California CPA articles from March 2009

California CPA archives from March 2009

An effective financial regulatory system.(news & trends)
March 1, 2009... "An effective financial regulatory system should strive to minimize systemic risks resulting from interrelationships between firms and limitations in market infrastructures that prevent the orderly unwinding of firms that fail." --Acting...

Survey says: global executives reluctant to disclose corruption to authorities.(news & trends)
March 1, 2009... A survey of 329 executives from around the world found: 41% indicated that senior management should investigate and deal with matters internally or wait to see if there are consequences rather than make a voluntary disclosure to authorities if...

Lessons learned.(News & trends)
March 1, 2009... The Center for Audit Quality has issued a new resource for public company auditors that provides lessons learned from integrated audits of internal control over financial reporting at www.calcpa.org/AuditLessons.

Government relations: license status disclosure bill introduced.(News & trends)
March 1, 2009... California Assembly members Roger Niello and Fiona Ma have introduced AB 117, which would require CPAs with inactive licensees to disclose the fact that they are "inactive" when using the CPA designation on correspondence, business cards, name...

A new look: logos overhauled.(CalCPA)
March 1, 2009... CalCPA and the CalCPA Education Foundation rolled out a new line of logos March 1. There is also a new member logo available for your use. Check it out at www.calcpa.org/memberlogo.

Committee news: IRS Adopts Cot's Idea.
March 1, 2009... As part of the annual liaison process between the IRS and the CalCPA Committee on Taxation, a question was submitted to the IRS pointing out self-employment tax problems that could arise because the 2007 instructions required each spouse...

Where's my refund?(news & trents)
March 1, 2009... Though California's controller has delayed refunds for 30 days as of Feb. 1, for personal income tax and business entity taxpayers, tax returns must still be filed on time. FAQs about tax refunds at www.calcpa.org/FTBrefund.

CalCPA's estate planning discussion forum.(news & trends)
March 1, 2009... Do you have an estate planning question, or are you interested in meeting other experts in the field? Stop by CalCPA's Estate Planning Discussion Forum at www.calcpa.org/EPforum. [ILLUSTRATION OMITTED] [ILLUSTRATION OMITTED] ...

CalCPA member discount.(news & trends)
March 1, 2009... Information Technology Audits The CalCPA-recommended "Information-Technology Audits" will help you meet the growing demand for integrated audit services. For your discount, make sure to order through the member page at...

Correction.(Correction notice)
March 1, 2009... The Capitol Beat column in the January/February issue of California CPA incorrectly spelled the name of California Board of Accountancy Executive Director Patti Bowers. A corrected version of the column is available online at...

SEC final XBRL rules effective April 13.(news & trends)
March 1, 2009... Public companies that file using U.S. GAAP with a public float above $5 billion will be required to provide interactive data reports starting with their first quarterly report for fiscal periods ending on or after June 15, 2009. This will...

Updated Rules for Tax preparers.(trends & trends)
March 1, 2009... Internal Revenue Code Sec. 7216, Disclosure or Use of Tax Information by Preparers of Returns, became effective Jan. 1, 2009 and updates regulations that have been substantially unchanged since the 1970s. It limits tax return preparers' use and...

New financial statement fraud auditing standard.(news & trends)
March 1, 2009... The AICPA has issued for public comment proposed Statement on Auditing Standards, Consideration of Fraud in a Financial Statement Audit (Redrafted, which would supersede SAS No. 99. Consideration of Fraud in a Financial Statement Audit. ...

TaxTalk Today goes quiet in may.(news&trends)
March 1, 2009... Due to budgetary and viewership considerations the IRS will end TaxTalk Today with its May 12 program. Archived programs will be available at www.taxtalktoday.com through Sept. 30. The remaining schedule: * March 10: Surviving an IRS Audit...

Tax Practitioner Hotline steps up capacity.(news&trends)
March 1, 2009... As of Feb. 2, the FTB Practitioner Hotline--(916) 845-7057--increased its queue capacity by 10 people to allow 40 people to be waiting, according to Rita Stapp, manager of the FTB Practitioner Hotline. The increase will be in effect from 8...

Auditing Internal Control Over Financial Reporting in Smaller Public Cos.(news&trends)
March 1, 2009... The PCAOB has published Staff Views--An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements: Guidance for Auditors of Smaller Public Companies, which explains how auditors can apply the...

Ruling may overturn 30-year-old tax policy in California.(news&trends)
March 1, 2009... A tentative decision in favor of plaintiff Akerman Senterfitt in Parmar v. State Board of Equalization (search for case No. BC379013 at www.calcpa.org/LAcourt) may overturn a 30-year-old policy applied to some 25 tax and fee programs. ...

FIN 48 officially delayed for nonpublic enterprises.(news & trends)
March 1, 2009... FASB has issued Staff Position FIN 48-3, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises, which defers the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for certain...

CPA Day and me.(news&trends)
March 1, 2009... A friend of mine, one who [former CalCPA chair] Steve Wimmers would describe as "seasoned with age," once told me that the accumulation of material possessions does not make one rich, but rather the accretion of experiences. That statement was...

Announcements.(member milestones)
March 1, 2009... J.H. Cohn LLP named Wade McKnight, CPA office managing partner of its San Diego office. McKnight was also recently appointed to the San Diego City Council's Audit Committee... Katz, Fram & Co. named Stephen T. Fineman partner... A. L....

Accomplishments.(member milestones)
March 1, 2009... Jack Morton was elected vice major of Palo Alto... Robert W. Wood has written a new book, "Qualified Settlement Funds and Section 468B"... The Orange County Business Journal and CalCPA awarded Stephen Blythe the 2008 CFO of the Year Community...

Going global: doing business in China.
March 1, 2009... As we begin the Year of the Ox, China's economic juggernaut, while slowing down, will continue to be an engine of growth for Asia and the West for decades to come. While lower-cost labor still is available for U.S. businesses expanding into...

Distribution relief: new law suspends certain RMDs for 2009.(FedTax)
March 1, 2009... The 2008 Worker, Retiree, and Employer Recovery Act (P.L. 110-458), signed into law Dec. 23, 2008, suspends required minimum distributions (RMDs) from individual retirement accounts and annuities (IRAs) and employer-provided qualified...

Penalty free: steps to help your senior clients avoid RMD penalties.(retirement plans)
March 1, 2009... One of the highest penalties imposed by the Internal Revenue Code usually applies to the elderly. If an individual fails to take out the Required Minimum Distribution (RMD) from a retirement plan, there is a 50 percent penalty on the...

Lots of legislation: 150 hours, peer review, license status top list.(Capitol Beat)
March 1, 2009... From 150 hours to license status disclosure to peer review, CalCPA's legislative agenda is full. The following is an update on a few of the professional issues we're monitoring and often advocating on your behalf. [ILLUSTRATION OMITTED]...

Dedicated to service.(finalentry)(Interview)
March 1, 2009... Tell us about your work with the nonprofit sector and you firm's Roundtable Series for Nonprofit Development. [ILLUSTRATION OMITTED] I have been fortunate enough to land in a firm with founding partners who understand and embrace the...