California CPA articles from May 2003

California CPA archives from May 2003

Who's making what where?(comparison of salaries of CPA's in California)(Brief Article)
May 1, 2003... Who's marking what where? If you've ever wondered how much your counterpart makes in other parts of California, here are a few answers for some of select positions: CFO Audit Manager Tax...

Student outreach wants you! (CalCPA News).(outreach to high school students)(Brief Article)
May 1, 2003... If you've ever wanted to motivate and inspire young people to follow your career path, here's your opportunity! CalCPA's student outreach program is working harder than ever to match your professional experience with high schools in your area....

CPE resources expanded. (CalCPA News).(professional education)(Brief Article)
May 1, 2003... Looking for a guide to CPE offerings in your area? Well, look no further than www.calcpa.org. CalCPA has expanded the CPE page on its website, making it easier than ever for you to explore and find continuing professional education...

Paying your dues--literally. (CalCPA News).(membership renewal)(Brief Article)
May 1, 2003... If you haven't already renewed your CalCPA membership--which was due April 30--now is the perfect time to take advantage of CalCPA's many resources and benefits. CalCPA continually assists thousands of members in solving problems, securing...

Tax relief for military personnel in combat zones. (FTB News).(Franchise Tax Board)(Brief Article)
May 1, 2003... The FTB offers personal income tax relief to military members and reservists. California tax law generally conforms to federal tax benefits for combat zones and qualified hazardous duty areas, including: * Exclusion of combat zone pay from...

Bringing it all back home. (FTB News).(Franchise Tax Board)(Brief Article)
May 1, 2003... The FTB is asking all who participate in the IRS' Voluntary Compliance Initiative for Offshore Tax Shelters to correct their state income tax returns and pay all tax, penalties and interest by Oct. 15. If that deadline is missed, taxpayers may...

Avoid costly mistakes when dissolving a corporation. (FTB News).(Brief Article)
May 1, 2003... While the decision to close a business can be challenging, the path toward dissolution can likewise be difficult. The FTB recently issued tips on the dissolution of a corporation, looking to correct some common errors and misconceptions. ...

FreeprivacyToolsonline. (AICPA: Privacy Resource Center).(privacy services)(Brief Article)
May 1, 2003... How SAFE IS YOUR DATA? As hacking incidents and identity theft continue to rise, consumers are growing more concerned about the security of the organizations they do business with. While all levels of management are ultimately responsible for...

Few openings. (News & Trends).(accounting departments not expanding)(Brief Article)
May 1, 2003... FEW OPENINGS A poll of 1,400 CFOs found that only 9 percent plan to expand their accounting/finance departments in the second Quarter--Robert Half International

Going global. (News & Trends).(International Financial Reporting Standards)(Brief Article)
May 1, 2003... GOING GLOBAL More than 90 percent of 59 countries polled plan to converge with International Financial Reporting Standards-GAAP Convergence 2002.

New features for tax pros. (IRS News).(E-News)(Brief Article)
May 1, 2003... The IRS has launched an expanded e-mail subscription service--E-News--that tax professionals and others can use to stay informed of realtime tax news. Subscribers receive information on state practitioner meetings, news releases and filing...

K-1 matching revived, filing tips from IRS available. (IRS News).(Brief Article)
May 1, 2003... As it revived its K-1 matching program, the IRS issued tips to help tax professionals avoid errors related to schedules K-1. For the complete tip list, and information on the IRS plans to revise Schedule K-i and Schedule E, go to...

Final regulations on abusive tax avoidance. (IRS News).(Brief Article)
May 1, 2003... The Treasury Department and IRS have issued final regulations that crack down on abusive tax avoidance transactions. The regs require taxpayers to disclose their part in potentially abusive tax avoidance transactions, promoters to register...

H&R Block comes under fire. (Privacy).(pop-up ads complaint)(Brief Article)
May 1, 2003... A bevy of consumer groups recently filed complaints with the Treasury Department, accusing H&R Block with the misuse of taxpayer financial data. The charges stem from use of a free H&R Block tax service--"Free File"--through the IRS...

