California CPA articles from June 2006

California CPA archives from June 2006

Loretta Doon named CalCPA, Education Foundation CEO.(CalCPA News)
June 1, 2006... Loretta Doon has been named CEO of CalCPA and the California CPA Education Foundation, effective May 1. [ILLUSTRATION OMITTED] Doon, a CPA and CalCPA member, has been COO of CalCPA and the Education Foundation since April 2005. ...

Bilingual? Let's talk.(CalCPA News)
June 1, 2006... If you're bilingual and interested in working with the media, public speaking or other volunteer opportunities, let us know. CalCPA is looking for bilingual CPAs, especially those fluent in Spanish, who are willing to take part in media...

Exposure draft on tax quality control.(AICPA News)
June 1, 2006... The AICPA has released a draft Statements on Standards for Tax Services No. 9, Quality Control. The draft includes information on how to establish and maintain a quality control system and suggests broader communication and documentation...

Small-Business Resource guide.(IRS Update)
June 1, 2006... The IRS 2006 Small-Business Resource CD-ROM contains information on topics ranging from retirement plan options to tax forms, instructions, publications and the new tax law changes for 2006. [ILLUSTRATION OMITTED] Order a copy--the...

IRS Tax Forum hits Anaheim.(IRS Update)
June 1, 2006... The IRS will kick off its 2006 Nationwide Tax Forum tour June 29 in Anaheim. Practitioners can meet one-on-one (by appointment) with IRS experts to resolve a case or answer a difficult question, as well as meet with the IRS Oversight...

IRS, states combat laundering.(Internal Revenue Service)
June 1, 2006... The IRS will work with 33 states, including California, to begin sharing Bank Secrecy Act information. The agreements allow the IRS and participating states to ensure that money services businesses are complying with federal and state...

Corps must e-file in 2007 season.(corporates should pay their tax)(Brief article)
June 1, 2006... Corporations with total assets of $10 million or more that file at least 250 returns per year are required to e-file their Forms 1120 for the 2007 filing season. This requirement is in place for large tax-exempt organizations with $50...

Summary of Federal Income Tax Changes: 2005.(FTB News)
June 1, 2006... The FTB has released its Summary of Federal Income Tax Changes: 2005, that explains federal tax changes and corresponding California law, if any, including an explanation of any changes made in response to the new federal law and the impact on...

Tax deposits hit record high.(FTB News)
June 1, 2006... Personal income tax receipts hit an all-time high in April 2006, with nearly $11.3 billion filtering into the FTB, a 40 percent increase over April 2005. The 2006 filing season saw a record number of Californians e-file, nearly 8.3 million...

CPA Exam fees increase June 15.(CBA News)
June 1, 2006... The Uniform CPA Exam section fees paid to the National Association of State Boards of Accountancy are increasing as of June 15. The new fees are: $187 for Audit and Attestation; $140.78 for Business Environment and Concepts; $175.44 for...

SEC approves auditor and tax services rules.(SEC News)
June 1, 2006... The SEC has approved PCAOB ethics and independence rules concerning independence, tax services and contingent fees. The rules establish a general obligation requiring a registered public accounting firm and associated persons to be...

Transaction, registration fees slashed.(Securities and Exchange Commission)(Brief article)
June 1, 2006... The SEC has severely reduced its fees on securities transactions and registrations. In fiscal year 2007, the fees that public companies and other issuers pay to register their securities will be reduced by 71.3 percent, and the fees...

Panel recommends exemptions.(from Sarbanes-Oxley Act of 2002)(Brief article)
June 1, 2006... An SEC advisory panel has recommended easing SOX-related rules on small companies. Among the proposals is one that allows the agency to override the internal controls requirement of SOX, including allowing an estimated 70 percent of public...

Draft: accounting and reporting of derivatives.(GASB News)
June 1, 2006... GASB has issued for comment a proposal on the accounting and financial reporting of derivatives by state and local governments. The proposal requires that the fair value of derivatives, as well as any change in that fair value, be reported...

DOL makes loans less laborious.(United States. Department of Labor allows interest free loans)
June 1, 2006... The U.S. Department of Labor has removed the final obstacle to allowing interest-free loans to employee benefit plans facing a cash crunch. The DOL finalized an amendment to omit a three-day repayment requirement from the interest-free,...

Verify Social Security info.(Social Security Administration creates Social Security Number Verification System)(Brief article)
June 1, 2006... The Social Security Administration has created the Social Security Number Verification System, an online system to verify that the Social Security numbers and names employees give to employers match and are correct on their W-2 forms. ...

Big four releases SOX 404 report.(Sarbanes-Oxley Act of 2002, compliance costs decrease)(Brief article)
June 1, 2006... Total year-two SOX Sec. 404 compliance costs are expected to decline substantially for both large and small companies, according to a study commissioned by the Big Four. According to the study, total Sec. 404 implementation costs for...

Gap may exceed projections.(Survey Says)
June 1, 2006... The U.S. tax gap could be larger than the IRS' estimated $345 billion, according to a report by the U.S. Treasury Inspector General for Tax Administration. Download the report at...

E-filing sets record.(News & Trends)
June 1, 2006... e-filing sets record 2005 2006 E-filing receipts 65,961,000 70,069,000 From tax 46,013,000 50,333,000 professionals Self-prepared 16,668,000 19,736,000 Visits to IRS.gov...

