California CPA articles from June 2008

California CPA archives from June 2008

Graduation: the numbers: 2008 trends in the supply of accounting graduates and the demand for public accounting recruits.(news&trends)
June 1, 2008... An ongoing benchmark survey, last done by the AICPA in 2005, the 2008 report includes the following key findings: * Accounting enrollments are up almost 19 percent to more than 203,000 students across all degree programs, compared to...

Service efforts and accomplishments reporting.(news&trends)(Brief article)
June 1, 2008... GASB has issued an exposure draft of proposed changes to Concepts Statement No. 2, Service Efforts and Accomplishments Reporting. The draft updates Concepts Statement 2 to reflect the knowledge gathered by GASB through research and monitoring...

The numbers.(news&trends)(Brief article)
June 1, 2008... 2.5 million The number of accountants in public practice, industry and commerce, government and academe that are represented by the International Federation of Accountants. -IFAC 84% Number of accounting professionals surveyed...

CalCPA opposes New Tax proposal.(news&trends)
June 1, 2008... CalCPA is opposing a sales tax on services, including on services provided by accountants, calling it unnecessarily burdensome on small businesses and taxpayers and a move that would prompt businesses to leave California for states that do not...

In memoriam: lou savett.(In memoriam)(Brief article)
June 1, 2008... Lou Savett, a CalCPA Council member and a recent past president of the California CPA Education Foundation (2004-05), passed away May 1. He was 76. Savett was the former chair of Gumbiner Savett Inc., a Santa Monica-based accounting and...

Stimulus Payments Withdrawn from IRAs, Tax-favored Accounts.
June 1, 2008... Economic stimulus payments directly deposited into IRAs and other tax-favored accounts may be withdrawn tax-free and penalty-free, according to the IRS. This relief is designed to help taxpayers who may have been unaware that by choosing direct...

Communication with Audit Committees About Independence.(Brief article)
June 1, 2008... The PCAOB voted to adopt Rule 3526, Communication with Audit Committees Concerning Independence, to enhance communication between audit committees and registered firms regarding the firm's independence. Rule 3526 will require a registered...

Bay Area Counties Have Led California for 35 Years.(median income report)(Brief article)
June 1, 2008... The statewide median income for all personal income tax returns in 2006 rose to $35,390 (3.7 percent over 2005), while the median income listed on joint returns rose to $66,810 (5.1 percent over 2005), according to the FTB. Four Bay Area...

Tougher Standards for Management Statements.(International Auditing and Assurance Standards Board)(Brief article)
June 1, 2008... The International Auditing and Assurance Standards Board has revised the international standards requiring management to provide auditors with a clear written statement that auditors have received all the information they need ...

LLC fee refunds based on Northwest decision.(Northwest Energetic Services desicion on limited liability company tax refunds)(Brief article)
June 1, 2008... In a recent decision on Northwest Energetic Services (NES), LLC u. Franchise Tax Board, the California Court of Appeal, First Appellate District, held that assessing an LLC fee to an entity that had no income attributable to business conducted...

AICPA adds content for new CPA Exam.
June 1, 2008... The AICPA has issued a draft proposal outlining new content and skill specifications it wants to include in the Uniform CPA Examination, including a greater focus on ethics, more in-depth descriptions of the skills necessary for entry-level...

Employers lag when it comes to managing workplace flexibility.
June 1, 2008... A survey of 90 U.S. employers that offer workplace flexibility revealed that, while the benefits of such programs match or outweigh the costs associated with implementing them, very few companies have formal and consistent policies and...

SEC investor education information comes with IRS refund checks.(Securities and Exchange Commission)(Internal Revenue Service)(Brief article)
June 1, 2008... The SEC announced that investors awaiting their refund checks from the IRS also will receive information about a new SEC phone-based resource that can help them learn more about various investing topics and how to avoid investment scams. ...

CalCPA members lauded.
June 1, 2008... Three prominent CalCPA members were recently awarded for their contributions and accomplishments related to the profession and their communities. Dennis Young, managing director/partner-in-charge at RSM McGladrey, is this year's recipient...

Member Milestones.
June 1, 2008... Announcements Lyndon Group, an accounting, finance, information technology and governance professional services firm specializing in project-based engagements, launched a valuation and financial reporting practice led by Lyndon Group...

Going Solo; Helpful hints from those who've done it.(cover story)
June 1, 2008... Going SOLO Can be the most liberating--and most difficult--business decision a CPA chooses. Depending on your specialty, the minutiae of what's required to make the transition to launch your own practice can vary widely. However, no matter your...

Global Accounting; Q&A with IASB member Mary Barth sheds light on Accounting reg convergence.(internationalregs)(Interview)
June 1, 2008... for Stanford University professor Mary Barth, being a member of the International Accounting Standards Board means the world is her office. With IASB headquarters in London, and the board's charge spanning the entire globe, her modus operandi...

