California CPA articles from November 2005

California CPA archives from November 2005

Know the law: sexual harassment webcast Dec. 8.(Education Foundation)
November 1, 2005... Definitions of discrimination, harassment and retaliation; how to detect discrimination, harassment and retaliation; and tools to keep healthy boundaries in the workplace are just a few of the topics to be featured during a webcast Thursday,...

AICPA issues two ethics exposure drafts.(AICPA News)
November 1, 2005... The AICPA has released two ethics exposure drafts: Proposed Revision to Interpretation 101-1 and Conceptual Framework for AICPA Independence Standards detail changes to independence standards. For more information, visit...

Single-digit increase.(News & Trends)
November 1, 2005... [GRAPHIC OMITTED] SINGLE-DIGIT INCREASE Health insurance premiums rose 9.2% this year, the first time in five years they have not increased in double digits. YEAR INCREASE 2000 8.2% 2001 10.9% 2002 12.9% 2003...

IRS: increased optional standard mileage rates.(Internal Revenue Service)(Brief Article)
November 1, 2005... The IRS increased the optional standard mileage rates for the final four months of 2005 to 48.5 cents a mile for all business miles driven Sept. 1-Dec. 31, 2005--an 8-cent increase from the 40.5-cent rate in effect for the first eight months of...

Tax benefits for donation of leave before Jan. 1, 2007.(Franchise Tax Board )(Brief Article)
November 1, 2005... The FTB announced tax benefits for businesses and employees who contribute the cash value of their vacation, sick leave or personal leave time to Hurricane Katrina relief before Jan. 1, 2007. [ILLUSTRATION OMITTED] Under the program,...

Lost sight.(News & Trends)
November 1, 2005... We have lost sight of the fact that the fundamental purpose of our tax system is to raise revenues to fund government. President's Advisory Panel on Federal Tax Reform

Job satisfaction.(News & Trends)
November 1, 2005... job satisfaction: Three in 10 accounting workers say they would not entertain another job offer, up 5% from the average for all occupations.--Hudson Retention Survey

FTB notice 2005-4: interest suspension on amended returns.(Franchise Tax Board )(Brief Article)
November 1, 2005... IRS Revenue Ruling 2005-4, released Jan. 7, 2005, held that the interest suspension period of Sec. 6404(g) applies to deficiency notices and self-assessed amounts shown on amended returns filed by the taxpayer. [ILLUSTRATION OMITTED] ...

Bulletins go electronic.
November 1, 2005... To guarantee more timely delivery of news and information, most CalCPA chapter bulletins soon will be delivered via e-mail, in either HTML or text format. [ILLUSTRATION OMITTED] Don't miss a beat, make sure CalCPA has your most current...

One more year: SEC. 404 filing deadline extended for smaller companies.(Securities and Exchange Commission)(Brief Article)
November 1, 2005... Public companies with a market capitalization of less than $75 million now have until July 2007--an extension of one year--to document and file their financial controls, according to the SEC. The SEC also proposed creating a new category of...

Assets and Liabilities with Uncertainties.(Financial Accounting Standards Board)
November 1, 2005... FASB is inviting comment on Selected Issues Relating to Assets and Liabilities with Uncertainties to help it analyze issues impacting the role of probability and uncertainty in defining, recognizing and measuring assets and liabilities. ...

Revised exposure draft on earnings per share.
November 1, 2005... FASB has issued a revised exposure draft of a proposed standard seeking to improve the reporting of earnings per share. The proposed changes would clarify earnings per share computations involving certain instruments, such as mandatorily...

IRS, FTB, DOL: Rita tax relief.(DISASTER RELIEF)
November 1, 2005... The IRS has extended the due dates for filing tax returns and paying taxes until Feb. 28, 2006 (from Oct. 31, 2005) for taxpayers in nine Texas counties and five Louisiana parishes struck by Hurricane Rita. The FTB likewise has extended...

No disaster plan.(News & Trends)
November 1, 2005... no disaster plan: Nearly one-third of U.S. businesses do not have business continuity plans in place should a natural disaster occur. --AT&T/IAEM

Nominations wanted: become a CalCPA officer or AICPA Council member.(News & Trends)
November 1, 2005... If you're interested in helping shape the next group of CalCPA leaders, nominate a member for the job. Or, if you're interested in playing a leadership role, self-nomination is the most effective way to make your interest known. The CalCPA...

Gov. signs conformity bill.(Brief Article)
November 1, 2005... Gov. Schwarzenegger has signed AB 115, a conformity bill which sees many of the 2004 federal tax changes--including those affecting S Corporations, definition of a qualified child and student loan interest deductions--adopted in California. ...

CBA's 2005 Peer Review report.(canadian bankers association)(Brief Article)
November 1, 2005... The CBA has released its Report on Peer Review, 2005, which addresses issues related to the implementation of mandatory peer review in California in light of changes in federal and state laws, and professional standards. [ILLUSTRATION...

Changes to Form 5500 Annual Report and filing requirements.(Brief Article)
November 1, 2005... Form 5500, Annual Return/Report of Employee Benefit Plan, has been modified for plan year 2005 and changes are described under "Changes to Note" in the 2005 instructions. The changes include: * Schedule T (Qualified Pension Plan...

