California CPA articles from October 2001

California CPA archives from October 2001

FEDERAL TAX CREDIT IS FREE FROM CALIFORNIA TAX.(Brief Article)
October 1, 2001... Is the federal advance refund or tax credit under IRS Sec 6428 subject to California income tax? No, says the FTB In Legal Ruling 2001-3, the FTB states that the advance tax refund is considered an overpayment of federal income tax. Refunds...

WHAT DOES THE FTB THINK ABOUT PENDING BILLS?(Brief Article)
October 1, 2001... The FTB periodically receives a targeted summary of pending bills prepared by the Legislative Services Bureau. For a current summary and the FTB's position on each bill, go to: www.ftb.ca. gov/law_legis/legis/wkly_summaries.html.

PROPOSAL TO CHANGE TAX CLEARANCE FOR ESTATES.(Brief Article)
October 1, 2001... Currently the limits are for estates with $400,000 or more of assets, with $100,000 or more distributable to nonresident beneficiaries. The FTB proposes changing the limits to $1 million and $250,000, respectively. The FTB is proposing to...

INTERESTING STATS.(Brief Article)
October 1, 2001... The IRS has released preliminary statistics for Tax Year 1999 indicating that taxpayers filed 127.1 million U.S. individual income tax returns, an increase of 1.9 percent from the 124.7 million returns filed in 1998. Adjusted gross income,...

S CORP DATA.(corporate returns )(Brief Article)
October 1, 2001... Also featured in the 2001 issue of the Statistics of Income Bulletin is an analysis of S corp returns for 1998. Some 53.3 percent of all corporate returns are for S corps. This figure grew more than 5.5 percent in 1998 to nearly 2.6 million...

CPAs AND AllORNEYS: PARTNERS AT LAST?(Certified Public Accountants)(Brief Article)
October 1, 2001... The California Bar Journal reported in its August 2001 issue that a "State Bar task force recommends that California attorneys be allowed to partner with other professionals, using a model that would relax old rules prohibiting fee-sharing and...

Widening the gap.(executive pay)(Brief Article)
October 1, 2001... Executive pay jumped 571 percent between 1990 and 2000, dwarfing the 37-percent growth in worker pay. If the minimum wage, which stood at $3.80 an hour in 1990, had grown at the same rate as CEO pay over the decade, it would now be $25.50...

NOMINATE CALCPA OFFICERS AND DIRECTORS--SOON.(California Society of Certified Public Accountants)(Brief Article)
October 1, 2001... Even those with the greatest leadership potential sometimes need a nudge to the fore, especially when it comes to assuming a formal role. Do you know a member who would excel as a CalCPA officer or director-at-large? Help shape CalCPA's...

HELLO--MAY I HELP YOU? ANSWERLINE HAS NEW VOICE.(Brief Article)
October 1, 2001... When you call CalCPA's Accounting & Auditing Answerline, (800) 922-5272, ext. 2355, you will be greeted by a new friendly voice: that of seasoned CPA Arthur Korn. Korn is CalCPA's new director of technical member services and is the new...

CPA2Biz Portal MULLING BEGINS ON PHASE II AGREEMENT.(Brief Article)
October 1, 2001... CalCPA special task force is in the process of reviewing the CPA2Biz Phase II agreement from the Shared Services LLC, a joint venture between the AICPA and participating state societies. The agreement arrived in September. State societies...

HELP US RECOGNIZE A MEMBER'S PUBLIC SERVICE.(California Society of Certified Public Accountants)(Brief Article)
October 1, 2001... 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...

SPELL OUT FAMILY LEAVE CALCULATION METHOD.(Brief Article)
October 1, 2001... In its e-newsletter, Labor Law Extra, the California Chamber of Commerce reported that, according to a recent 9th U.S. Circuit Court of Appeals ruling, employers must notify employees about what method they use to calculate the 12-month period...

NEW SELF-STUDY PROGRAMS AVAILABLE.(Western Schools Self-Study programs for accountants)(Brief Article)
October 1, 2001... The Education Foundation now offers Western Schools Self-Study CPE programs for CPAs. A feature that can result in substantial savings allows a firm to purchase one program and additional copies of the workbook (which is essentially the...

TAX AIDES: CPAs REACHING OUT TO THE COMMUNITY.(certified public accountants)(Brief Article)
October 1, 2001... Use your CPA or legal skills by volunteering to teach a short tax-law course for AARP's Tax-Aide, a nationwide, volunteer-staffed program that assists low-income taxpayers, with special attention to seniors age 60 and older. Tax-Aide...

Get Yourself Connected Via CalCPA Listserves.(California Society of Chartered Public Accountants)(Brief Article)
October 1, 2001... Got a burning question about a tax dilemma? Business consulting? Technology conundrums? Or would you just like to chat about current events with your peers? Log on to one of CalCPA's listserves to get connected with your peers and find...

CALIFORNIA'S NOT TOO FRIENDLY TO SMALL BIZ.(Small Index Survival Index 2001, United States)(Brief Article)
October 1, 2001... California has dropped from 39th to 44th on the list of small-business-friendly states, according to research conducted by the Washington D.C.-based Small Business Survival Committee. The Small Business Survival Index 2001 examines 17 major...

