California CPA articles from March 2003

California CPA archives from March 2003

Not too late to order 2002 FTB Package X. (From the FTB).(Franchise Tax Board)(Brief Article)
March 1, 2003... The FTB is still taking orders for the 2002 California Package X, offered in a printed version in bound and loose-leaf formats. The cost is $14 plus sales tax. To order, go to www.ftb.ca.gov/education/packageX and follow the prompts.

Check payments online. (From the FTB).(Franchise Tax Board)(Brief Article)
March 1, 2003... The FTB has expanded its "Check Your Account Balance" and "View Payments You Have Made" Web services to include applied payments. The service allows you to view any miscellaneous payments, bill payments and return payments. Keep in mind,...

New law grants interest, penalty waivers. (From the FTB).(Franchise Tax Board)(Brief Article)
March 1, 2003... California Revenue and Taxation Code Sec. 19444--signed into law in 2002--has given the FTB a new tool to resolve "high-risk" accounts. High-risk accounts are those where collection of a delinquent tax liability is considered uneconomical...

Accountants hold ground. (Survey Says).(CNN/USA Today/Gallup ethics poll)(Brief Article)
March 1, 2003... The annual CNN/USA Today/Gallup poll on honesty and ethics asked the public to rate the honesty and ethics of 21 professions. Historically, the ratings of business professions are below the average for all the "healing" professions. Nurses,...

Education foundation seeks board of trustee nominations. (Ed Foundation Nominations).
March 1, 2003... The Nomination and Leadership Development Committee for the CalCPA Education Foundation is accepting applications for trustees from March 1 to April 23. Information and applications are being mailed by request only. If you would like an...

It spending hike ...(technology spending)(Brief Article)
March 1, 2003... For many companies, 2003 will likely see a big increase in technology spending to update older, or legacy, financial systems. The updates are needed if companies are to meet the stricter financial reporting rules and shorter deadlines imposed...

Q&A from annual Liaison meeting with IRS, FTB. (Hot Off the Press).(Franchise Tax Board)(Brief Article)
March 1, 2003... Hard copies of the Committee on Taxation's 2002 question-and-answer meetings with the IRS and FTB are available for a limited time. Also, a PDF is available on the COT's Web page at www.calcpa.org/members/committees/tax.html. To obtain a...

Development committee. (Nomination & Leadership).(California Society of Certified Public Accountants)(Brief Article)
March 1, 2003... CalCPA's Nomination and Leadership Development Committee met in late-January and selected the following candidates for 2003--04 statewide leadership positions: Steve Wimmers (San Diego Chapter), chair; D. Paul Regan (San Francisco Chapter),...

95 percent say "yes" to CalCPA daily clips. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
March 1, 2003... In January, CaICPA launched a new, free member service--CaICPA Daily Clips. To date, your response has been nothing short of phenomenal. Of the members CaICPA has e-mail addresses for, 95 percent have held tight to their CaICPA Daily Clips...

IRS, FTB, EDD AND BOE answer your questions. (CalCPA News).(Franchise Tax Board; Employment Development Department and Board of Equalization)(Brief Article)
March 1, 2003... Have a gnawing question you'd like the IRS or FTB to answer? Ask away! The CaICPA Committee on Taxation is accepting questions for its fail 2003 tax liaison meetings. In addition to IRS and FTB tax-related questions, you can pose questions...

New listserve for CalCPA student and candidate members. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
March 1, 2003... How do other students prepare for the CPA Exam? What job seeking tactics do your student and candidate peers find work best? CaICPA student and candidate members have a new forum to help them query and share information with their peers...

AICPA Anti-fraud, corporate responsibility resource center. (AICPA News).(American Institute of Certified Public Accountants)(Brief Article)
March 1, 2003... Want to know more about developing a system of anti-fraud internal controls? How about information on the new fraud audit standard, SAS 99? Well, visit the AICPA Anti-Fraud and Corporate Responsibility Resource...

