California CPA articles from November 2004

California CPA archives from November 2004

Susan Waters resigns as CalCPA CEO.(CalCPA News)(Brief Article)
November 1, 2004... Susan Waters is resigning her position as CalCPA CEO effective Nov 4. In leaving, she noted that when she joined CalCPA, the search committee had provided her with the following goals: to bring financial stability to the organization, create a...

AT&T Wireless added as CalCPA affinity partner.(CalCPA News)(Brief Article)
November 1, 2004... CalCPA has added AT&T Wireless to its exclusive list of affinity partners. CalCPA members will receive benefits on wireless products and services not available to the general public, such as discounted rates on bills and equipment, free...

Public Service Award nominations deadline Dec. 31.(CalCPA News)
November 1, 2004... Each year, CalCPA's Public Service Award recognizes a member for notable works done outside of the office--often for the betterment of the community or the assistance of the less fortunate, nearly always as a volunteer. And CalCPA's annual...

IRS criminal enforcement convictions rising.(News & Trends)(Brief Article)
November 1, 2004... IRS Criminal Enforcement Convictions Rising FY 2004 FY 2003 (as of 6/30/04) (as of 6/30/03) Investigations Initiated: 2982 3057 Total Convictions: ...

CPA candidates: pathway 0 extended.(CPA Candidates)(Brief Article)
November 1, 2004... Candidates who passed the CPA exam without meeting the current educational requirements (a bachelor's degree with 24 units in accounting and 24 units in business) now have until Jan. 1, 2010 to obtain a license following Gov. Schwarzenegger's...

Education Foundation revamps "My Account".(Education Foundation News)(Brief Article)
November 1, 2004... The California CPA Education Foundation has revamped the "My Account" section on its website, centralizing all of your pertinent CPE information onto one page. [ILLUSTRATION OMITTED] You can use "My Account" to change your address;...

Governmental Audit Center opens its doors.(AICPA News)(Brief Article)
November 1, 2004... The AICPA has formed a Governmental Audit Quality Center designed to promote the importance of quality governmental audits and the value of such audits to purchasers of governmental audit services. [ILLUSTRATION OMITTED] Among other...

A portal for business valuation, forensic/litigation services.(AICPA News)(Brief Article)
November 1, 2004... The AICPA has unveiled a website for its members who specialize in business valuation or forensic and litigation services. The site is designed for CPAs who provide services in business valuation, fraud investigation, forensic accounting,...

New illustrative representation letter for review engagements.(AICPA News)(Brief Article)
November 1, 2004... The AICPA's Accounting and Review Services Committee has issued a revised illustrative representation letter for review engagements that: * Clarifies dating and the terms "identification of financial statements," "dates" and "periods of...

Trustee registration deadline looms.(REMAINDER)
November 1, 2004... CPAs WHO ARE trustees of four or more trusts are required to register with the attorney general's office by Jan. 1. The attorney general's website is www.ag.ca.gov/conservator. There you will find FAQs, registration information, a link to...

New IRS e-service: instant transcript delivery.(IRS Update)
November 1, 2004... Tax practitioners can request transcripts of their client's tax records using a new online tool and receive them within minutes instead of days or weeks. [ILLUSTRATION OMITTED] For more, visit...

Treasury issues guidance on predeceased parent rule.(IRS Update)(Brief Article)
November 1, 2004... The Treasury Department and IRS have issued guidance regarding the predeceased parent rule, which may eliminate the generation-skipping transfer tax in certain situations. The proposed regulations implement statutory changes that expanded...

Governor signs SB 1543: extends board of accountancy's sunset.(CBA Sunset)(Brief Article)
November 1, 2004... The governor recently signed SB 1543, which extends the CBA sunset to July 2011; authorizes up to $2 million in additional expenditures for the board's enforcement and litigation activities; and increases the CBA's fining ability. To view...

