California CPA articles from October 2003

California CPA archives from October 2003

Spotlight a member who has made a difference.(CalCPA News)(California Society of Certified Public Accountants)(nominations for public service awards)(Brief Article)
October 1, 2003... Each year, CalCPA 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. But before CalCPA can recognize these...

Gear up for tax season: participate in Find a CPA.(CalCPA News)(California Society of Certified Public Accountants)(directory of certified public accountants)(Brief Article)
October 1, 2003... Before tax season begins, don't forget to register with CalCPA's "Find a CPA" public directory resource. The directory has matched scores of taxpayers with local CPAs that best suit their needs and is one of the most visited pages at...

Become a CalCPA officer or AICPA council member.(CalCPA News; Califonia Certified Public Accountant; American Institute of Certified Public Accountants)(Brief Article)
October 1, 2003... The CalCPA Committee on Nomination and Leadership Development is accepting nominations and biographies until Dec. 1 for 2004-05 officers and directors at large. Officer positions include chair, first vice chair, treasurer and four vice...

Image on the mend.(News & Trends)(Gallup poll results)(public perception of accounting profession improving)(Brief Article)
October 1, 2003... Perception of the accounting profession is on the mend after a period of intense public scrutiny. A recent Gallup Poll shows that accounting saw the greatest image improvement in the last year of 25 industries. VERY SOMEWHAT...

EITC certification pilot program set for 2004 filing season.(IRS News; Earned Income Tax Credit )(Brief Article)
October 1, 2003... The IRS will launch an early version of the Earned Income Tax Credit certification program in early 2004 to minimize erroneous claims. The GAO recently identified the EITC program, a refundable credit for low-wage taxpayers, as a high-risk...

Don't miss this year's Tax Booth Camp.(News & Trends; California Society of Certified Public Accountants)(Brief Article)
October 1, 2003... Tax Boot Camp is designed to prepare new staff of CalCPA members for tax season by providing hands-on training in return preparation, work paper technique, tax research and basic tax law. "Recruits" are drilled in basic tax techniques over...

New IRS policy on tax-free corporate divisions.(IRS News)(Brief Article)
October 1, 2003... Stuart R. Josephs, CPA, of the San Diego-based Tax Assistance Practice, reports that: Rev. Proc. 2003-48 (IRB 2003-29, 7/21/03) announced a plan to provide more published guidance and fewer private letter rulings (PLRs) under Sec. 355....

AICPA seeks member input for ethics vote.(AICPA News)(American Institute of Certified Public Accountants)(Brief Article)
October 1, 2003... The AICPA is seeking member input on two proposals aimed at enhancing ethics enforcement. The first proposal would give the AICPA power to sanction members without investigation if they've been sanctioned by an organization that has the...

AICPA recommends auditing standards to the PCAOB.(AICPA News)(Brief Article)
October 1, 2003... Although stripped of its power to set the standards for publicly held companies, the AICPA's Auditing Standards Board has submitted recommendations for auditing standards to the PCAOB. The recommendations include amendments to various...

A death sentence for the death tax?(Survey Says ... a majority considers estate tax to be unfair)(Brief Article)
October 1, 2003... According to a recent poll, voters on either side of the political spectrum dislike the estate tax. The survey found that 79 percent of the more than 2,500 American voters polled by research companies representing each major political...

FTB to work with IRS in campaign against tax cheats.(FTB News; Franchise Tax Board)(Brief Article)
October 1, 2003... The FTB has agreed to work with the IRS in a campaign targeting Californians illegally evading federal taxes. The FTB will divert 30 of its examiners to help weed out the tax cheats, making it one of the first states in the nation to sign...

IASB publishes proposal on macro hedging.(IASB News; International Accounting Standards Board )(Brief Article)
October 1, 2003... The International Accounting Standards Board recently published proposals to improve the implementation of IAS 39, Financial Instruments: Recognition and Measurement. The proposals would enable fair-value hedge accounting to be used more...

SEC proposes enhanced board disclosure.(SEC News; Securites and Exchange Commission)(Brief Article)
October 1, 2003... The SEC has proposed a rule to alter disclosure requirements for board nominating committees as well as the means, if any, by which security holders may communicate with board members. The proposed disclosure requirements wouldn't mandate...