Fair-Value accounting. (AICPA News).(American Institute of Certified Public Accountants' 'Auditing Fair Value Measurements and Disclosures' tool kit)(Brief Article)
March 1, 2003... The AICPA Auditing and Attest Standards Team has issued a fair-value tool kit--Auditing Fair Value Measurements and Disclosures--to support auditors. The tool kit provides nonauthoritative guidance to help auditors understand and apply auditing...

CPA exam needs volunteers to help set passing scores. (AICPA News).(American Institute of Certified Public Accountants)(Brief Article)
March 1, 2003... The AICPA needs qualified CPAs to participate in two-day sessions to set passing scores on the computer-based Uniform CPA Examination. Panelists should be CPAs with three to eight years of experience who have supervised entry-level CPAs...

The profession's future is up to you. (Student Outreach).(recruitment)(Brief Article)
March 1, 2003... The accounting profession has made headlines for more than a year. Now, more than ever, students are interested in what you do. So, carpe diem! Schedule a visit to your local high school and show students the integrity, trust and career...

Don't forget the gift tax. (IRS News).(Brief Article)
March 1, 2003... When you're preparing income tax returns this year, make sure to include any information on gift taxes. Here are a few pointers: * You must report on Form 3520 gifts over $100,000 from nonresident alien individuals or foreign trusts. One...

CalCPA team directory. (CalCPA Online: Web Focus).(California Society of Certified Public Accountants)(Brief Article)
March 1, 2003... What's the old saying, "You can't know the team without knowing the players?" Well, if you want to know who's playing for CalCPA, visit the CalCPA Team Directory. Here you'll find contacts--everyone from our CEO and member relations department,...

Firm news. (Member Milestones).(Good Swartz Brown & Berns)(TBI Consulting)(Brief Article)
March 1, 2003... In Los Angeles, Good Swartz Brown & Berns has relocated its Studio City office to Sherman Oaks... San Diego CPA Tracy Ilene Bolton has started her own practice, TBI Consulting, providing accounting, litigation and forensic consulting services....

Announcements. (Member Milestones).(California Society of Certified Public Accountants)(Brief Article)
March 1, 2003... Good Swartz Brown & Berns has named Robert H. Bernstein partner-in-charge of its new Business Management Services and has named Robert L. Golden managing partner of the firm's San Fernando Valley office... Jeff A. Stegner and Daniel R. Jones...

Achievements. (Member Milestones).(California Society of Certified Public Accountants)(Brief Article)
March 1, 2003... Joel Framson, CPA/PFS, has earned the AICPA Personal Financial Planning Division's 2002 Distinguished Service Award. Framson, a partner with Los Angeles-based Glowacki Framson Financial Advisors LLC, is chair of the AICPA Center for Investment...

Members in the news. (Member Milestones).(Brief Article)
March 1, 2003... In December, Michael Ueltzen was quoted in the Practical Accountant... On Dec. 8, Dan Morris was quoted in the San Jose Mercury News... On Dec. 22, Mary Kay Foss of Danville and Indian Wells CPA Robert Boseant were quoted in the Palm Springs...

Lifetime achievement. (Member Milestones).(Silicon Valley San Jose Chapter honors Alex Berger)(Brief Article)
March 1, 2003... Alex Berger, retired founding partner of San Jose-based Berger Lewis Accountancy Corp., received the inaugural Lifetime Achievement Award from the Silicon Valley San Jose Chapter during its annual awards and recognition dinner. Berger was...

OC/LB chapter honors Pam Hunter. (Member Milestones).(Orange County/Long Beach Chapter)(Brief Article)
March 1, 2003... The Orange County/Long Beach Chapter presented Pam Hunter with its Distinguished Service Award for her outstanding service to the profession on the local, statewide and national level. It was presented at the Annual Economic Forecast along with...

