California CPA articles from May 2007

California CPA archives from May 2007

CalCPA financial literacy efforts earn award.(>CalCPA News)(Brief article)
May 1, 2007... CalCPA has won the 2007 Associations Advance America Award of Excellence from the American Society of Association Executives for its financial literacy initiative. The award recognizes associations with innovative projects in areas such as...

IRS, FTB liaison meetings: questions for 2007?(News & Trends)
May 1, 2007... CalCPA's Committee on Taxation is accepting questions for its fall 2007 tax liaison meetings. In addition to the IRS and FTB, you can pose questions to the Employment Development Department and Board of Equalization. [ILLUSTRATION OMITTED]...

Painful numbers.(News& Trends)(Brief article)
May 1, 2007... * 18% of U.S. full-time workers experienced chronic pain in 2006 (up from 13% in 1996). * $1.1B in lost wages in 2006 due to employees with chronic pain calling in sick. * 89% of employees go to work rather than call in sick when...

Q & A on incorporating in Nevada.(FTB News)
May 1, 2007... Ever wonder about those ads that promise big tax savings for incorporating in Nevada? While there is nothing inherently wrong with incorporating or registering in Nevada, or any other state, in a new Q&A, the Franchise Tax Board sheds light on...

Foreign bank owner filing requirement.(IRS News)
May 1, 2007... U.S. taxpayers who own a foreign bank account, brokerage account, mutual fund, unit trust or other financial account are required to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts if: * They have financial interest...

Vitally important for investors.(News & Trends)
May 1, 2007... Effective and efficient Sarbanes-Oxley Section 404 implementation is Vitally important for investors in public companies. Christopher Cox, SEC chair

Wait.(News & Trends)
May 1, 2007... wait: If all workers delayed retirement by five years, the additional Social Security taxes would offset more than half of the Social Security shortfall projected for 2045.-Urban Institute

Need CPE?(News & Trends)
May 1, 2007... Let the Foundation Help Registration is open for 2007-08 California CPA Education Foundation CPE. Call customer services at (800) 922-5272 or visit www.educationfoundation.org for a listing of upcoming courses and conferences. A PDF...

IRS revises OIC Application.(News & Trends)(Internal Revenue Service revises Offer in Compromise application)(Brief article)
May 1, 2007... The IRS has released a revised Offer in Compromise Form 656 package, adding significant changes as a result of the 2005 Tax Act, including: [ILLUSTRATION OMITTED] * New payment terms and submission rules; * A redesigned checklist...

IRS proposes foreign tax credit regs.(FOREIGNTAXABUSE)
May 1, 2007... The IRS has released proposed regulations that would disallow foreign tax credits for foreign taxes purportedly paid in connection with certain artificially engineered, highly structured transactions. Foreign tax credits are designed to...

(Team up!): CPA Day at the Capitol.(News & Trends)
May 1, 2007... Team up with CalCPA members to help legislators understand the issues facing California CPAs by participating in CPA Day at the Capitol Tuesday, May 29 in Sacramento. This is your opportunity to speak with legislators and their staff on issues...

New International Standards.(IASB News)
May 1, 2007... The International Accounting Standards Committee Foundation has published the International Financial Reporting Standards Bound Volume 2007, providing its latest IFRS versions (including International Accounting Standards and Interpretations)...

New proposal on reporting land investments.(GASB News)
May 1, 2007... The Governmental Accounting Standards Board has issued Land and Other Real Estate Held as Investments by Endowments. Current accounting standards require endowments to report these investments at historical cost, while other entities that exist...

Max out.(News & Trends)
May 1, 2007... max out: 10% of workers, ages 18 to 24, are enrolled in a flexible spending account. Only 4% are putting in the maximum contribution.-Harris Interactive

Your membership dues were due May I.(News & Trends)
May 1, 2007... it's time to renew your membership www.calcpa.org/renew If you are not among the thousands who have already renewed, renew today: www.calcpa.org/renew. [ILLUSTRATION OMITTED] Your Membership Dues Were Due May I

A request for research.(News & Trends)(research grant by Governmental Accounting Standards Board )(Brief article)
May 1, 2007... The Governmental Accounting Standards Board is offering academicians a $5,000 research grant, to be awarded by June 15. The two broad areas of interest include researching existing standards and the study of accounting and financial...

GAO finds dol should audit pension plans.(GAO News)
May 1, 2007... The Government Accountability Office wants the Department of Labor to conduct "routine compliance investigations," or audits, of pension plans to improve compliance with federal law. The DOL's Employee Benefits Security Administration...