Student outreach site makes it easy to get involved.(CalCPA online: WebFocus; California Society of Certified Public Accountants)(Brief Article)
October 1, 2003... CalCPA's student outreach program aims to interest students in the CPA profession by matching CPAs with local high schools. The student outreach website makes it easy--and quick--to sign up as a volunteer to speak to students and gather...

SEC lagging in collection of fines.(Securities and Exchange Commission)(Brief Article)
October 1, 2003... The SEC has only collected about $190 million of the almost $480 million in fines it levied between 1997 and 2002, a recent GAO report found. The GAO attributed most of the discrepancy to a few large cases, many of which are still pending....

SEC sets date for auditors of non-public broker dealers.(Public Company Accounting Oversight Board; Securities and Exchange Commission)(Brief Article)
October 1, 2003... The SEC recently set Jan. 1, 2005 as the date for auditors of non-public broker-dealers to register with the PCAOB. In the release, the SEC said "application of registration requirements and procedures to auditors of non-public...

CPA captures polo tournament victory.(The Lighter Side of members)(Charles Stanislawski received the C.D. LeBlanc Polo Tournament trophy)(Brief Article)
October 1, 2003... Charles Stanislawski, president and CEO of Stanislawski & Co. Inc., recently received the C.D. LeBlanc Polo Tournament trophy, the second time he's won the award. Stanislawski rode for the Baxter BioScience team at the tournament, a...

Canoga Park CPA inspiration behind ads.(The Lighter Side of members; Certified Public Accountant)
October 1, 2003... Anyone who listens to Los Angeles-area radio is probably familiar with a commercial spot for Sit n' Sleep mattresses that features a hyper-worried accountant named Irwin. It turns out that the character is based on a real life accountant...

PCAOB plays the name game.(PCAOB News)(releases names of public accounting firms that have applied to register with the board)(Brief Article)
October 1, 2003... The PCAOB recently began releasing the names of public accounting firms that have applied to register with the board. At press time, the list included 91 public accounting firms, and three of the Big Four. As of Aug. 27, Ernst & Young had...

IFAC recommends actions to rebuild public trust.(International Federation of Accountants)(Brief Article)
October 1, 2003... The International Federation of Accountant's Credibility Task Force recently issued a report with recommendations for strengthening corporate governance, improving audit effectiveness and raising the standard of regulation of issuers. View...

NYSE to double fines for rule violations.(NYSE News)(Brief Article)
October 1, 2003... The New York Stock Exchange doubled fines for minor rule violations that don't have to be publicly reported. The new rules, approved by the SEC, would levy fines of $1,000 for first-time offenders; $2,500 for a second offense within 12...

Nasdaq's corporate governance education tools.(Nasdaq News)
October 1, 2003... Nasdaq Stock Market Inc. has teamed with the National Association of Corporate Directors (NACD) to provide corporate governance educational tools to companies listed on Nasdaq. The alliance grants Nasdaq-listed companies a discount on NACD...

Citizens thumb nose at April 15 deadline.(Treasury News; taxes)
October 1, 2003... More and more Americans are asking for an automatic four-month extension of the April 15 tax filing deadline, the Treasury Department said. During the 2003 season, 8.5 million taxpayers asked for extensions, and the IRS expects more than...

Treasury, IRS issue final stock option regulations.(Treasury News)(Brief Article)
October 1, 2003... The Treasury Department and the IRS recently issued final regulations affecting tax treatment of stock-based compensation under the related party transfer pricing rules governing qualified cost sharing arrangements. For an arrangement to...

Take the OSHA ergonomic test.(OSHA News; Occupational Safety and Health Administration)(Brief Article)
October 1, 2003... OSHA recently provided an e-tool for the millions of people who work on computers all day. While there is no "right" answer when it comes to workstation posture, some basic design goals should be considered when setting up a workstation,...

CalCPA image campaign promotes California CPAs.(News & Trends)(Brief Article)
October 1, 2003... CalCPA radio spots recently hit the airwaves. The 60-second spot features a testimonial from a small-business owner, promoting CPAs as trusted business and financial advisers who "help California companies grow and families build financial...