Good times, bad times. (Survey Says).(public perception of CPAs)(Brief Article)
May 1, 2003... A recent survey on the credibility and professional favorability of CPAs brought some good news and some bad news. The good news? The survey of business decision-makers and investors--released by Penn, Schoen & Berland Associates Inc.-...

Private companies jumping through public hoops. (Survey Says).(new corporate governance standards)(Brief Article)
May 1, 2003... It's not the same old day for private companies as many are changing the ways they do things in light of new corporate governance standards. A survey by Robert Half Management Resources found that 58 percent of 1,400 CFOs polled have...

Fraud and the CPA. (AICPA News).(Brief Article)
May 1, 2003... The AICPA and the Association of Certified Fraud Examiners have developed "Fraud and the CPA," to teach CPAs about fraud detection and prevention. This course, which offers eight hours of CPE, delves into SAS 99, the AICPA's recent fraud...

Loyola Marymount endows accounting ethics chair. (Education).(Brief Article)
May 1, 2003... R. Chad Dreier, president and CEO of The Ryland Group, recently pledged $3.5 million to endow an accounting ethics chair at Loyola Marymount University in Los Angeles. The gift would make the university one of the few schools in the nation...

OUCH! (News & Trends).(employee health benefits reductions)(Brief Article)
May 1, 2003... OUCH! 45 percent of 600 small and midsize employers will reduce health benefits in the next five years to cope with rising premiums--Robert Wood Johnson Foundation

Mill Valley CPA. (Firm News).(Jeffrey A. Johnson opens practice)(Brief Article)
May 1, 2003... Mill Valley CPA Jeffrey A. Johnson has opened an accounting and consulting practice focusing on litigation consulting in business disputes and marital dissolution matters.

Hood & Strong LLP. (Firm News).(San Francisco office relocates)(Brief Article)
May 1, 2003... Hood & Strong LLP has relocated its San Francisco office from 101 California St. to the corner of Spear and Mission.

DZ Network Support LLC. (Firm News).(Brief Article)
May 1, 2003... David Zeichick has opened his own firm in Studio City called DZ Network Support LLC. offering technology consulting for CPAs and their clients.

Announcements. (Member Milestones).(appointments, promotions)(Brief Article)
May 1, 2003... Santa Barbara-based MacFarlane, Faletti & Co. LLP has promoted Jane E. Russell to partner...Roger Wadell has been promoted to partner at Redlands-based Soren McAdam Christenson LLP...Angelika Caicedo has been named audit partner at McGladrey &...

Achievements. (Member Milestones).(Jeanne Potter elected to San Luis Obispo Chamber of Commerce)(Brief Article)
May 1, 2003... Jeanne Potter of Glenn Burdette Phillips & Bryson has been elected an officer of the San Luis Obispo Chamber of Commerce.

Members in the news. (Member Milestones).(accountants in the media)
May 1, 2003... On Jan. 20, Abraham Carnow of Los Angeles was quoted on CBS Market-Watch...Danville-based Mary Kay Foss was quoted in a Feb. 2 Oakland Tribune article...Gregg Wind was interviewed Feb. 3 by KNX-Radio for its Los Angeles Business Hour...

Do the right thing: balancing client wants, public's needs.(Cover Story)
May 1, 2003... IT'S INTANGIBLE, AMORPHOUS AND hard to pin down. It's a CPA's primary concern, yet most struggle just to define the term. If ignored, it holds the potential of derailing the entire profession. The public trust. The meaning of upholding...

How is your reputation faring? Surveys indicate booth good and bad news for CPAs. (From the CEO).
May 1, 2003... NEARLY 18 MONTHS have passed since Enron declared bankruptcy, beginning a series of corporate and accounting scandals that led to the indictment, conviction and dismantling of one of the largest and most respected accounting firms. Indictments...