Third-party regulation issued. (IRS News).(Brief Article)
March 1, 2003... The Treasury Department has issued final regulations regarding the requirement in section 7602(c) that the IRS notify a taxpayer both before the IRS contacts third parties in connection with an examination or collection of the taxpayer's tax...

Offshore voluntary compliance. (IRS News).(Brief Article)
March 1, 2003... A new Offshore Voluntary Compliance Initiative is under way, aimed at bringing taxpayers who used offshore payment cards or other offshore financial arrangements to hide their income back into compliance with the tax law. For more...

Taxpayer advocate's report available. (IRS News).(2002 National Taxpayer Advocate's Annual Report to Congress)(Brief Article)
March 1, 2003... The 2002 National Taxpayer Advocate's Annual Report to Congress, which emphasizes the importance of taxpayer rights, is now available. The report addresses the most serious problems encountered by taxpayers, legislative recommendations and the...

SEC OK's rules, amendments. (Sarbanes-Oxley).(Brief Article)
March 1, 2003... The SEC recently adopted a number of rules and amendments concerning provisions of the Sarbanes-Oxley Act, including rules requiring disclosures about corporate codes of conduct and audit committee expertise, as well as rules for "pro-forma"...

Seizing upon Sarbanes-Oxley.(cottage industries)(Cover Story)
March 1, 2003... On a Wednesday morning in Los Angeles, Larry Russell, CPA, CITP, is stuck in traffic on the San Diego Freeway. But he's on the move. He's wielding a cell phone, trying to drum up business for AccounTech, his Los Angeles-based consulting firm...

CBA's full docket: CPE, client notification, peer review under scrutiny. (Government Relations).(California. Board of Accountancy; continuing professional education)
March 1, 2003... The California Board of Accountancy is considering a regulation that would require CPAs who perform audits, reviews and compilations to complete eight hours of continuing professional education focused on the detection and reporting of fraud...

A valuable Reminder. (From The CEO).(values)
March 1, 2003... We lived a lie. In the 1990s--in the financial markets and corporate governance--we lived a lie. We knew that many companies were overvalued, that their stock prices were improbable, and that we were making too much money in our retirement and...

Energize your tax savings. (Tax Savings).(energy tax savings)
March 1, 2003... If your clients save energy, they also can save on taxes. There are two types of energy tax savings available to businesses and individuals: * Federal income tax deductions or credits for hybrid vehicles, electric vehicles or natural...

Better late than never. (TaxFiling).(Omohundro v. U.S.)
March 1, 2003... Imagine it's September and a CPA is hired by an attorney to prepare delinquent 1999, 2000 and 2001 federal income tax returns for Del, a California resident. The CPA determines that Del's wage withholding exceeded his tax liability by $30,000...

Computer Sleuth: Beating down the evidence trail with computer forensics.
March 1, 2003... Think Sherlock Holmes sans the goofy hat and magnifying glass. Today's digital sleuths enlist the tactics that once were only the purview of FBI and police investigators. The tools of computer forensics play a vital role in resolving...

Join a State Committee.(California Society of Certified Public Accountants)
March 1, 2003... ALCPA STATE COMMITTEES address issues that affect every aspect of the profession and influence CalCPA's and the profession's direction. State committees' recommendations and findings are presented directly to CalCPA's Board and Council. ...

Benchmark Your Firm. (MAPSurvey).(California Society of Certified Public Accountants' Management of an Accounting Practice survey)
March 1, 2003... CalCPA has a 20-plus year history with Management of an Accounting Practice surveys, most recently with the new Web-based 2002 National MAP Survey. The process, member response and results are even better than we had anticipated. The...

Home seller's gain: New regs favorably interpret 1997 taxpayer relief act. (Federal Tax).
March 1, 2003... On Dec. 24, the IRS published final, temporary and proposed regulations regarding the exclusion of gain from the sale or exchange of a principal residence under IRC Sec. 121. These regulations generally apply to sales or exchanges after Dec....