California CPA articles from March 2002

California CPA archives from March 2002

Certification fee increases. (CBA Update).(California Board of Accountancy)(Brief Article)
March 1, 2002... The California Board of Accountancy has raised its certification fees from $2 per request to $25. This includes requests for letters confirming passage of the Uniform CPA Examination; grades received on the Uniform CPA Exam; transferring...

What will you be making in 2002?(salaries)(Brief Article)(Statistical Data Included)
March 1, 2002... What will you be making in 2002? (Salary figures in thousands) Position Silicon Valley Sacramento Orange Co. San Diego CFO 150-250+ 100-175+ 140-200+ 110-200+ Accounting Mgr. ...

Cash method available for more small businesses. (IRS News).(Brief Article)
March 1, 2002... Some small businesses with gross receipts up to $10 million can now use the cash method of accounting. IRS Notice 2001-76 contains details of proposed rules, and taxpayers may rely on these proposals for tax years ending on or after Dec....

New guidance for split-dollar life insurance. (IRS News).(Brief Article)
March 1, 2002... The March/April 2001 issue of California CPA, Page 6, discussed IRS Notice 2001-10, which provided guidance for split-dollar life insurance arrangements between employers and employees. Notice 2002-8 revokes Notice 2001-10 and: * Announces...

Practitioner hotline gets new number, new name. (IRS News).(Brief Article)
March 1, 2002... The new Practitioner Priority Service, (866) 860-4259, replaces local practitioner hotlines and is available weekdays from 7:30 a.m. to 5:30 p.m. The service has been available to Northern Californian area codes 408, 415, 510, 530, 650,...

New filing addresses, web site redesign. (News & Trends).(Brief Article)
March 1, 2002... Before you start mailing in those tax returns, be sure to check out the IRS' extensive list of new filing addresses for all returns filed on or after Jan. 1, 2002. Catch it on the IRS' newly redesigned--and easier to use--Web site at...

2001 schedule K-1 instruction corrections. (News & Trends).(interest reporting for partners)(Brief Article)
March 1, 2002... If you downloaded Partner's Instructions for Schedule K-1 (Form 1065) before Jan. 2, 2002, you should download them again. Incorrect line references have been found under Item 22 of the Supplemental Information Section on Page 11. The...

The truth about frivolous tax arguments. (News & Trends).(Brief Article)
March 1, 2002... You've seen the headlines in SPAM e-mails and classified magazine ads, pushing courses and seminars which preach that payment of U.S. income tax is illegal. The IRS has issued a report in response to some of the more common frivolous...

SpeakOut!
March 1, 2002... CPAs AS FIDUCIARIES: THE 15TH REASON I'm both a CPA and an attorney and practice somewhere between the two professions. In the course of my estate planning work, I've recognized the special training that makes CPAs such logical candidates...

SSLLC contract extended. (CalCPA News).(Brief Article)
March 1, 2002... CalCPA has signed an extension to its contract with the Shared Services LLC, the state societies' data provider for the AICPA Internet portal CPA2Biz. The contract, which expired Dec. 31, 2001, has been extended through July 31. CalCPA CEO...

IRS, FTB, EDD and BOE answer your questions. (CalCPA News).(Internal Revenue Service, Franchise Tax Board, Employment Development Department, Board of Equalization)(Brief Article)
March 1, 2002... Have a gnawing question you'd like the IRS or FTB to answer? Ask away! The Committee on Taxation is accepting questions for its fall 2002 tax liaison meetings. In addition to IRS and FTB tax-related questions, you also may pose questions...

Join a CalCPA state committee. (CalCPA News).
March 1, 2002... State committees play a vital role in CalCPA and focus on specific areas of the profession. As a state committee member, you'll have the opportunity to do work on behalf of the profession, while developing leadership skills and making contacts...

New head of Household Web page. (FTB News).(Brief Article)
March 1, 2002... The FTB Web site has a new addition, the Head of Household page, www.ftb.ca.gov/hoh/index.html. The new page offers information on the rules for qualifying for head of household filing status; the FTB's audit process; answers to frequently...

Domestic partners now have more rights. (FTB News).(Brief Article)
March 1, 2002... AB 25 (Ch. 01-893) expands the group of individuals who may register as domestic partners and confers new legal rights on all registered domestic partners. For taxable years beginning on or after Jan. 1, 2002, several existing taxpayer...

