California CPA articles from October 2002

California CPA archives from October 2002

Interested in AICPA Council? We want to know. (AICPA Leadership).(American Institute of Certified Public Accountants)(Brief Article)
October 1, 2002... Each year, CaICPA's chair recommends four members to serve on the AICPA Council. The AICPA has final selection authority. If you are an AICPA member and interested in representing your California peers on AICPA Council, let CaICPA know....

SEC staff completes processing of CEO, CFO statements. (SEC News).(Securities and Exchange Commission; financial statement certification)(Brief Article)
October 1, 2002... The SEC has completed processing the sworn statements by the CEOs and CFOs of the largest U.S.-based companies and found that the overwhelming majority certified the material accuracy and completeness of their companies' prior disclosure...

More students choose accounting. (Survey Says).(National Association of Colleges and Employers)(Brief Article)
October 1, 2002... There appears to be a flip side to the negative press accountants have received lately. This year, many more college students plan to pursue accounting as a career than a year ago, according to a recent survey by the National Association of...

Workers costs insurance on the rise.(workers' compensation insurance)(Brief Article)
October 1, 2002... Workers Courts insurance on the rise California Insurance Commissioner Harry Low's advisory pure premium rate increases for workers' compensation insurance: Year Increase 2003 11.9% (proposed) 2002 21.3% 2001 10.1% 2000...

VISA now accepted as payment. (FTB News).(Official Payments Corp.)(Brief Article)
October 1, 2002... It was everywhere you wanted to be, except at the FTB--until now. VISA credit cards are now accepted by the Official Payments Corp. Taxpayers now have four options to choose from if they want to make payments by credit card. In addition to...

FTB forms have wrong ZIP code. (FTB News).(Franchise Tax Board)(Brief Article)
October 1, 2002... According to the U.S. Postal Service, the "plus-4 ZIP" address used to mail several common FTB forms is invalid. Effective immediately, you must mail all forms reflecting the 94240-0000 ZIP code to 94240-0002. This includes forms 540, 540A,...

CPAS get half price on new California Human Resource kit. (Human Resources).(sertified public accountants, labor law training kit)
October 1, 2002... Are you too busy running a business to deal with labor laws? Are you wearing too many hats in your company and don't have time to be an HR expert? Is HR a new role for you? If you answered yes to any of these questions, the California Human...

Tax Boot Camp: gear up--next training planned for January. (News & Trends).
October 1, 2002... If you or your staff are looking for a way to get concentrated tax preparation experience just in time for tax season this year, mark your calendars for Tax Boot Camp, Jan. 6-10. Tax Boot Camp is designed to prepare new staff of CaICPA...

October conferences give the scoop. (News & Trend).
October 1, 2002... Accounting, auditing, tax planning for high net-worth clients and common interest realty associations--take your pick of the Education Foundation's October conferences. Accounting and Auditing Conference, Oct. 17, Glendale Hilton and Oct....

Birds of a feather: companies flock to expense stock options. (News & Trends).(Brief Article)
October 1, 2002... Some see the rise in corporations deciding to treat stock options as a formal part of the expense of running a business as a response to investor calls for more transparency in corporate financial reporting. To date, more than 68 companies have...

Recruiting the next generation of CPAs. (CalCPA Online WebFocus).(California Society of Certified Public Accountants careers service)(Brief Article)
October 1, 2002... CalCPA recently upgraded its online CPA Careers section to be more student and candidate-friendly. Now its easier for high school and college students to find information about scholarships, classes, career paths and more. If you know students...

Guide helps businesses implement new privacy law. (Privacy Compliance).(social security numbers)(Brief Article)
October 1, 2002... The California Department of Consumer Affairs' Office of Privacy Protection is issuing a guide to help businesses comply with a new law designed to safeguard the privacy of Social Security numbers. Under the new law, businesses are no...

CalCPA wants you to lead. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
October 1, 2002... CalCPA is looking for a few good men and women to lead CalCPA through this critical time in our history. If you are up for the job, why not nominate yourself today? Or contact members you feel are potential leaders and encourage them to...

Hit the jackpot--recruit new CPA members and win big. (CalCPA News).(California Society of Certified Public Accountants)(Brief Article)
October 1, 2002... Don't delay--when CalCPA's Member-Get-a-Member campaign ends so do your chances to win a grand prize drawing for an entertainment package valued at almost $1,000. CalCPA and the profession need to increase their voice and presence in...

Final passive loss regs issued. (IRS News).(Brief Article)
October 1, 2002... The IRS has issued final regulations (T.D. 9013) on treating self-charged interest income and expense as passive income and loss under IRC 469. This applies if the interest is attributable to loans between a taxpayer and a partnership or S...

Tightened exemption from welfare benefit fund deduction limit. (IRS News).(Brief Article)
October 1, 2002... The IRS has proposed regulations (REG-165868-01) that would substantially expand the experience rating definition for 10-or-more employer welfare benefit plans and generally narrow the qualifications for such plans. This would expose more of...

Announcements. (Member Milestones).(appointments)(Brief Article)
October 1, 2002... Investors Trust Mortgage Corp has admitted Brian L. Hoff to the firm as a senior mortgage consultant in their Santa Rosa office... Sherif Dessouky has joined San Diego-based Lavine, Lofgren, Morris & Engelberg as the director of audit... Los...

