California CPA articles from March 2008

California CPA archives from March 2008

$28 billion.(news & trends)
March 1, 2008... $28 billion: "Last year, California tax payers voluntarily filed more than 15 million tax-returns and paid nearly $28 billion in state income taxes." --State Controller and FTB Chair John Chiang

This year's challenge.(news & trends)
March 1, 2008... This Year's Challenge CFOs were asked, "Which one of the following is the biggest challenge facing your company in the next 12 months?" 20% Finding skilled staff 16% Meeting customer demands 15% Government...

Burke heads 2008-09 slate.(news & trends)(Gregory Burke)(Brief article)
March 1, 2008... CalCPA's Nominations Committee has selected the following slate of candidates for 2008-09 statewide leadership positions: Gregory Burke (Sacramento), chair; Andrea Cope (San Francisco), vice chair; and Johanna Sweaney-Salt (Inland Empire), vice...

We need you.(news & trends)
March 1, 2008... CalCPA and the profession need your help communicating with legislators in Sacramento. Team up with members to help legislators understand the issues facing California CPAs by participating in CPA Day at the Capitol Tuesday, May 13. The day...

The numbers.(news & trends)(Brief article)
March 1, 2008... 62% of employers expect at least half of their work force will not have enough income to retire between the ages of 62-65. -- Aon Consulting Worldwide 42% of 138 senior executives cite inadequate internal controls as the main culprit...

Increasing Financial Literacy.(news & trends)
March 1, 2008... The 2008 California Summit on Financial Literacy will connect people, organizations and communities to further personal finance education through sharing of resources. Speakers for the April 23 event include Pam Krueger and Jack Gallagher...

In memoriam: Kenneth Lever.(news & trends)(Obituary)(Brief article)
March 1, 2008... Kenneth Lever, former CalCPA chair (1981-82) and president of the California CPA Education Foundation (1977-78), died Jan. 1. He was 77. Lever might most be remembered for his work on KFWB's Money Manager program in Los Angeles, which ran...

Got questions for the IRS or FTB?(news & trends)(Internatal Revenue Service)
March 1, 2008... CalCPA's Committee on Taxation is accepting questions for its fall 2008 tax liaison meetings with the IRS and FTB. In addition to those agencies, you can pose questions to the Employment Development Department and State Board of Equalization....

Rising CPAs, networking.(news & trends)
March 1, 2008... CalCPA's 2008 Young and Emerging Professionals Conference will provide an overview of what's on the horizon for young CPAs, tips on becoming the "most trusted adviser" and feature keynote speaker Christopher Gardner, who will discuss his...

New member benefit: long-term care.(news & trends)(Brief article)
March 1, 2008... Long-term care demands unprecedented attention. With a growing senior population that is living longer, the potential need for longterm care grows annually, and without long-term care insurance, a nest egg can evaporate in an instant. To...

Create growth: immediate tax relief.(news & trends)
March 1, 2008... "We know from experience that both immediate tax relief for income tax payers and incentives for businesses to invest and hire are effective in creating growth and jobs in the short-term." --Henry Paulson, U.S. Treasury Secretary

SEC analyzes SOX 404 for small biz.(news & trends)
March 1, 2008... An SEC study of impending auditor attestation requirements for smaller companies under Sarbanes-Oxley Act Sec. 404(b) will analyze cost and benefit data from a broad array of companies currently complying with Sec. 404. The study will help...

Conference dates.(news & trends)
March 1, 2008... Fraud in Audit, Accounting & Tax Conference Forensic accounting is one of the fastest growing areas in the profession--Learn what you need to know at this important conference. June 19-Burbank Area * June 20-San Francisco 2008...

Business Valuation Practice Aid.(news & trends)(Brief article)
March 1, 2008... CalCPA's Litigation Sections has issued a Practice Aid Checklist on the AIGPA's Statement on Standards for Valuation Services No. 1 (SSVS No.1). Developed by members of the Business Valuation Section of the Litigation Sections, the...

Lauded: Michael Eisenberg.(news & trends)
March 1, 2008... Eisenberg Receives 2007 PFP Service Award Los Angeles-based Michael M. Eisenberg, CPA/PFS received the AICPA's 2007 Personal Financial Planning Distinguished Service Award. Eisenberg is a member of the National CPA Financial Literacy...

Newupdates.(news & trends)
March 1, 2008... Change for Auditors The PCAOB's new Auditing Standard No. 6, Evaluating Consistency of Financial Statements, updates the auditor's responsibilities to evaluate and report on the consistency of a company's financial statements and align the...