Track client information online. (FTB News).(Brief Article)
March 1, 2002... Now you can track your clients' estimated tax payments as they are applied to their accounts via a new service offered through the FTB's direct filing portal. What's more, you can find a client's current balance due, going back as far as five...

New law says FTB can't levy innocent investor's residence. (FTB News).(Brief Article)
March 1, 2002... SB 366, which was signed into law last year, prohibits the FTB from issuing any levy on a principal residence of an innocent investor for an underpayment that is attributable to an abusive tax shelter for any tax year on or before Dec. 31,...

Error on FTB 3510 may require amending returns. (FTB News).(Brief Article)
March 1, 2002... Form FTB 3510, Credit for Prior Year Alternative Minimum Tax--Individuals or Fiduciaries, was revised incorrectly following legislation enacted in 1999. AB 1637 added exemption credits to California Revenue & Taxation Code Sec. 17039. This...

XBRL is speeding right along. (Tech Bytes).(extensible business reporting language)(Brief Article)
March 1, 2002... The XBRL 2.0 specification is final, and companies such as Creative Solutions and Bank of America are moving forward with implementation. XBRL (extensible business reporting language) allows software vendors, programmers and end users who...

April showers bring May conferences. (CPE Opportunities).
March 1, 2002... Mark your calendars and keep an eye on www.educationfoundation.org for more details about upcoming conferences. Highlights to begin the CPE season include: * School Districts Conference: May 13, Sacramento; May 14, Ontario; * Advanced...

International experience has career value say financial execs. (Survey Says).(Brief Article)
March 1, 2002... Accepting that transfer to your company's Paris office could have far-reaching career benefits, according to a recent survey by Robert Half International. Fifty-six percent of CFOs polled said that within five years, international...

Related party toolkit for accountants and auditors. (Accounting and Auditing).(Brief Article)
March 1, 2002... The AICPA has issued Accounting and Auditing for Related Parties and Related Party Transactions, which provides guidance on related parties and related party transactions. The document is available at www.aicpa.org/news/relpty1.htm. The...

Business casual improves morale. (Survey Says).(Brief Article)
March 1, 2002... According to a survey by the national employment law firm of Jackson Lewis, three out of four U.S. companies say they now have a policy permitting business casual dress in the office. Of these, 56 percent allow casual attire every day of the...

Assessment of risk factors for 2001 financial statements. (Accounting and Auditing).(Brief Article)
March 1, 2002... Financial statement preparers, audit committees and auditors are urged to consider risk factors in the current financial reporting environment. To help out, the AICPA has released a detailed list of risk factors that should be considered as...

FASB takes a cue from the simplicity movement. (FASB News).(Financial Accounting Standards Board)(Brief Article)
March 1, 2002... FASB is launching a series of administrative projects aimed at codifying and simplifying U.S. accounting literature. The project is being initiated in response to concerns raised about the quantity, complexity and difficulty retrieving U.S....

GAO issues final standards on auditor independence. (Standards Update).(General Accounting Office)(Brief Article)
March 1, 2002... In late January, the U.S. General Accounting Office issued a final standard on auditor independence requirements. The changes to Government Auditing Standards (also known as the Yellow Book) apply to periods beginning on or after Oct. 1, 2002....

AICPA and NASBA issue Joint Statement on CPE standards. (Standards Update).(American Institute of Certified Public Accountants, National Association of State Boards of Accountancy)(Brief Article)
March 1, 2002... The AICPA and NASBA have issued a Joint Statement on Standards for Continuing Professional Education. These joint standards, which became effective in January.

Correction.
March 1, 2002... SEC. 529 COLLEGE SAVINGS PLANS In the January/February 2002 California CPA article, "Planning With Sec. 529 College Savings Plans," the author reported that gift tax returns must be filed for gifts over $10,000. According to Rev. Proc....

Announcements.(promotions, appointments)(Brief Article)
March 1, 2002... In the Sacramento Valley, Jeffrey T. Clair has been promoted to partner within the audit practice at Perry-Smith... Marie L. Logan has become a partner with Santa Monica-based Miller and Co. Lynne S. Hague is a new administrator at the...

Duffy, Kruspodin and Company LLP. (Firm News).(new office)(Brief Article)
March 1, 2002... Duffy, Kruspodin & Company LLP has acquired a new office in the Thousand Oaks area in addition to its offices in Encino and La Jolla.

Kirsch Kohn and Bridge LLP CPAs and Advisors. (Firm News).(merger)(Brief Article)
March 1, 2002... In Encino, Bernard Lewak & Co has merged with Kirsch Kohn & Bridge. The newly merged firms will operate as Kirsch Kohn & Bridge LLP CPAs and Advisors.