Achievements. (Member Milestones).(California Society of Certified Public Accountants)(Brief Article)
October 1, 2002... Anne Renna, a sole practitioner in Santa Monica, is now licensed as a certified fraud examiner... In Modesto, Nathan Miller, a staff accountant at Grimbleby Coleman CPAs, recently earned his CPA designation... CalCPA members Dan Morris, Hamid...

Strategic Wealth Management. (Firm News).(Bloomberg Wealth Manager magazine rating)(Brief Article)
October 1, 2002... Temecula-based Strategic Wealth Management has been named the 52nd top wealth manager in the United States by Bloomberg Wealth Manager magazine

Robert M. Frumkin CPA. (Firm News).(relocation)(Brief Article)
October 1, 2002... The Santa Monica-based firm of Robert M. Frumkin CPA has relocated to Torrance.

Members in the news. (Member Milestones).(California Society of Certified Public Accountants)(Brief Article)
October 1, 2002... On Aug. 18 Cameron Hess of Sacramento was interview by KAHI-AM, Auburn... Kris Nolan of Hollister wrote a column for the July 23 edition of the Hollister Free Lance... Mike Ueltzen of Sacramento was quoted July 25 in the Orange County...

In memory. (Member Milestones).(Thomas W. O'Neil, Jr.)(Brief Article)
October 1, 2002... Thomas W. O'Neil, Jr. of Sacramento, a businessman and former chairman of the Cal Expo Board of Directors, suffered a fatal heart attack Aug. 1 while in Ireland. He was 73. O'Neil was a CalCPA life member and served as president of...

Sale of principal residence due to unforeseen circumstances. (IRS News).(tax law)(Brief Article)
October 1, 2002... A partial exclusion of gain on the sale of a principal residence may be available for taxpayers who fail the two-out-of-five year ownership and use rule or the one-sale-every-two year rule because of a "forced" sale caused by a change in place...

Audit committees: not just for CPAs. (Speak Out!).(Letter to the Editor)
October 1, 2002... I appreciate the comments made by Ronald Marley, CPA, from Studio City [in the August issue of California CPA]. He made some excellent points of CPAs being on the audit committee, board and CFO. However, I would feel just as comfortable in...

Correction: EIN fax number.(Correction Notice)
October 1, 2002... An incorrect fax number was in the September article, "EIN Issuing Process Changes, Again." The correct number is (215) 516-3990.

Get your ducks in a row: how the Sarbanes-Oxley Act has redefined auditor independence.
October 1, 2002... Independence has been redefined--again. After being prominent on the agendas of standard setters for several years, auditor independence has been redefined again by the SARBANES-OXLEY Act of 2002. In November 2000, the SEC announced changes...

Next comes regulation: with the legislative session over, regulators gear up. (Government Relations).(new tax laws await interpretation)
October 1, 2002... It's a familiar drill. Congress passes a new tax act, which results in new tax codes. But the tax code isn't completely relevant until you know what regulations the IRS will propose to define and interpret the code. "As a profession, we...

New laws impact all CPAs. (Practice Alert).(certified public accountants)
October 1, 2002... New California laws that will have the greatest impact on the CPA profession are AB 2873 (Frommer), AB 2970 (Wayne), AB 270 (Correa, Figueora), AB 2834 (Midgen) and SB1955 (Figueroa). Among the areas addressed by these laws and pending...

Fab 50: hot Internet resources for CPAs. (Special Pullout).(certified public accountants)(Directory)
October 1, 2002... Resources at your fingertips Sure, the Web is full of useful information. But if you don't know where to find it, what good does it do you? This feature was so popular last year that we've brought it back--updated with the latest...

The right stuff: CFOs, auditors & audit committees reexamine their relationships.(Sarbanes-Oxley Act of 2002)
October 1, 2002... ($427 billion) YEP, THAT'S RIGHT, A $427 BILLION LOSS. It's the estimated total loss in market value of WorldCom, Tyco, Qwest, Enron and Global Crossing. And it has been the impetus for a thorough reexamining of the client-auditor relationship....

Strategies for creating an intelligent IT plan. (Information Technology).
October 1, 2002... Many business owners regard information technology as yet another of many demands on their over head budget--a mountain of cost without any tangible return--and in many ways like disposable equipment. In reality, IT is an integral part of...

Show them the money. (Human Resources).(performance related pay)
October 1, 2002... It's a constant battle. How and when do you institute pay-for-performance and discuss merit raises with your employees? How can bonuses fit into a compensation structure that already bases raises on performance? How do you "Show them the...

Searching for transparency: corporate responsibilities in the wake of the Sarbanes-Oxley Act.
October 1, 2002... RIORITIES for corporate America are changing. Companies that want to be successful still care about earnings per share, but regulators now demand more for investors- responsibility and transparency. The Sarbanes-Oxley Act of 2002 and...

Take the Linux plunge. (Windows Alternatives).
October 1, 2002... Ready to trade in your blue screen of death for a cute cuddly penguin? Or, more aptly put: Are you ready to leave the mainstream, or Windows, to enter the world of alternative operating systems--the world of Linux? As a file, print or Web...

Split-dollar: proposals would change rules for split-dollar life insurance. (Federal Tax).
October 1, 2002... The IRS has proposed regulations for split-dollar life insurance arrangements. Once final, the new regulations would apply to any SDLI arrangement entered into after the final regulations are published in the Federal Register. Also, an...