California CPA articles from November 2002

California CPA archives from November 2002

Accountants in Canada, Mexico and the United States join forces. (Profession News).(international recognition of education and experience)(Brief Article)
November 1, 2002... Accountancy bodies from Mexico, Canada and the United States recently signed a Professional Mutual Recognition Agreement recognizing the substantial equivalency of the Mexican contador publicos certificado, Canadian chartered accountant and...

Facing an ethical dilemma? We can help. (Ethics Resources).(American Institute of Certified Public Accountants' downloadable ethics flowchart)(Brief Article)
November 1, 2002... Recent accounting scandals at WorldCom, Enron and other high-profile business failures have challenged CPAs in all segments of the profession. To help CPAs navigate their way to a resolution when faced with an ethics challenge, the AICPA...

Above-line deductions for clean-fuel vehicles. (IRS News).
November 1, 2002... The IRS has certified two more gas-electric hybrid automobiles as being eligible for the clean-fuel deduction. Buyers of a Honda Insight for model years 2000-02 and buyers of a Honda Civic Hybrid for model year 2003 can claim an above-line...

IRS releases final circular 230 regulation amendments. (IRS News).(tax shelters)(Brief Article)
November 1, 2002... The IRS has published final regulations regarding amendments to Circular 230 involving non-tax shelter related practice before the IRS. Over the next few months, the IRS is expected to re-propose amendments to Circular 230 involving tax...

California's top cybercities. (News & Trends).(technology workers, statistics)(Brief Article)
November 1, 2002... Despite some losses, San Jose remains the largest employer of tech workers in the state, but Los Angeles, Oakland and San Diego are heading up the pike. 2000 2001 Change 1 San Jose 285,803 280,842...

Revocation of Exemption From Self-Employment Tax. (IRS News).(ministers, members of religious orders and christian science practitioners)(Brief Article)
November 1, 2002... The Ticket to Work and Work Incentives Improvement Act of 1999 provides an opportunity for certain individuals to revoke their Form 4361, Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and...

AICPA Council beckons-will you heed the call? (AICPA Leadership).(American Institute of Certified Public Accountants)(Brief Article)
November 1, 2002... Each year, CalCPA's chair recommends four members to serve on the AICPA Council. If you are an AICPA member and interested in representing your California peers on the AICPA Council, let CalCPA know. Send a letter of intent, along with...

Help your clients make a difference. (Giving Back).(voluntary contributions on state income tax )(Brief Article)
November 1, 2002... You can help your clients feel good about their taxes not just by getting them a big return, but also by encouraging them to give back to the community via the California Tax Check-Off Program. The program gives clients the opportunity to...

Small businesses thinking positive. (News & Trends).(Intuit Professional Accounting Solutions survey )(Brief Article)
November 1, 2002... According to the "Voices of Small Businesses and Accountants Study 2002," conducted by Intuit Professional Accounting Solutions, small-business owners are optimistic about the growth potential of their industries and their own businesses. They...

California beats Florida as state where most people want to live. (Survey Says).(Harris Poll)(Brief Article)
November 1, 2002... Could it be the problems with those darn voting machines? According to a recent Harris Poll asking Americans which state they would choose to live in, not including where they live now, California came out as the most popular destination....

Volunteer in your community? Let CalCPA know! (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
November 1, 2002... We want to recognize the good works you do in your communities. If you have volunteered in any way over the past year, such as tax preparation for low-income families, coordinating school bake sales or accounting for a nonprofit, let CalCPA...

Nominate a good samaritan for CalCPA's Public Service Award. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
November 1, 2002... Each year CalCPA recognizes a member for notable works done outside of the office--often for the betterment of their community or the assistance of the less fortunate. These acts of public service are nearly always voluntary. Before CalCPA...

Recognize a member's Distinguished Service. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
November 1, 2002... CalCPA's annual Distinguished Service Award may be granted either on the basis of long and distinguished service or for a singular act resulting in an extraordinary contribution to the profession, CalCPA or the community. The award is...

New law impacts taxation of California nonresidents. (FTB News).
November 1, 2002... The September/October 2002 issue of the Franchise Tax Board's TaxNews features a comprehensive look at AB 1115. This legislation created new laws guiding California's taxation of nonresidents, former nonresidents and part-year residents. The...

Installment agreement web tool simplifies application process. (FTB News).(Franchise Tax Board)(Brief Article)
November 1, 2002... Last month, the FTB began offering an online electronic installment agreement application on its website, www.ftb.ca.gov, that can speed up the process of applying for an installment agreement. To use the system, complete and submit an...

FTB expands paperless Schedule K-1 program. (FTB News).(Franchise Tax Board; limited liability companies)(Brief Article)
November 1, 2002... The FTB's Paperless Schedules K-1 (565) Program is an efficient way to submit Schedule K-1 information for partnerships. You can submit paperless Schedules K-1 (568) for limited liability companies as well. Beginning with taxable year...

Affinity programs add value to your membership. (CalCPA Online WebFocus) .(California Society of Certified Public Accountants partners with Administaff Inc.)(Brief Article)
November 1, 2002... Looking for human resources help? CalCPA has partnered with Administaff to offer CalCPA members and their clients a full range of benefits and human resources management services. To find out more, contact Peter Kadison at (925) 287-4927 in...