Sleeker tax exemption process.(news & trends)
March 1, 2008... Effective Jan. 1, 2008, organizations with existing exempt status under IRC Sec. 501 (c)(3) may request state exemption without using California Form 3500, Exempt Application. Such organizations may request state exemption by submitting a copy...

Make a difference: join a CalCPA or AICPA Committee.(news & trends)
March 1, 2008... CalCPA offers you the opportunity to work with other professionals on projects that increase members' technical knowledge, enhance the profession's image, influence the formation of regulations and legislation, and draw the best and brightest...

FTB: error on state tax form.(news & trends)
March 1, 2008... Some California taxpayers who file paper returns may understate their home mortgage interest deductions because of an error on a printed California tax form. The error is on early versions of Schedule CA 540), California Adjustments, which...

FIN 48 deferred.(news & trends)(Brief article)
March 1, 2008... FASB officially deferred the effective date for FIN 48, Accounting for Income Taxes, in the recently issued FASB staff position FIN 48-2, Effective Date of FASB Interpretation No.48 for Certain Nonpublic Enterprises. FIN 48-2 incorporates...

FTB on RDPs.(news & trends)
March 1, 2008... The FTB has released Publication 737, Tax Information for Registered Domestic Partners, to assist RDPs in filing their California income tax returns if they have RDP adjustments. Download the guidance at...

FASB verification phase.(news & trends)
March 1, 2008... FASB Begins Standards Codification FASB has launched its one-year verification phase of the FASB Accounting Standards Codification, during which time constituents can research accounting issues for free and provide feedback on whether the...

mm member milestones.
March 1, 2008... Announcements Jim Makofske earned the Certified Financial Manager credential from the Institute of Certified Management Accountants... Hein & Associates, LLP promoted Larry Schultz, CPA, to audit partner and Scott Appel, CPA, to...

A new view: dealing with conflict: we're all part of the problem--and solution.(professional issues)
March 1, 2008... in any office you visit, you'll find them. Whether it's the criticizing manager who finds fault with everyone, a co-worker who complains about everything and everyone, or a demanding client who knows all the answers. They are the ones who can...

Buying, selling a practice? two members sare their experiences from both sides of the equation.
March 1, 2008... At some point in their careers--if not at many points--a CPA's thoughts turn to the future as they attempt to answer questions about their practice. An aging firm without a successor might look to be acquired. A small-or mid-sized firm, with...

Mergers & acquisitions.(Interview)
March 1, 2008... Heard horror stories about a merger or acquisition that went wrong? Maybe spending a little extra and hiring some help with the process is a good idea. Here are some questions a CPA could ask a potential representative or broker: Should I...

Got protection? D&O insurance: a shield against litigious activity.(professionalissues)
March 1, 2008... as directors and officers are hit with lawsuits from shaneholders, employees, clients, competitors and the government, insurance is one way to protect against the wolves--whether at home or abroad. [ILLUSTRATION OMITTED] Consider this:...

A closer look: analysis: 2007 tax preparer penalty statutory revisions.(taxpreparation)
March 1, 2008... notice 2008-13, issued by the IRS Dec. 31, establishes temporary rules for the application of the revised IRC Sec. 6694 preparer penalty provisions that were enacted by the Small Business and Work Opportunity Tax Act of 2007. Accompanying...

AMT Relief & more: new legislative and judicial developments.(Fed Tax)(alternative minimum tax )
March 1, 2008... The 2007 Tax Increase Prevention Act (PL. 110-166) was signed into law Dec. 26, 2007 and provides the following alternative minimum tax exemptions for 2007 only: [ILLUSTRATION OMITTED] * $66,250 for married individuals filing jointly...

Get in alignment: GASB 50 reconciles Pension Disclosures for government entities.(govt accounting)
March 1, 2008... financial statement note disclosures for pension plans of government entities have been expanded under GASB 50, Pension Disclosures, effective generally for years ending June 30, 2008, or later. The methods of measurement and recognition have...

Licensing update CBA considers attest hour requirement.(Capitol Beat)
March 1, 2008... In a surprise move, the California Board of Accountancy's Committee on Professional Conduct recommended that the CBA consider requiring all California CPA candidates to complete a minimum number of attest hours prior to licensing. The CBA has...

CPAsonFilm.(final entry)(List)
March 1, 2008... Hollywood often finds room for CPAs in its films. With the Oscars around the corner, former CalCPA East Bay Chapter President Hank Levy, CPA, set out to find who has played "the most trusted adviser" on the silver screen. Among his findings:...