Big 5 Temps. (Firm News).(Brief Article)
March 1, 2002... Allan Margate of Redondo Beach has established a new temporary agency, Big 5 Temps.

Lori E. Weigant. (Firm News).(opens Palm Springs firm)(Brief Article)
March 1, 2002... Lori E. Weigant has opened a new accounting practice in Palm Springs.

Moss Adams. (Firm News).(merger with Gordon, Odom and Davis)(Brief Article)
March 1, 2002... Moss Adams has combined with the partners and staff of Gordon, Odom & Davis in Sacramento.

Susan Bradley. (Achievements).(Microsoft Most Valuable Professional)(Brief Article)
March 1, 2002... Susan Bradley of Fresno-based Tamiyasu Smith Horn & Braun is the first CPA to be named a Microsoft Most Valuable Professional. In addition, she was featured on the cover of Accounting Technology's January-February issue.

Tom Applegate. (Achievements).(Estate Planning certificate)(Brief Article)
March 1, 2002... Tom Applegate of Cairns, Eng & Applegate in Carlsbad recently has earned a certificate of achievement in Estate Planning from the California CPA Education Foundation.

Holthouse Carlin and Van Tright. (Achievements).(tenth anniversary)(Brief Article)
March 1, 2002... The West Los Angeles-based firm of Holthouse Carlin & Van Tright celebrated its 10-year anniversary in January.

William Sturgeon. (Achievements).(organizes homeless children's party)(Brief Article)
March 1, 2002... This past December, El Cajon-based CPA William Sturgeon organized the 22nd annual children's holiday party, attended by more than 2,000 homeless children. Sturgeon has served on the board of the San Diego Coalition for the Homeless for the past...

In a corner: Enron's Collapse has left the profession's reputation hanging in the balance. (A Perspective).
March 1, 2002... "There is a crisis of confidence in my profession," testified Joseph Berardino, Andersen CEO. He was speaking before a congressional panel last December regarding the fall of Enron and the role his firm played. But Andersen is not the only firm...

Look before you leap: 401(k) advising. (Financial Planning).(Brief Article)
March 1, 2002... Just as many employees are wondering if their 401(k)s are really such a sweet deal, the federal government has given employers the green light to provide professional investment advice for their employees. Last year, both the 2001 Tax Act and...

Owners all: CPA firm sweetens deal with ESOP.(Glenn, Burdette, Phillips and Bryson offers employee stock ownership plan)(Cover Story)
March 1, 2002... What's an ESOP? To those of us who are directors at the San Luis Obispo-based firm of Glenn, Burdette, Phillips & Bryson, an employee stock ownership plan is many things: * An employment sweetener that attracts and keeps good...

Leaving California: And other hot state tax topics. (California Tax).(Brief Article)
March 1, 2002... The TaxTalk listserve is a gold mine of almost 400 CPAs and attorneys who discuss tax issues, ask tax questions and share information. Following are recent California tax highlights from TaxTalk. Leaving California to Avoid Tax A...

Confessions of an Internet hacker: Stealing your personal information was hard to resist.
March 1, 2002... Some friends and I have pretended to be you a few times-setting up credit card accounts to purchase a few things. I hope you don't mind. Your personal information was easy to obtain over the Internet with the aid of a few well-known cracker...

Property, Plant & Equipment. (Accounting and Auditing).
March 1, 2002... The AICPA has issued an exposure draft for a proposed Statement of Position related to the Accounting for Certain Costs and Activities Related to Property, Plant and Equipment. Although many principles remain unchanged, the SOP takes a...

Read the financials. (Sound Off).
March 1, 2002... The United States' federal spending budget for 2001-02 fiscal year end is $2 trillion. To put that in perspective, that's two thousand billions or two million millions. For comparison, $2 trillion amounts to more than twice the combined gross...

Advising trustees: Lessons from the revised Uniform Principal and Income Act.(Brief Article)
March 1, 2002... Changes to the rules relating to the determination of income in trusts and estates have given CPAs the opportunity to provide broad financial planning services to trustees. Trustees are well advised to have an investment statement for all...

Saving for retirement?: California's conformity scramble may not arrive in time. (Government Relations).(Brief Article)
March 1, 2002... California legislators are scrambling to enact tax conformity legislation, but there are no guarantees that relief will arrive in time. Currently, California tax law does not conform to provisions of the federal Economic Growth and Tax...