incorporation of California Society of Certified Public Accountants ARTICLES OF INCORPORATION of CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS [begin strikethrough] KNOW ABOVE BY THESE PRECEPTS: That we, the...

FLPs v. Tax Courts: Bongard case highlights Family Limited Partnership challenges.(estate planning)
June 1, 2005... The IRS has challenged family limited partnerships on a number of grounds, without much success, in recent years. Recent cases against FLPs rely on violations under Sec. 2036(a), where the IRS disputed the unchanging relationship between...

Reduce interest due IRS: favorable new rules for interest-reducing deposits.(federal tax)
June 1, 2005... Interest continues to accrue while a tax liability is disputed, but the taxpayer has only a few choices to limit underpayment interest. The taxpayer can continue the dispute, but if the taxpayer ultimately loses, interest will accrue from the...