Sales and pledges of receivables and future revenues.(Brief Article)
November 1, 2005... GASB has issued an exposure draft to clarify existing guidance on accounting for sales and pledges of receivables and future revenues. The proposal looks at whether certain transactions should be regarded as a sale or a collateralized...

Correction.(Correction Notice)
November 1, 2005... In the August 2005 News & Trends section of California CPA, the CBA's fraud continuing education requirement was incorrectly identified as the FTB's requirement.

Regulatory costs.(News & Trends)
November 1, 2005... regulatory costs: The annual cost of federal regulations on small businesses is $1.1 trillion or 11% of additional income. - Small Business Administration

In memorium.(obituaries)(Steven Haskell, Alexander Berger)(Obituary)
November 1, 2005... Steven Haskell, CPA Steven Haskell, CPA, partner and co-founder of Irvine-based Haskell & White LLP, died Sept. 6. He was 53. Haskell graduated Claremont McKenna College with a bachelor's degree in economics in 1974. A few months...

Longevity planning.(News & Trends)
November 1, 2005... longevity planning: 48% of Americans age 41-59 have not factored longevity into their retirement planning.--MetLife Mature Market Institute

Announcements.(Destination Shuttle Services appoints Irvin Shiffman )(Asyst Technologies Inc. appoints Nancy L. Knight )(Windes and McClaughry Accountancy Corp. appoints Derek Williams )(Brief Article)
November 1, 2005... Walnut Creek-based Irvin Shiffman has formed and is the CFO of Los Angeles-based Destination Shuttle Services, a transportation management company... Fremont-based Nancy L. Knight has joined Asyst Technologies, Inc. as assistant corporate...

Accomplishments.(IXYS Corp appoints David L Millstein )(Reading Is Fundamental of Southern California appoints Jennifer Ziegler)(The Gemological Institute of America appoints Timothy J. Stripe )(Brief Article)
November 1, 2005... Santa Clara-based David L Millstein has been elected director of IXYS Corp.... Reading Is Fundamental of Southern California has elected Jennifer Ziegler to its board of directors and treasurer... The Gemological Institute of America has...

Awards.(member mile stones)
November 1, 2005... Los Angeles-based Holthouse Carlin & Van Trigt LLP was ranked as the "2005 Top Practice Leader" by Public Accounting Report... Sacramento-based David M. Fogel of McDonough Holland & Allen PC received the President's Award from the California...

Firm news.(member mile stones)(Brief Article)
November 1, 2005... Manteca-based Jack E. Gatto & Associates was sold and the practice will operate under the name Newman & Jones Inc.... Encino-based DePasquale Sadat & Co., LLC has merged with Woodland Hills-based Gilmore Magidoff, LLP and the merged firm has...

Members in the news.(member mile stones)
November 1, 2005... Hacienda Heights-based Ernest C. Cooper was profiled in the August 2005 Smart Business-Los Angeles magazine... Ginita Wall was quoted in a September Practical Accountant article... Kris Nolan wrote a column for the Sept. 3 Hollister Free...

Come together: how to marry strategic & financial plans for a more flexible, accurate budget.(Cover Story)
November 1, 2005... The budgeting and planning process can be a persistent challenge for all businesses. But for an organization like the Zoological Society of San Diego, which runs one of the world's largest zoos, the process can be mission critical--in more ways...

Fast Tax Facts 2005: as of Oct. 19, 2005.(Brief Article)
November 1, 2005... 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 the...

In times of need: helping clients find elder law counsel.(ELDER CARE)
November 1, 2005... As our elder population increases, many CPAs are faced with financial and legal questions concerning their aging clients and families. Sometimes these issues span into areas beyond the CPA's expertise and as your client's most trusted adviser,...

Lower rates: planning strategies to sell real estate at lower long-term capital gain rates.(REAL ESTATE TAXATION)
November 1, 2005... Clients selling real estate desire in many cases to pay no tax by structuring their sale as an Internal Revenue Code Sec. 1031 tax-free exchange. However, the goal of clients who choose to not do a tax-free exchange is generally to pay tax...

Unitrust provisions: trustees, advisers: be aware of changes to California Probate Code.(estate planning)
November 1, 2005... The California Uniform Principal and Income Act (California Probate Code (CPC) secs. 16320 et seq.) gives trustees the power to "adjust" the allocation of total return on trust assets between income and principal (CPC Sec. 16336). Gov....

Deferring comp: how the American Jobs Creation Act redefines deferred compensation.(COMPENSATION PLANS)
November 1, 2005... The provisions of Sec. 409A of the American Jobs Creation Act of 2004 made sweeping changes to what qualifies as deferred compensation--a critical distinction that impacts 2005 federal tax returns. The legislation is already in effect for...

Rags to riches: Bill MacAloney: from orphan to successful business owner to CBA.(government relations)
November 1, 2005... As the newest public member of the California Board of Accountancy, W. "Bill" MacAloney looks to leverage a wealth of experience serving on the boards of businesses and trade groups, as well as his skills as a successful entrepreneur. But...

Prop tax assessments: plus: practice privilege, Nevada LLCs and more.(california tax)
November 1, 2005... A client took out a building permit to remodel her home and received a letter from the county asking her how much the work would cost. She asked her CPA how she should respond and her CPA posted the question on TaxTalk. When a homeowner...