ANNOUNCEMENTS.(appointments, accounting firms)(Brief Article)
October 1, 2001... Fresno-based Dedekian, George & Small has promoted Jeffrey. P. Markarian to partner, and Julie R. Shows has received her CPA license In Los Angeles, KPMG has admitted Douglas Edward Farrow as a partner Tammy Saetia has been promoted to senior...

Robert' R Weitzke.(appointed, National Litigation Consultants' Review)(Brief Article)
October 1, 2001... Robert' R Weitzke of Newport Beach-based Valuation Professionals has been appointed to the editorial advisory board of Litigation Consultants' newsletter, National Litigation Consultants' Review...

Mary Katherine Dean.(Worth magazine's top financial advisors awards)(Brief Article)
October 1, 2001... Congratulations to the following CaICPA members who were named to Worth magazine's annual list of the nation's 250 top financial advisers: Mary Katherine Dean, CPA, PFS, CFP, Dean Consulting & Associates, San Diego; Michael Duckworth, CPA, PFS,...

Len Williams.(Firefighters Burn Relay, California)(Brief Article)
October 1, 2001... For more than a decade, Sunnyvale-based Len Williams has joined San Francisco news anchor Kate Kelly. in the Firefighters Burn Relay, a fundraiser for children who are burn survivors. In August, Len drove his 1940 Seagrave tractor-trailer...

Petrinovich Pugh & Co.(merged with Petersen Associates)(Brief Article)
October 1, 2001... In San Jose, Petrinovich Pugh & Co. has merged with Menlo Park-based Petersen Associates...

Teaman, Ramirez & Smith.(formerly Thomas, Bigbie and Smith)(Brief Article)
October 1, 2001... With the recent retirement of Jerry D. Bigbie, Riverside-based firm Thomas, Bigbie & Smith has changed its name to Teaman, Ramirez & Smith...

HMWC CPAs & Business Advisors.(formerly Sterman, Higashi and Herter)(Brief Article)
October 1, 2001... ... Sterman, Higashi & Herter in Tustin has announced that it has changed its name to HMWC CPAs & Business Advisors.

IN MEMORY.(Kenny Hamaguchi, accountant)(Brief Article)(Obituary)
October 1, 2001... CaICPA member Kenny Hamaguchi passed away suddenly Aug. 8. A partner with Gardena-based Okuma, Hanaoka, Mayekawa & Co., Hamaguchi was active with CaICPA and had served on the Management Consulting Services, Personal Financial Planning,...

Buy-Sell Agreements.(Brief Article)
October 1, 2001... Impact for Family Corporate and Partnership Interests The recent case of Estate of H.A. True, Jr. et al v. Commissioner, T.C. Memo 2001-167 (July 6, 2001) examined the role of a buy-sell (buyback) agreement in corporate redemptions among...

Strength Numbers.(accounting firms)
October 1, 2001... With the Threat of Consolidation Gone, CPA Firms Grab Hold of Their Destinies Adapt or die! Remember the consolidation storm of the A mid-90s? If you owned a small CPA firm that offered A tax and accounting services, the doomsayers cried...

LEADING the CHARGE.(John Campbell Stumps)
October 1, 2001... Assemblyman John Campbell Stumps for More CPAs at the Capitol California businessman, CPA and assemblyman, John Campbell, recently wrapped up a vigorous first year in Sacramento--winning the National Freshman Legislator of the Year Award...

Win Win.(accountants licensure)
October 1, 2001... 2 Pathways for CPA Licensure in California Patiently awaiting signature, somewhere among the heaps of IF bills on Coy. Davis' desk in Sacramento, lay AB 585 and SB 133. These two laws-in-waiting dramatically change the licensing...

Fab50 Special Pullout Hot Internet sources for CPAs.(certified public accountants)
October 1, 2001... Lost in cyberspace? It's no wonder. At last count, the Internet had more than 1.6 billion Web sites. This special pull-out section of CPA-friendly Web sites is your gateway to the tools that are out in the ether--just waiting work life...

XYZ.(credential for accountants)
October 1, 2001... The Great Debate CaICPA Members and the AICPA Offer Their Best Shots on the Proposed Global Credential Reason and passion. The combination can be riveting in any debate. The following point-counterpoint on the global credential...

Microsoft Licensing: Confusing Decisions Lie Ahead.(Brief Article)
October 1, 2001... If you are like a typical business, the bulk of your computer software comes from Microsoft. Like it or not, Microsoft controls 90 percent of the desktop operating system and office suite markets; 85 percent market share of Internet browsers;...

Celebrating You!(California Society of Certified Public Accountants)(Brief Article)
October 1, 2001... Madison Avenue will probably have none of it, but the AICPA is revising its tagline "Never Underestimate the Value," and I have a suggestion: "CPAs Are Great!" Catchy, isn't it? Well, maybe not, but consider this October marks the 100th...

COMMUTING CALIFORNIA-STYLE.(Brief Article)(Statistical Data Included)
October 1, 2001... COMMUTING CALIFORNIA-STYLE When nearly 15 million California workers hit the roads each workday, commute averages 27 minutes. Here's their preferred modes of travel: Car/truck/van, alone 72.3% Car/truck/van, carpooled ...