There's value in membership.(Targeted Information)(CalCPA member news)
October 1, 2003... CALCPA BUZZ CalCPA's twice monthly e-newsletter offers short, to-the-point professional news items with live links expanded information. Sign up at www.calcpa.org/BUZZ/signup.html. CALCPA DAILY CLIPS A daily roundup of news,...

Union Square Investment Co..(Jeff Whaley named president and CEO)(Brief Article)
October 1, 2003... Jeff Whaley has been named president and CEO of San Francisco-based Union Square Investment Co....

netGuru Inc.(Announcements)(Dean McCormick III appointed to board of directors)(Brief Article)
October 1, 2003... Dean McCormick III, president of Irvine-based McCormick & Co. has been named to the board of directors for Yorba Linda-based netGuru Inc....

RBZ LLP.(Announcements)(Lynell Chun promoted to manager)(Brief Article)
October 1, 2003... Lynell Chun has been promoted to manager at Los Angeles-based RBZ LLP.

Lund & Guttry.(Firm News)(celebrates 50th birthday)(Brief Article)
October 1, 2003... Lund & Guttry of Rancho Mirage celebrated its 50th birthday.

California Board of Accountancy.(Accomplishments)(Thomas Lino appointed to Board)(Brief Article)
October 1, 2003... Los Angeles-based Thomas lino, a former CalCPA Distinguished Service Award winner, was recently appointed to the California Board of Accountancy...

Damore, Hamric & Schneider Inc.(Accomplishments)(Donna Silva participated on the AICPA's 2003 Uniform CPA Examination standard setting panel)(Brief Article)
October 1, 2003... Donna Silva of Sacramento-based Damore, Hamric & Schneider Inc. participated on the AICPA's 2003 Uniform CPA Examination standard setting panel, helping to set the passing score for the new computerized exam format...

Taxation Law Advisory Commission of the State Bar of California.(Accomplishments)(Robin Paule appointed to Commission)(Brief Article)
October 1, 2003... Robin Paule, a partner at Holthouse Carlin & Van Trigt LLP, has been appointed to the Taxation Law Advisory Commission of the State Bar of California...

American Woman's Society of Certified Public Accountants.(Accomplishments)(Louise Teeter named national vice president of member services)(Brief Article)
October 1, 2003... Louise Teeter of Marina Del Ray has been named national vice president of member services for the American Woman's Society of Certified Public Accountants...

PCPS.(Accomplishments)(Kay Filler named to Technical Issues Committee)(Brief Article)
October 1, 2003... Kay Filler of Campbell has been named to the Technical Issues Committee of PCPS, the AICPA's alliance of CPA firms...

AICPA.(Accomplishments)(Joel Framson installed as vice chair of the Personal Financial Planning Executive Committee)(Brief Article)
October 1, 2003... Joel Framson was installed as vice chair of the AICPA's Personal Financial Planning Executive Committee in October.

Scott Haislet.(Members In The News)(quoted in Business Adviser)(Brief Article)
October 1, 2003... Scott Haislet of Lafayette was quoted in Wells Fargo's July issue of Business Adviser...

Mike Ueltzen.(Members In The News)(profiled in the Sacramento Business Journal)(Brief Article)
October 1, 2003... Sacramento-based Mike Ueltzen was profiled in the July 14 Sacramento Business Journal...

Carl Pon and Don Driftmier of Rancho Cucamonga.(Members In The News)(quoted in The Business Press of Imperial County)(Brief Article)
October 1, 2003... Carl Pon of La Verne and Don Driftmier of Rancho Cucamonga were quoted in The Business Press of Imperial County...

Joe Kovar.(Members In The News)(quoted in Accounting Today)(Brief Article)
October 1, 2003... Danville-based Joe Kovar was quoted in the July 21 Accounting Today...

Michael Eisenberg.(Members In The News)(quoted in the Los Angeles Times)(Brief Article)
October 1, 2003... Michael Eisenberg of Los Angeles was quoted in the July 22 Los Angeles Times...

Gary Qualset.(Members In The News)(quoted in NewzCentral.com)(Brief Article)
October 1, 2003... Gary Qualset of Sacramento was quoted in a July 26 article in NewzCentral.com...