GAO: sec's internal controls need fixing.(News & Trends)
May 1, 2007... According to a new report by the Government Accountability Office, the SEC has some work to do to shore up its internal controls. [ILLUSTRATION OMITTED] The report states the SEC has not: * Consistently implemented agency policies...

Treasury Department releases updates to Guidance Plan.(DOT News)
May 1, 2007... The U.S. Department of Treasury is asking taxpayers and practitioners to comment on an updated 2006-07 Priority Guidance Plan. The update sets forth the guidance on the original 2006-07 Priority Guidance Plan and also includes 59 items of...

Correction.(Correction notice)
May 1, 2007... The article, "Money Smart" in the March/April 2007 issue of California CPA, should have stated that "In 2006, 1.3 million credit card holding Americans claimed bankruptcy."

Lasting currency.(News & Trends)
May 1, 2007... lasting currency: A $1 bill lasts 18 months; $5 bill, two years; $ 10 bill, three years; $20 bill, four years; and $50 and $100 bills, nine years.-Factmonster.com

Member Milestones.(News & Trends)
May 1, 2007... ANNOUNCEMENTS KMJ I Corbin & Company has promoted David Reule to tax partner and Tony Price to audit partner... Greenstein Rogoff Olsen & Co. named Beth Rasler firm manager... Scott M. Sachs will succeed Mike Berns as managing partner of...

Train me.(News & Trends)
May 1, 2007... train me: Companies' total training spending grew from $51.1 billion in 2005 to $55.8 billion in 2006-Adecco USA

Assembly member.(Q + a)(Interview)
May 1, 2007... Fiona Ma's life seems the stuff of dreams: born to immigrant parents and now making history as the highest-ranking Asian-American woman in the state Legislature. [ILLUSTRATION OMITTED] Ma has a bachelor's degree in accounting from...

No more Lazy Acres: trends send warnings about retirement to CPAs, clients.(RETIREMENT PLANNING)
May 1, 2007... Seventy--or even 75-is the new 65, at least when it comes to retirement. In fact, some people never stop working. As more people are working longer or opting for second careers to help fund their later years, the face of retirement is changing....

FIN 48: are you ready to apply one of the most significant tax accounting developments?(FASB NEWS)
May 1, 2007... The validity of a tax position is, in principal, a matter of tax law. It is a generally accepted practice to recognize the benefit of a tax position in financial statements when there is a high degree of confidence that the position will be...

Notice of meeting: the annual members Business Meeting of the California Society of Certified Public Accountants will take place at 10:30 a.m. Friday, June 22 at the Sheraton Seattle in Seattle.(specialselaction)
May 1, 2007... The Annual Members Business Meeting will include a membership vote on: 1) the minutes from the 2006 Annual Members Business Meeting; and 2) election of officers and directors should there be a contested seat. If there is a contested seat, a...

Chapter representatives.(specialselaction)
May 1, 2007... The following CalCPA members have been elected by their chapter as representatives, from that chapter, to CalCPA Council. Chapter representatives on CalCPA Council may serve either a one or a two-year term. Terms are effective from, and end...

2007-08 CalCPA: officer candidates.(specialselaction)
May 1, 2007... CHAIR Teresa C. Mason, CPA Partner, Collins, Mason & Cote, LLP Oakland Current: CalCPA Board of Directors, first vice chair; CalCPA Council; Education Foundation Board of Trustees; AICPA Council; CalCPA Finance Committee;...

Entertainment tax; staying up to date on new rulings, regs of the entertainment industry.(ENTERTAINMENTISSUES)
May 1, 2007... Over the past several years, new revenue rulings, proposed regulations and other types of published guidance, such as Internal Revenue Code Sections and Final Treasury Regulations, have clarified a number of major issues in the entertainment...

Peer review; CalCPA bill pushes CBA to decide on mandatory peer review.
May 1, 2007... CalCPA-sponsored AB 1185 (Hayashi, Ma) would require the California Board of Accountancy to report to the Legislature by September 2008 on whether or not to implement a mandatory peer review program for the evaluation of the quality control...

Tax highlights; Booby Traps, Paychecks, EDD and LLCs and more.(california tax)(Employment Development Department and Limited Liability Company)
May 1, 2007... The following are some recent highlights from the TaxTalk listserve and other sources. Another Booby Trap in the California Rev. & Tax Code A taxpayer is on an 18-month assignment from California to China. Normally, residence in...