Free e-file workshops take fear out of e-filing. (FTB News).(Franchise Tax Board and Internal Revenue Service)(Brief Article)
November 1, 2002... Aimed at e-file newbies, the IRS and FTB are co-sponsoring a series of free workshops to teach the basics of e-filing. The e-file Workshop for Beginners will feature tips from other professionals on the best ways to transition your office...

Real estate withholding law changes. (FTB News).(nonresidential property)(Brief Article)
November 1, 2002... New withholding requirements recently enacted by the state affect all individuals who sell California real property. Beginning Jan. 1, escrow companies must withhold 3-1/3 percent of the sales price of any real estate sold that is more than...

Announcements. (Member Milestones).(appointments, promotions, retirements)(Brief Article)
November 1, 2002... San Rafael-based Friedlander Cherwon Capper announced the admission of Richard J. Hayes as a partner... Don Putnam, a professor at Cal Poly Pomona, retired in June. Putnam had served as the Citrus Belt Chapter's Scholarship Committee chair for...

Certified Accounting Services Corporate Office. (Firm News).(Marlen Casco incorporates practice)(Brief Article)
November 1, 2002... In South San Francisco, Marlen Casco incorporated her practice into Certified Accounting Services Corporate Office, PC dba C.A.S.C.O., CPAs.

Achievements. (Member Milestones).(Brief Article)
November 1, 2002... CalCPA's Committee on Taxation has awarded its Saul Braverman Memorial Award for distinguished service to Hemet-based CPA James C. Counts II... Joanne Wiggins-Barros of Brown Adams has earned her CPA license and has been promoted to senior...

Wells Fargo Business. (Members in the News).(Robert Kosbie)(Brief Article)
November 1, 2002... In August, Robert Kosbie of La Mesa was quoted in the Wells Fargo Business Advisor.

San Diego Daily Transcript. (Members in the News).(Bob Burson)(Brief Article)
November 1, 2002... Escondido CPA Bob Burson wrote a column for the Aug. 9 San Diego Daily Transcript.

San Diego Daily Transcript. (Members in the News).(Bob Burson)(Brief Article)
November 1, 2002... On Aug. 23 Mike Ueltzen of Sacramento was quoted in the San Francisco Business Times.

San Francisco Chronicle. (Members in the News).(Brian Rowbotham)(Brief Article)
November 1, 2002... Brian Rowbotham of San Francisco was quoted Sept. 12 in the San Francisco Chronicle.

Deductible business travel expenses. (Per Diem Allowances).(online information)(Brief Article)
November 1, 2002... Updated information on rules for per diem allowances and optional methods for computing deductible business travel costs, including transition rules for the last three months of 2002, can be found at www.irs.gov/pub/irs-irbs/irb02.39.pdf.

IRS reduces 2003 mileage rates. (36 Cents a Mile).(Internal Revenue Service)(Brief Article)
November 1, 2002... The IRS has released 2003 mileage rates--most of which are reductions from last year. They are: * Business miles: 36 cents per mile (down from 36.5); * Medical: 12 cents per mile (down from 13) * Moving: 12 cents per mile...

2003 SDI wage base. (EDD News).(California Department of Employment Development state disability insurance rates)(Brief Article)
November 1, 2002... The EDD has announced that the maximum wage base for 2003 SDI is $56,916. The SDI rate, which is provided by the governor and then released by the EDD, is expected to be announced this month.

FED and state tax update courses help you gear up. (Education Foundation).(California Society of Certified Public Accountants Tax Update and Planning Conference )(Brief Article)
November 1, 2002... The holidays are coming and that means one thing: California's CPAs are gearing up for the happiest season of all--tax season. In November and December the Education Foundation will hold California and federal tax update courses and...

Candidates choose road well-known. (CBA News).(California Board of Accountancy's Pathway exams)(Brief Article)
November 1, 2002... More than 6,400 California candidates taking the May Uniform CPA Exam selected Pathway 0--the former requirements--while 2,154 selected Pathway 1 and 1,399 chose Pathway 2, reports the California Board of Accountancy's Update newsletter. ...

Fine tune your career: industry answers the question, "what else is there?".
November 1, 2002... The alarm rings. It's 6 a.m. Monday. Before you jump in the shower,--linger a moment and imagine: If you could be heading to work anywhere, doing anything, where would it be and what would you do? It's the classic career question. Have you...

2002 tax data schedule. (Fast Tax Facts 2002).
November 1, 2002... 2002 TAX DATA SCHEDULE 2002 2002 Federal California Standard Deductions Single ...

2002 federal tax rate schedule. (Fast Tax Facts 2002).
November 1, 2002... 2002 FEDERAL TAX RATE SCHEDULE Taxable But Of The Income Not Amount Is Over Over Pay +% Over ...