Estate planning 101; What every CPA should know.(EstatePlanning)
June 1, 2008... Most clients assume their CPAs are experts in all things financial, especially as related to tax matters. They believe that if there is anything important for them to plan for, their CPAs will raise the matter. One particular area that many...

Service tax: it's back: california's budget woes may trigger sales tax on services.(CapitolBeat)
June 1, 2008... A Los Angeles Times article in early May reported that Gov. Schwarzenegger's administration was holding private meetings with stakeholders to prepare them for a tax increase--including potential expansion of sales tax to accounting and legal...

More than small talk networking to reach your career goals.(professional issues)
June 1, 2008... Networking. This 10-letter word is enough to elicit an alarming array of reactions and emotions-not all of them positive--from otherwise reasonable professionals. Few would deny that an ability and willingness to actively and strategically...

Tomorrow starts Today.(The 2008 California Summit on Financial Literacy)
June 1, 2008... The Average 21-year-old will spend more than $2.2 million in their lifetime. The personal savings rate in the United States is 0 percent. In 2007, credit card delinquencies nationwide jumped 26 percent from 2006. [ILLUSTRATION OMITTED] ...

Paper Erasure: going paperless: Document, Forms, Content and Knowledge Management.(technologyissues)
June 1, 2008... For many, the promise of a "paperless office" has been a afrustrating and elusive goal. Most, it seems, would be happy to simply have less paper. And with a renewed focus on "green" living, the thought of printing, handling and storing less...

San Diego paradise point resort & spa.(Upcoming CE Weeks:)(Calendar)
June 1, 2008... Monday, July 7 International Tax Issues for Individuals: Taxation of Resident and Nonresident Aliens Financial Statement Preparation for Your QuickBooks Accounting Software Clients Choice of Entity Workshop Financial and Estate...

Monterey embassy suites, seaside.(Upcoming CE Weeks:)(Calendar)
June 1, 2008... Monday, Aug. 4 Practical Financial Accounting and Auditing Update Fundamentals of 1031 Exchanges Business Taxation: A Potpourri of Tax Tools Audit Standards Update: The New Audit Risk Assessment Standards Tuesday, Aug. 5...

Business incentives: recent legislation provides bonus depreciation and enhanced expensing.(Fed Tax)
June 1, 2008... The 2008 Economic Stimulus Act (P.L. 110-185) authorizes an additional depreciation deduction equal to 50 percent of the adjusted basis of "qualified property" that is placed in service after 2007 in tax years ending after 2007. This property...

What's the Count?(finalentry)(Dan VistiCa, senior vice president and CFO for the Sacramento River Cats)(Interview)
June 1, 2008... Dan VistiCa, senior vice president and CFO for the Sacramento River Cats, is entering his ninth season with the Triple-A affiliate of the Oakland A's. Prior to joining the River Cats, Vistica worked in private industry for more than 20 years in...

Defining you: Don't be Generic; Get yourself a professional domain name.(domain names)
June 1, 2008... Do you have a generic e-mail address? For example, jeff@hotmail.com. jeff@yahoo.com or jeff@aol.com. If so, you may have had the desire to upgrade your e-mail to a more professional address--something like jeff@clickconsulting.com or...

Security Key: Mother nature isn't the only one to worry about when it comes to protecting data.(data protection)
June 1, 2008... You may think you have heard enough about disaster preparedness. But we're not here to talk about avoiding or limiting losses from a natural or unplanned disaster since you've likely read much about that important topic--and have taken...

Real Simple Syndication; Everything you need to know about.(feedme)
June 1, 2008... The internet is becoming increasingly dynamic as information is being added, updated and deleted at unprecedented rates. Even the casual surfer is finding it more difficult to keep up. Way back in the old days (pre-2005, that is), internet...

In the clouds: Some down-to-earth research is needed before moving to cloud computing.(data storage)
June 1, 2008... Once the playground of military and university research institutions with large and expensive processors that can store and share data, "cloud computing" is fast becoming more affordable to businesses. Not familiar with cloud computing?...

Click & learn: as internet tax research evolves, here's your guide to getting around.(internet research)(Website list)
June 1, 2008... While internet use has grown tremendously, online tax research is still evolving. There's great potential, but a long way to go before the internet can be fully utilized. In some areas, it's not ready to compete with commercial online services...

Product needs? A sample of what can help.(Website list)
June 1, 2008... From phone systems to creating electronic documents to generating invoices, there is no shortage of products aiming to help businesses. The following are just some recently released products that may fit your needs. [ILLUSTRATION OMITTED]...

2008 California Accounting & business show exhibitor booth listings.(2008 CA Accounting Show)(Directory)
June 1, 2008... Note: The following lisdting is current as of April 25. For completer listings and more information, visit www.flaggmgmt.com/ca. 1st Global 8150 N General Expressway, Suite 500, Dallas, TX 75206 (214) 265-1201 Fax: (214)...