FTB notice: accuracy-related penalties on Sec. 25137.(FTB News)(Franchise Tax Board )(Brief Article)
November 1, 2004... The FTB has issued a notice regarding accuracy-related penalties for asserting a Revenue and Taxation Code Sec. 25137 variation in an original return filing without having obtained prior FTB approval. The FTB said it has noticed that some...

SEC calls for early XBRL adopters--and comments.(XBRL News)(extensible business reporting language )(Brief Article)
November 1, 2004... To assess the benefits of "tagged data," the SEC is establishing a voluntary program to allow early adopters of the technology to file supplemental financial information using XBRL, or Extensible Business Reporting Language. Participants...

PCAOB amends interim standards.(PCAOB Update)(Public Company Accounting Oversight Board )(Brief Article)
November 1, 2004... The PCAOB recently adopted amendments to its interim standards to create conformity with PCAOB Auditing Standard No. 2, An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements. ...

IFAC recommends actions to achieve standards convergence.(IFAC News)(International Federation of Accountants)(Brief Article)
November 1, 2004... A recent study commissioned by the Board of the International Federation of Accountants identifies the following challenges, among others, to adopting and implementing International Financial Reporting Standards and International Standards on...

COSO unveils Enterprise Risk Management Framework.(COSO News)(Committee of Sponsoring Organizations )(Brief Article)
November 1, 2004... The Committee of Sponsoring Organizations of the Treadway Commission has released its Enterprise Risk Management--Integrated Framework describing the essential components, principles and concepts of enterprise risk management for all...

Reminder: employers must revise COBRA notices.(COBRA News)
November 1, 2004... Employers take note: New rules governing the timing and content of COBRA notices are due to take effect soon. The rules require plan administrators to review and revise existing COBRA notice forms and develop two new notices. The deadline...

Many firms may fail to comply with Sec. 404, SEC says.(SOX News)(Brief Article)
November 1, 2004... Many companies may fail to comply with Sec. 404 of the Sarbanes-Oxley Act in time to meet the coming Nov. 15 deadline, said SEC Chief Accountant Donald Nicolaisen. "A number of companies will announce that they have material weaknesses in...

Litigation Sections.(Web Focus CalCPA.org)(Brief Article)
November 1, 2004... CalCPA members can access an expanding list of legal experts in the Litigation Sections portion of CalCPA.org. Composed of CPAs and members of other disciplines that have a common interest in the practice of litigation support and dispute...

IRS Sec. 165 classification.(Speak Out)
November 1, 2004... Bart H. Siegel's article ("Tax Benefits of IRC Sec. 165," September 2004) may need clarification of two points. First, Mr. Siegel stated that a taxpayer does not have any tax basis in a traditional IRA. This isn't always true. A taxpayer...

A quick disaster-related tax tip.(News & Trends)(Brief Article)
November 1, 2004... As wildfire season draws to a close, California CPA thought it would be a good idea to remind CPAs of some disaster-related tax tips. The following, courtesy of Anna Maria Galdieri, chair of the Disaster Tax Subcommittee of CalCPA's Committee...

Join the Estate Planning Committee.(News & Trends)(Brief Article)
November 1, 2004... Whether estate planning is a main part of your practice or you simply have an interest in learning more, CalCPA's Estate Planning Committee is for you. Current projects include monitoring the committee's discussion forum on the Los Angeles...

Announcements.(member milestones)(Brief Article)
November 1, 2004... Sacramento-based Goodell, Porter & Fredericks has promoted Suzy H. Bright to tax manager and Beverly A. Sanchez to tax partner... Marjorie Bailey has joined Stonefield Josephson as an officer and will be working in Northern California, as well...

Accomplishments.(member milestones)(Brief Article)
November 1, 2004... Menlo Park-based Richard G. Stevens was appointed to the board of directors of Verity Inc.... Turlock-based David L. Rose of Hillberg & Co. CPAs recently was awarded the CFE certification by the Association of Certified Fraud Examiners......

