California CPA articles from November 2007

California CPA archives from November 2007

Free classifieds resume service for students.(CalCPA News)(California Society of Certified Public Accountants)(Brief article)
November 1, 2007... California accounting and business students can enhance their career prospects thanks to free resume postings at www.calcpa.org. [ILLUSTRATION OMITTED] To be eligible for the resume service, accounting or business students must be...

CalCPA on YouTUBE.(WATCHTHIS!)(California Society of Certified Public Accountants)(Brief article)
November 1, 2007... Furthering its goal to provide tools and resources to CPAs, as well as to the public they serve, CalCPA has posted a few videos on YouTube produced by the CalCPA Institute, which is dedicated to supporting key CalCPA initiatives such as...

Report: executive compensation disclosure.(SEC News)
November 1, 2007... An SEC report based on a review of the disclosure of 350 public companies for compliance with the SEC's enhanced rules for executive compensation and related disclosure unveiled two principal themes: * Companies should provide more focused...

Women: financial security in retirement challenging.(GAO News)(United States. Government Accountability Office)(Brief article)
November 1, 2007... A recent report on women and retirement conducted by the Government Accountability Office found: * Women have less retirement income than men, largely because of women's lower labor force attachment and lower earnings, on average; *...

House bans tax strategy patents.(Legislative News)
November 1, 2007... The House of Representatives voted to overhaul patent rules and place a ban on tax-planning method patents. H.R. 1908, the Patent Reform Act of 2007, contained a provision that would protect accounting firms from lawsuits over tax-planning...

30 tips for more effective audit committees.(Best Practices)
November 1, 2007... Audit committee activities are a collaborative effort, and as such require processes that involve everything from committee member experience to educational qualifications to integrity to independence. CPA and attorney David Tate offers 30...

Foreclosure tax relief available to many.(IRS News)
November 1, 2007... A new section for people who have lost their homes due to foreclosure is now on the IRS website. Although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite...

1031s in cross hairs.(IRS News)(United States. Internal Revenue Service)(Brief article)
November 1, 2007... With the use of like-kind--or "1031"--exchanges surging, the IRS is stepping up scrutiny and will research reporting and compliance issues involving the tax strategy. This popular tax strategy used by real-estate investors generally allow...

Pension Protection Act guidance.(IRS News)
November 1, 2007... The IRS has issued guidance on the methodology used to produce the corporate bond yield curve and segmented rates as part of enhanced pension funding rules for companies enacted by the Pension Protection Act of 2006. IRS Notice 2007-81...

More time for 409A compliance.(IRS News)
November 1, 2007... The IRS has extended the deadline for taxpayers to bring documents into compliance with the final nonqualified deferred compensation regulations under IRC Sec. 409A. IRS Notice 2007-78 extends the document compliance deadline from Dec. 31,...

Guidance on alternative investments.(AICPA News)
November 1, 2007... The AICPA's Alternative Investments Task Force issued a practice aid for auditors, "Alternative Investments--Audit Considerations." The practice aid clarifies the responsibility of the client to have appropriate controls in place so management...

Confusion over FMLA?(News & Trends)
November 1, 2007... Confusion over the Family and Medical Leave Act has resulted in leave being granted improperly in 40 percent of 520 organizations surveyed. Reasons for taking FMLA, according to the survey: Medical 59% Family ...

Webinar: the urge to converge.(News & Trends)
November 1, 2007... As the trend toward the convergence of hedge funds and private equity funds continues to develop, join us noon-1 p.m., Tuesday, Nov. 27, as Dan Reid, a principal at Transaction Advisory Services, discusses: * the developments in fund...

Tax season is coming.(EDUCATION FOUNDATION FOCUS)(Brief article)(Conference notes)
November 1, 2007... This year's Tax Update and Planning Conference will be Nov. 19-20 in Burbank and San Francisco. The conference will provide attendees with the most current and practical information on a broad spectrum of federal and California tax-related...

Attention! Tax Boot Camp looking for enlistees.(News & Trends)
November 1, 2007... Tax Boot Camp--co-sponsored by the USD Accountancy Institute and the California Society of CPAs San Diego Chapter--provides concentrated tax preparation experience for new CPAs and is designed to prepare new CPA firm staff members for tax...