Kip Dellinger.(Members In The News)(letter published in the Los Angeles Times)(Brief Article)
October 1, 2003... A letter from Los Angeles-based Kip Dellinger was printed in the July 28 Los Angeles Times...

Vic Prechtl of Aliso Viejo.(Members In The News)(quoted in Orange County Business Journal)(Brief Article)
October 1, 2003... Vic Prechtl of Aliso Viejo, Bob Grant of Costa Mesa, Sam Wild of Santa Monica, Bruce Stump of Irvine, Dean Samsvick of Costa Mesa, Chris Schmidt of Irvine and David Liptz of Irvine were quoted in the July 28 Orange County Business Journal...

Mark Goodburn.(Members In The News)(co-authored article in the Silicon Valley/San Jose Business Journal)(Brief Article)
October 1, 2003... Mountain View-based Mark Goodburn co-authored an article in the Aug. 1 Silicon Valley/San Jose Business Journal...

Rodney Clarida.(Members In The News)(column published by HoopsWorld.com)(Brief Article)
October 1, 2003... Brea-based Rodney Clarida had a column published by HoopsWorld.com on Aug. 2...

Charles Rettig.(Members In The News)(quoted in Los Angeles Times)(Brief Article)
October 1, 2003... Charles Rettig of Beverly Hills was quoted in the Aug. 4 Los Angeles Times. If you've been in the news, we want to know. Contact Bill Spaniel at bill.spaniel@calcpa.org.

Brave new e-filing world: ready or not, it's here to stay.(taxation)
October 1, 2003... In 2002, Noelle Allen and her client plunged into the e-file world. The Cameron Park-based CPA reflects that going from "zero to a hundred" in a single filing season was an administrative challenge that resulted in changes to her office...

Hell hath no fury: scorned, California businesses weigh their alternatives.
October 1, 2003... No matter how you add it up, the numbers tell the tale. According to the California Chamber of Commerce, California's corporate tax burden is almost 40 percent above the national average; electricity costs are nearly double the national...

Confident & expecting change: California CPAs weigh in on what's important and how it's going.(From The CEO)
October 1, 2003... CALCPA serves 28,000 CPA, associate, CPA candidate and student members. While we often have the opportunity to hear from members in leadership, we value the benefit of checking in regularly with all California CPAs--members and nonmembers--to...

Gut and amend: legislature wraps up in typical fashion.(government relations)
October 1, 2003... At press time, the Legislature was in its last 48 hours before its recess. During this flurry of activity, hundreds of bills--whose contents had never been heard by any policy committee--were being jammed forward in the confusion. While...

Trust treatment: final regs issued on election to treat revocable trusts as part of estate.(estate planning)
October 1, 2003... On Dec. 24, 2002, the U.S. Treasury Department issued final regulations under Internal Revenue Code Sec. 645 relating to the election for certain revocable trusts to be included for income tax purposes as part of the deceased grantor's estate,...

Fab 50 hot internet resources for CPAs.(Special Pullout)
October 1, 2003... Resources at your fingertips Our annual look at the best online resources for CPAs. ACCOUNTING & AUDITING www.fasb.org FASB's site provides you quick access to authoritative statements, publications and exposure drafts. ...

Employee handbooks--who needs 'em?(Human Resources)
October 1, 2003... Envision this: You run into an old friend at a professional event. As you catch up, your friend tells you a horror story about an employee who sued for unpaid overtime and won. Later, another old friend tells you about a former employee who is...

It's a matter of integrity.(Professional Ethics; accounting)
October 1, 2003... Integrity is defined in Article III of the California Society of CPAs' Code of Professional Conduct as the quality from which the public trust derives and the benchmark against which a member must ultimately test all decisions. While the...

Offers in compromise: IRS updates OIC submission and processing procedures.(federal tax; )
October 1, 2003... Rev. Proc. 2003-71, IRB 2003-36, Sept. 8, 2003 updates the procedures for submitting and processing OICs, reflecting tax law changes made by the 1998 IRS Restructuring and Reform Act (P.L. 105-206). Rev. Proc. 2003-71 also includes provisions...