California CPA articles from March 2006

California CPA archives from March 2006

Parkinson leads 2006-07 slate.(CalCPA News)(Brief article)
March 1, 2006... CalCPA's Nominations Committee has selected the following candidates for 2006-07 statewide leadership positions: Marc Parkinson (Silicon Valley/San Jose), chair; Teresa Mason (San Francisco), first vice chair; Katherine Leonard (San Diego),...

Apply now for CalCPA Leadership Institute.(CalCPA News)
March 1, 2006... Want to hone your leadership skills and become a more effective leader in your workplace or the profession? CalCPA Leadership Institute is a high-level, five-day program that teaches members the skills necessary to grow into future...

Image on the rise.(CalCPA News)(Table)(Brief article)
March 1, 2006... [GRAPHIC OMITTED] IMAGE on the RISE The public's perception of the ethics and integrity of accountants has risen in the last few years, nearly back to pre-Enron levels, according to a recent Gallup poll. Those who rank accountants'...

Q&A.(News & Trends)
March 1, 2006... IRS, FTB LIAISON MEETING Q&As AVAILABLE; QUESTIONS FOR 2006? Print versions of CalCPA's Committee on Taxation's 2005 liaison meeting Q&As with the IRS and FTB are available. Send your request by May 15, along with a $10 check payable to...

Become a VP and save: one price, unlimited CPE.(News & Trends)
March 1, 2006... The Value-Priced Program just got better. In celebration of its 40th anniversary, the California CPA Education Foundation is offering unlimited CPE through its Value-Priced Program. As a 2006-07 VP member, you can attend as many courses and...

Sign 'em up: student and candidate members.(CalCPA News)
March 1, 2006... CalCPA Council recently modernized its criteria for student and candidate membership. Now any student, full time or part time, who has never been licensed as a CPA may apply for Student membership for only $30 per year. [ILLUSTRATION...

Estate Planning answers, delivered in real time.(Brief article)
March 1, 2006... Do you have an estate planning question, but don't know where to turn for help? Look no further--the Estate Planning Discussion Forum is an excellent tax resource. CalCPA's Estate Planning Committee actively monitors the discussion forum,...

Save on QuickBooks software and services.(Brief article)
March 1, 2006... CalCPA has expanded its affinity program for members with the addition of exclusive savings on the QuickBooks family of software, supplies and services for members and their clients. Save up to 20 percent on products such as QuickBooks:...

Education Foundation seeks Nominations.(Education Foundation News)
March 1, 2006... The California CPA Education Foundation's Nomination and Leadership Development Committee is accepting applications for trustees through April 1. Information and applications are being mailed by request only. To request an application...

Exposure draft of standard on tax quality control.(AICPA News)
March 1, 2006... The AICPA Tax Executive Committee recently exposed for public comment proposed Statement on Standards for Tax Services No. 9, Quality Control. [ILLUSTRATION OMITTED] The statement addresses recent changes to Circular 230, specifically...

SSARs available at AICPA.org.(AICPA News)
March 1, 2006... All codified Statements on Standards for Accounting and Review Services are available online at www.aicpa.org/members/div/auditstd/Authoritative_AICPA_Audit_and_Attest_Standards.htm.

CPA Marketing Toolkit: Tax Savings Tips for 2005.(AICPA News)
March 1, 2006... The AICPA has added Tax Saving Tips for 2005--a brochure, speech and PowerPoint presentation--to its CPA Marketing Toolkit. Tax Savings Tips for 2005 includes information on health savings accounts; family, homeowner and education-related...

Proposed SSAE: Reporting on an Entity's Internal Control.(AICPA News)
March 1, 2006... The AICPA is seeking comments on a proposed Statement on Standards for Attestation Engagements, titled Reporting on an Entity's Internal Control Over Financial Reporting. Among other provisions, the SSAE provides guidance on evaluating...

Proposed amendments to Circular 230.(IRS Update)
March 1, 2006... The IRS has proposed changes to Circular 230 that would modify: the definition of practice; the eligibility for enrollment; and rules concerning contingent fees, conflicts of interest, and tax return and documentation standards, among other...

E-payment delays.(E-FILE TAX TIP)
March 1, 2006... If you e-file a return the day it is due--or even the day before--and ask the IRS to take an electronic payment from the taxpayer's account, it may be considered a late payment. The Dept. of Treasury needs 48 hours notice to get a payment,...

IRS clarifies Sched D instructions; revises Sched K-1.(Internal Revenue Service)(Brief article)
March 1, 2006... The IRS has clarified its instructions for reporting capital gains and other investments on Form 1040, Schedule D, in response to concerns from practitioners. In December, CalCPA sent a comment letter to the IRS expressing concern over the...

Final Roth 401(k) contribution rules.(IRS Update)(Brief article)
March 1, 2006... The Dept. of Treasury has issued final regulations on secs. 401(k) and 401(m) related to designated Roth contributions. Like traditional 401(k) plans, Roth 401(k) contributions are taken out of a participant's paycheck and deposited into...

Thank you volunteers.(News & Trends)
March 1, 2006... FEBRUARY TAX COUNSELING CalCPA would like to thank the following members for pledging their time to assist California National Guard and other military families with pro-bono tax counseling: Apple Valley (Inland Empire) Brad...

The pulse of the profession: survey of California CPAs makes priorities clear.
March 1, 2006... In December, CalCPA commissioned a statewide survey of CPAs--members and nonmembers--to learn more about their professional and business challenges as well as to find out how CalCPA can provide them the greatest value. The following is a...