Monte Carlo Simulation: are your client's boots in the water? (2003 Technology & Business Resource Guide).
May 1, 2003... Monte Carlo simulation is the latest statistical technique that financial planners are using to show clients the impact of an uncertain future on reaching their financial goals. Used correctly, the technique can give clients the probability of...

Get the fox out of the hen house: CPAs have the right skills to perform IT risk assessments for clients. (2003 Technology & Business Resource Guide: Risk Assessment).
May 1, 2003... It's hard to go through a day without hearing about the increasing number of security risks that threaten our information systems--and the biggest risk to a ii company's information is its employees. The Association of Certified Fraud...

Report security breaches: new rules aid privacy efforts, but challenge businesses. (2003 Technology & Business Resource Guide: Privacy Protection).
May 1, 2003... Effective July 1, entities or persons doing business in California will be required to notify California residents if their personal information--contained in databases under their control--may have been acquired by unauthorized people through...

Talk to me: XBRL makes business, financial reporting easier. (2003 Technology & Business Resource Guide: Digital Age).(Extensible Business Reporting Language)
May 1, 2003... Company management must quickly spot problems and opportunities, know what is going on and know what to do in time to make a difference. But because data is typically stored in different places throughout an organization, getting accurate and...

Less paper, more security: electronic storage doesn't mean more secure files. (2003 Technology & Business Resource Guide: Document Management).
May 1, 2003... In 4000 BC, Alexander of Egypt attempted to start a business called "Papyrusless Office." His business folded in less than a year, as the Egyptians just didn't understand the concept. Later, Apollo of Greece tried to sell people on the idea of...

Information security: debunking the myths. (2003 Technology & Business Resource Guide).
May 1, 2003... Technology has opened significant new opportunities to small and large businesses. The Internet has become an essential tool for research, communication, conducting commerce and more. Yet always on, high-speed connectivity to the Internet has...

A giant HIPAA: new guidelines reach far beyond health care industry. (2003 Technology & Business Resource Guide: Privacy Protection).(Health Insurance Portability and Accountability Act)
May 1, 2003... HIPAA. No, it's not a massive thick-skinned herbivore living in Africa. It's a 289-page rule that covers the handling of EPHI--electronic protected health information, or health information in electronic form. The Health Insurance...

Legislation and you: laws on E-filing, securities lawsuits, taxes affect CPAs, clients. (Government Relations).
May 1, 2003... Significant legislation has been introduced by members of the state Legislature that would impact CPAs and their clients. CalCPA is in the process of evaluating the proposals and will be taking action on many of them. The Legislature...

Sort it out: missing the mark on employee classification or compensation will cost you.
May 1, 2003... PERSONAL BANKERS for Bank of America's wealthiest clients settled for $22 million. Farmers Insurance Exchange claims adjusters were warded more than $90 million. Starbucks, PacBell and RadioShack "working" managers are poisd to receive...

Irrevocable doesn't mean inflexible. (Trust Changes).(irrevocable trusts)
May 1, 2003... Not long ago, I met with a couple for what appeared to be routine estate planning. The husband, using a walker, hobbled slowly into my office and sank into a chair to catch his breath. His considerably younger wife radiated energy and lit up...

Employer liability in a wireless world. (Employee Liability).
May 1, 2003... The use of cell phones, Palm pilots and other persona! electronic devices has become a significant part of our everyday lives. These devices have proven particularly important to businesses, such as accounting firms, where clients often insist...

Home seller's gain: new regs favorably implement reduced maximum exclusion. (Federal Tax).
May 1, 2003... The March/April 2003 issue of California CPA discussed some provisions in the final, temporary and proposed regulations published in late 2002 regarding the exclusion of gain from the sale or exchange of a principal residence under IRC Sec....

Good client relations: independent contractors, tax forms and more. (California Tax).
May 1, 2003... Guilty? Have you ever walked your client through an increased federal tax liability as the result of an audit or CP-2000 Notice, but forgotten to warn them of the impending Franchise Tax Board increase? If you have--and many CPAs are guilty...