In memoriam.(member milestones)(Brief Article)
November 1, 2004... CalCPA member Deryl Paul Jordan passed away Sept. 26, 2004. A lifelong resident of Fresno, Jordan earned his accounting degree from Fresno State University. A CalCPA member for 11 years, Jordan was a senior partner at Fresno-based Moore,...

Firm news.(member milestones)
November 1, 2004... Santa Monica-based Holthouse Carlin & Van Trigt has been ranked the 85th largest CPA firm in the United States by Public Accounting Report... Napa-based O'Dowd Franklin & Rabanal, LLP has changed its name to O'Dowd Franklin Rabanal & Smith LLP...

Members in the news.(member milestones)
November 1, 2004... The Aug. 21 Vallejo Times Herald published an article about J.D. Miller, who had participated in a CalCPA personal finance hotline on KRON-TV... A column by Jim Vander Spek appeared in the Aug. 22 North County Times... The Aug. 29 San Jose...

Calling all trustees: registration requirements have changed.(government relations)(NonProfit Integrity Act of 2004 )
November 1, 2004... Many CPAs act as private trustees for specific clients. Legislation effective in 2004 required those acting as the trustee for six or more families or individuals to register with the California Department of Justice by Jan. 1, 2005. New...

Fast tax facts 2004: as of Oct. 13, 2004.(Taxes)
November 1, 2004... Welcome to our annual at-a-glance compilation of federal and state tax information. User-friendly tax rate schedules, facts, figures and assorted data make this time-saving section a handy companion. Keep it within arm's reach as you enter...

Contractor traction: the use and abuse of independent contractor status.(EMPLOYMENT LAW)
November 1, 2004... It's easy to see why California employers are frustrated with the endless tangle of employment laws that appear to change every 10 minutes. But some employers mistakenly attempt to avoid regulation and save the cost of employment taxes by...

Tax amnesty q&a: preliminary information on the FTB and BOE's 2005 amnesty program.(TAX AMNESTY)
November 1, 2004... Recent legislation authorizes the Franchise Tax Board and the Board of Equalization to administer a tax amnesty program in early 2005. The following provides some preliminary information about the program, who is eligible to participate and...

The power to adjust: expanding the trustee's management tools.(estate planning)
November 1, 2004... When the revised Uniform Principal and Income Act took effect Jan. 1, 2000, for all trusts and estates, California's trustees gained a new tool--the so-called "power to adjust." [ILLUSTRATION OMITTED] Pursuant to the California Probate...

A new corporate tax relief bill: highlights from the American Jobs Creation Act of 2004.(FEDERAL TAXATION)
November 1, 2004... The following contains excerpted high-lights from the American Jobs Creation Act of 2004. For a more complete listing, visit www.calcpa.org/californiacpa/articles/2004/11.01.htm. Sec. 179 Extension The increased Sec. 179 amount of...

Revisiting review engagements: (public & nonpublic companies).
November 1, 2004... There are two primary sources in the professional literature concerning an accountant's responsibilities in performing review engagements. Statement on Auditing Standards No. 100, Interim Financial Information (SAS 100), issued in 2002,...

2004 Working Families Tax Relief Act: selected highlights.(federal tax)
November 1, 2004... The following are selected highlights of the 2004 Working Families Tax Relief Act signed into law Oct. 4: CHANGES AFFECTING INDIVIDUALS Child Tax Credit Under the existing law, for 2004, an individual may claim a $1,000 tax credit...

Going out for HR? Due diligence is key in selecting a professional employer organization.(HUMAN RESOURCES)
November 1, 2004... While overseas service providers have transformed the meaning of "outsourcing" in our lexicon, for decades businesses have outsourced various job functions to increase efficiency and reduce costs. Though businesses have outsourced to...

A modest proposal? California performance review says California Tax Commission needed.(california tax)
November 1, 2004... CalCPA's Committee on Taxation recently discussed a proposal by the California Performance Review that noted California's tax collection system is divided between four different agencies: the Board of Equalization administers the state's sales...