California Summit on Financial Literacy.
March 1, 2006... Join us April 26 in Sacramento for the California Summit on Financial Literacy. This groundbreaking event, hosted by CalCPA and the California Jump$tart Coalition, will gather together California and the nation's thought leaders in personal...

FTB follows IRS tax shelter initiative.(Franchise Tax Board)(Internal Revenue Service)(Brief article)
March 1, 2006... The Franchise Tax Board will follow the IRS tax shelter settlement initiative as outlined in IRS Announcement 2005-80, effectively creating the California Tax Shelter Resolution Initiative to run alongside the federal initiative. ...

FTB extends pit installment agreement pilot program.(Franchise Tax Board)(Brief article)
March 1, 2006... The FTB has extended its personal income tax installment agreement program to Dec. 31. The program modifies the prior installment agreement conditions from $10,000 within 36 months to $25,000 within 60 months. Applicants qualify if they owe...

Fair-value option for financial assets and liabilities.(Brief article)
March 1, 2006... FASB has issued an exposure draft to give companies the option to report selected financial assets and liabilities at fair value. Under the proposal, companies would be able to measure at fair value financial assets and liabilities selected...

Proposed changes to disclosures.(disclosure laws)(Brief article)
March 1, 2006... The SEC has published proposed rules that would amend disclosure requirements for executive and director compensation, related party transactions, director independence and other corporate governance matters, and security ownership of officers...

Clarification.(Correction notice)
March 1, 2006... A News/Trends item in the January/February 2006 California CPA ("California Limits Faxing as of Jan. 1") said that a new California law "prohibits any person or organization from sending unsolicited faxes without the prior consent of the...

Announcements.(appointments)(Brief article)
March 1, 2006... Tarzana-based Petre Akaragian has been named president and CFO of Los Angeles-based Seven Licensing Co. LLC... Walnut Creek-based Bradley D. Holsworth joined Leibowitz Shumaker Berger & Rubens LLP as an audit and assurance partner... Canyon...

Accomplishments.(Paul Shapiro joins Juvenile Diabetes Research Organization)(Leonard Williams speaks at National Federation of Republican Women congress)(David Sheets completes the 23rd Annual California International Marathon )(Brief article)
March 1, 2006... Santa Monica-based Paul Shapiro has been named to the board of directors for the Los Angeles chapter of the Juvenile Diabetes Research Organization. Shapiro also has been named to the advisory board of the business department at Santa Monica...

Firm news.(Leffler Miller Ward & Co. merger)(Brief article)
March 1, 2006... Encino-based Leffler Miller Ward & Co has merged with the practice of Encino-based Robert F. Morgan, who will become a principal of Leffler Miller Ward & Co... Armanino McKenna LLP has opened a tax practice in San Jose... San Jose-based...

Awards.(member milestones)
March 1, 2006... Los Angeles-based John J. Costello received a recognition award from the National Judicial College for five years of service to judicial education. Send Member Milestones to: editor@calcpa.org. If you've been in the news, we want to...

Members in the news.(member milestones)(Brief article)
March 1, 2006... Santa Ana-based Michael Cohen was quoted in the November issue of the AICPA's BV & FLS E-news... Los Altos-based Marshall Serwitz, Los Angeles-based David Zaslow, San Francisco-based Nanette Lee Miller and Walnut Creek-based Sherman Doll were...

Lab results: hot issues in biotech & life sciences.(Cover story)
March 1, 2006... The biotech industry in the San Francisco Bay Area traces its roots back more than 30 years to when Stanley Cohen and Herbert Boyer's DNA experiments ventured into a new frontier. Their research lead to the use of DNA to diagnose and combat...

FLP litigation: have Strangi and Bongard provided clarification, guidance on FLPs?(family limited partnerships)
March 1, 2006... For years, taxpayers and estate planners have enjoyed relative certainty in using family limited partnerships as an effective means of transferring assets at reduced estate tax costs to the next generation. Largely, this resulted from applying...

Circular 230: estate planners take note: Circular 230 standards can apply to you.
March 1, 2006... Much has been discussed about Circular 230's implications on CPAs regarding income tax advice and written communications. But the rules can apply to estate tax advice, including planning recommendations. What's more, the application of the...

Sales tax audits: income tax returns prove a valuable tool for sales tax auditors.
March 1, 2006... Sales and use tax auditors routinely ask for income tax returns as part of their initial records requests. If a taxpayer or CPA is reluctant to provide the returns, the Board of Equalization simply orders copies from the Franchise Tax Board or...

What's your interest? Clarifying the issuance of partnership interests for services.(Safe Harbor Partnership Interest)
March 1, 2006... Partnerships and LLCs have historically been used for passive investments, mainly for flow-through taxation and liability protection. But more taxpayers have recently chosen to use partnerships and LLCs for non-passive ventures, including...

Practice privilege: California's implementation troubled.(government relations)
March 1, 2006... California's longtime statute that allowed for incidental practice by foreign accountants and out-of-state CPAs was repealed Jan. 1, 2006. It was replaced by a requirement that out-of-state CPAs obtain a practice privilege from the...

Recent legislation: parts of 2005 Gulf Opportunity Zone Act apply nationally.
March 1, 2006... President Bush signed the 2005 Gulf Opportunity Zone Act (P.L. 109-135) into law Dec. 21, 2005. Some of its provisions apply nationally. S Corporations The 2004 American Jobs Creation Act (Jobs Act) allowed any family member to elect...