Mark Everson.(News & Trends)
June 1, 2006... "Making corporate tax returns or a portion thereof public would likely improve compliance". Mark Everson, IRS Commissioner

Catch a webcast: CPE direct to your desktop.(certified public education)(Brief article)
June 1, 2006... Take advantage of the California CPA Education Foundation's growing roster of webcasts, live internet-based CPE programs that combine a live instructor with PowerPoint slides and supplementary materials. [ILLUSTRATION OMITTED] June's...

Niello is Legislator of the Year.(News & Trends)
June 1, 2006... Assemblymember Roger Niello receives CalCPA 2006 Legislator of the Year Award May 10 in Sacramento. [ILLUSTRATION OMITTED] Pictured, from left: Bruce Allen, CalCPA director of government relations; Loretta Doon, CalCPA CEO; Niello; and...

SEC selects Kim.(News & Trends)
June 1, 2006... CalCPA MEMBER SANDIE KIM has been selected by the SEC's Office of the Chief Accountant as a professional accounting fellow, a two-year position. Kim, a senior manager in Deloitte & Touche LLP's National Office Accounting Consultation Group...

Campbell wins Distinguished Service Award.(News & Trends)
June 1, 2006... FOR HIS TIRELESS EFFORTS on behalf of the CPA profession, Congressman John Campbell is CalCPA's 2006 Distinguished Service Award winner. A fourth-generation Californian, U.S. Rep. Campbell was born in Los Angeles in 1955. He earned a...

Announcements.(membermilestones)
June 1, 2006... San Francisco-based Richard Croghan has been named a partner at Moss Adams LLP. Send Member Milestones to: editor@calcpa.org.

Accomplishments.(membermilestones)
June 1, 2006... Walnut Creek-based Loretta Fable received her CPA license.

Firm news.(membermilestones)
June 1, 2006... Various firms teeming CalCPA members made it to the Top 50 List of Best Places to Work (101-500 employees) assembled by the San Francisco Business Times. Among them, San Ramon-based Armanino McKenna LLP (No. 5); Campbell-based Mohler, Nixon &...

PAC contributions.(membermilestones)
June 1, 2006... A huge thank you to Santa Monica-based Andy Mintzer, who has donated $1,250 to CPA-PAC, CalCPA's Political Action Committee.

Members in the news.(membermilestones)
June 1, 2006... Sacramento-based Lynne Walline had an article published in the Microsoft Small Business Accounting Tax Center March 20... A column by San Ramon-based Andy Armanino appeared in the March 24 Silicon Valley/San Jose Business Journal......

On their own.(News & Trends)
June 1, 2006... on their own: 50% of CFOs say their businesses don't reimburse staff for CPE required to maintain their professional certification.--Robert Half Finance & Accounting

Pension balance.(News & Trends)
June 1, 2006... pension balance: 84% of 122 CFOs surveyed support FASB's proposal to report the level of pension funding on the balance sheet.--Grant Thornton

Retirement X.(News & Trends)
June 1, 2006... retirement X: 65% of Generation Xers said they don't expect Social Security to be a retirement option; 68% don't see pensions as a safety net.--AICPA

Follow us: CPAs take lead in financial literacy.(certified public accountants)
June 1, 2006... WHAT IF YOU GAVE a party and everybody came? CalCPA did. We called on CPAs, educators, students, consumer groups, nonprofits, legislators, regulatory agencies and others to imagine a California in which everyone--children, adults, young and...

Assessing risk: AICPA's new risk assessment standards present a sea change for auditors.(PROFESSIONALISSUES)
June 1, 2006... The Panel on Audit Effectiveness issued its "Report and Recommendations" Aug. 31, 2000 after performing a comprehensive review of a sample of audits of public companies by the then-eight largest audit firms. Among the panel's numerous...

Looking ahead: too often, CPAs ignore their own succession planning advice.(SUCCESSIONPLANNING)
June 1, 2006... It's a sad, but true fact: most CPAs treat succession planning for their own practices the same way the cobblers treat their barefoot children: While they advise clients of the importance of succession planning for their businesses, far too...

Annuity structure: private annuity transactions can help clients cash out, defer gains.
June 1, 2006... In the increasingly scrutinized world of tax planning, practitioners are finding it more difficult to deliver on their clients' expectations of selling an appreciated asset without triggering an income tax. What can practitioners do to...

No rush to sign: client agreements from government entities not always a fit for CPA firms.(PROFESSIONALISSUES)
June 1, 2006... Some CPA firms are being pressured by governmental clients to execute agreements or contracts in lieu of traditional CPA engagement letters. Typically, such boilerplate agreements and contracts are used by governmental entities for all...

Quality control: SSTS No. 9 provides guidance on tax quality control systems.(corporatetax)
June 1, 2006... CPAs recognize the importance of quality control. Our clients expect that we apply our skills with care and thoroughness. Beyond our knowledge, we are hired for the quality of service we provide. In one form or another, CPA firms maintain a...

CPA day at the Capitol: CalCPA members increase profession's visibility.(California Society of Certified Public Accountants)
June 1, 2006... More than 100 California CPAs arrived at the state Capitol May 10 to increase the profession's visibility and share concerns with legislators on issues important to the profession and the state. CPAs were briefed on key issues, then...

Accrued taxes: new IRS advice may accelerate payroll tax deductions.(federaltax)
June 1, 2006... IRS Field Attorney Advice 20061701F, (April 28, 2006), which may not be used or cited as precedent, considered whether accrual basis taxpayers can deduct employment taxes on vacation/bonus pay accrued at year-end, but not paid until the next...