Reflecting on rule 201.(News & Trends)
November 1, 2007... The AICPA's new Statement on Standards for Valuation Services No. 1 gives us all reason to reflect on Rule 201--General Standards of the Code of Professional Conduct. These standards call for the CPA to comply with standards of...

Jim Maurer.(News & Trends)
November 1, 2007... "Corporate responsibility programs have moved out of the realm of public relations and become real tools for improving the bottom line." --Jim Maurer, Grant Thornton's national managing partner

A growing health problem.(News & Trends)
November 1, 2007... Average health care costs for employees are projected to reach $3,597 in 2008, up 10.1% from $3,266 in 2007--Hewitt Associates

Positive outlook.(News & Trends)
November 1, 2007... 77% of 500 business execs surveyed in California are optimistic about their business growth for the next six months.--Grant Thornton LLP

Career investment.(News & Trends)
November 1, 2007... 51% of nearly 600 companies polled are planning to invest more money in career development of their employees.--Mercer

Announcements.(membermilestones)
November 1, 2007... JGD & Associates LLP added Marianna M. Fenelli to the firm's San Diego office as audit manager... Michael A. Boman, CPA, of Fallbrook, was named treasurer for the North County Boy's and Girl's Club... Gursey, Schneider & Co. LLP in Los...

Accomplishments.(membermilestones)
November 1, 2007... Leonard Williams, CPA once again featured his 1940 Seagrave 85-foot tractor/trailer aerial ladder truck in the San Francisco Peninsula leg of this year's Burn Relay. The event raised $126,000 for charity... Carolina Camacho, CPA was certified...

Firm news.(membermilestones)
November 1, 2007... Armanino McKenna LLP raised $115,386 for 45 Bay Area charities through it's "AMLLP Gives Back" initiative, which involved all of the firm's 300 employees... San Francisco-based Novogradac & Company LLP will be hosting the Financing Renewable...

Members in the news.(membermilestones)
November 1, 2007... Michael Eisenberg discussed the tax advantages of working from home in the Aug. 26 Los Angeles Times. He also was interviewed about mortgage foreclosure strategies on the Sept. 6 "Life and Times" broadcast over KPBS (Los Angeles)... The Aug....

As of Oct. 17, 2007, Fast Tax Facts 2007.
November 1, 2007... Welcome to California CPA's annual at-a-glance compilation of federal and state tax information. User-friendly tax rate schedules, facts, figures and assorted data make this section a handy companion. Keep it within arm's reach as you enter...

Leadership wants you: path to leadership is wide open.(California Society of Certified Public Accountants)(Interview)
November 1, 2007... California CPAs are the driving force behind one of the world's largest economies. As a member of CalCPA leadership, you can be more involved in shaping California's economy and use your skills for the betterment of the CPA profession. So,...

The most trusted adviser, lauded: CFO Frank O'Brien lands Legacy Award.(Interview)
November 1, 2007... A standing-room-only crowd gathered Sept. 13 at the Irvine Marriott to honor outstanding CFOs during the Orange County/Long Beach Chapter's inaugural CFO of the Year event. CPA Frank O'Brien, CFO of ICU Medical, Inc. in San Clemente, received...

Challenge of success: advising corporate executives about stock options.(EXECUTIVE COMPENSATION)
November 1, 2007... As accounting rules change and investigations of backdating continue, stock options as a form of compensation have become more complex--and less popular. Still, stock options remain a significant form of compensation for many executives,...

The new 401(k); Popularity rising: cash balance plans can help reduce taxes, increase savings.(FINANCIALPLANNING)
November 1, 2007... An increasing number of highly compensated individuals are finding that their contributions to 401(k) and profit sharing accounts have reached the maximum allowable amounts. Thanks to the Pension Protection Act of 2006, however, all is not...

LLCs and small biz: highlights from CalCPA's TaxTalk Listserve.(California. Franchise Tax Board)(California Society of Certified Public Accountants)
November 1, 2007... Exchange accommodators frequently use single member LLCs to transfer title. Since SMLLCs are a transparent entity, one would think that the transfer of ownership would be considered the same as the transfer of title. However, in at least...

CBA update: new board member; peer review and mobility top agenda.(government relations)(Rudy Bermudez of California. Board of Accountancy)
November 1, 2007... Rudy Bermudez (D-Norwalk), former Assembly member and the author of several pieces of landmark legislation, including last year's mobility clean-up legislation, AB 1868, recently was appointed to the California Board of Accountancy. ...