2002 state tax rate schedule. (Fast Tax Facts 2002).(Brief Article)
November 1, 2002... 2002 STATE TAX RATE SCHEDULE Single Individuals, Married Filing, Separately, Fiduciary Tax Returns $0 $5,834 $0 1.0% $0 5,834 13,829 58.34 2.0% 5,834 13,829 21,826 218.25 4.0% 13,829...

Luxury auto limit. (Fast Tax Facts 2002).(Brief Article)
November 1, 2002... LUXURY AUTO LIMIT Taxpayers leasing so-called "luxury" autos must add back an amount to income to offset the full deduction of these payments. The luxury auto limits have not changed for 2002, but see post-9/11 depreciation section: ...

FICA & SE Tax. (Fast Tax Facts 2002).(Federal Insurance Contributions Act)(Brief Article)
November 1, 2002... FICA & SE TAX 2001 2002 Maximum FICA Tax Rate Wage Base $80,400 $84,900 FICA Tax Rate 6.2% 6.2% SE Tax Rate ...

Retirement plan limitations. (Fast Tax Facts 2002).(Brief Article)
November 1, 2002... RETIREMENT PLAN LIMITATIONS 2001 2002 Maximum 401(k)/403(b) Deferral $10,500 $11,000 Maximum Defined Contribution Plan Contribution 35,000 40,000...

Traditional and Roth IRAs. (Fast Tax Facts 2002).(Brief Article)
November 1, 2002... TRADITIONAL AND ROTH IRAs 2001 2002 Contribution Limit $2,000 $3,000 Catch-up Contribution (50 and old) 500 IRA Deduction Phaseout for...

IRA & Pension credit. (Fast Tax Facts 2002).(individual retirement accounts )(Brief Article)
November 1, 2002... IRA & PENSION CREDIT Tax Credit Based on AGI for Various Pension/IRA Plans: Joint Filers Head-of-Households All Other Filers Credit Rate $0-$30,000 $0-$22,500 $0-$15,000 50% 30,000-32,500 ...

Estate and gift tax. (Fast Tax Facts 2002).(Brief Article)
November 1, 2002... ESTATE AND GIFT TAX Phaseout and Repeal of Estate and Generation-Skipping Transfer Taxes Estate/GST tax Highest estate Calendar Year deathtime transfer exemption and gift tax rates 2002 ...

Education-related tax benefits. (Fast Tax Facts 2002).
November 1, 2002... EDUCATION-RELATED TAX BENEFITS Deduction for Qualified Higher Education Costs Calendar Year Single AGI MFJ AGI Deduction 2002-03 $65,000 * $130,000 * $3,000 2004-05 65,000 130,000 ...

2002 above line deductions. (Fast Tax Facts 2002).(teachers and hybrid vehicles)(Brief Article)
November 1, 2002... 2002 ABOVE LINE DEDUCTIONS Qualified teacher expenses deductible for AGI $250 Deduction for clean-fuel vehicles * $2,000 * Currently certified are the 2001, 2002 and 2003 Toyota Prius as well as the 2003 Honda Civic...

Post-9/11 depreciation. (Fast Tax Facts 2002).(Brief Article)
November 1, 2002... California has not adopted the following provisions: Additional 30 percent immediate write-off for assets: * Acquired after Sept. 10, 2001 and before Sept. 11, 2004 * Placed in service between Sept. 11, 2001 and Dec. 31, 2004 *...

Valuable phone numbers. (Fast Tax Facts 2002).(Brief Article)
November 1, 2002... Tax Practitioner Hotlines IRS Practitioner Priority Service (866) 860-4259 IRS-ACS (800) 829-7650 FTB (916) 845-7057 Fax (916) 845-6377 EDD (916) 654-8316 BOE (800) 401-3661 Application for Taxpayer ID Number ...

Your team is waiting for you to lead.
November 1, 2002... "Companies must put their people first * Yes, even before their customers. There. Now I've said it. I know it's controversial. It makes most people nervous just to hear it, but it works. Of course our clients are the reason for our existence as...

Save every last scrap. (Records Retention).
November 1, 2002... Can you say "pack rat"? It's the image California's new record retention and documentation standards conjure up for some CPAs. Effective Jan. 1, 2003, all California CPA firms must abide by new, more rigorous audit documentation standards that...

ESOP, meet 401(k). (Investment Options).(combined 401(k) employee stock ownership plans; employer benefits)
November 1, 2002... A combination 401(k) plan and employee stock ownership plan, commonly called a KSOP, can be used to decrease the administrative and legal expenses for employers who maintain both a 401(k) plan and an employee stock ownership plan. For...

The profession's future is up to you: volunteer for CalCPA's high school outreach program. (High School Outreach).(California Society of Certified Public Accountants)
November 1, 2002... Remember when you wanted to be a firefighter? A baseball player? A teacher? What was it about those jobs that made them seem so attractive? The bright, shiny fire engine probably added to the mystique, but a lot of it had to do with...

Found: a live one at the FTB; disputed penalties, shared Schedule Cs and more. (California Tax).
November 1, 2002... A TaxTalk participant recently posted an encouraging note. In a controversy with the FTB about whether or not a certain payment had been made, he received an e-mail from an actual person who bad her own FTB e-mail address. The CPA was told...