California CPA articles from October 2005

California CPA archives from October 2005

Spotlight members who have made a difference.(CalCPA News)(Brief Article)
October 1, 2005... Each year, CalCPA's Public Service Award 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. [ILLUSTRATION...

Group Insurance Trust nominees.(Group Insurance Trust)
October 1, 2005... CalCPA Council nominated Gary G. Capata, Pamela A. Hunter, Steven E. Kramer and Stuart M. Weinstein to serve three-year terms as trustees of the Group Insurance Trust. Participating trust employers elect trustees in late fall. For more...

AICPA and NASBA issue UAA exposure draft.(AICPA News)
October 1, 2005... The Joint Uniform Accountancy Act Committee of the AICPA and the National Association of State Boards of Accountancy have issued an exposure draft on proposed revisions to the UAA Statute. [ILLUSTRATION OMITTED] The changes in the...

AICPA issues fair value interpretations.(AICPA News)
October 1, 2005... The AICPA recently issued two Interpretations of Statements on Auditing Standards regarding auditing fair values. Auditing Derivative Instruments, Hedging Activities, and Investments in Securities; and Auditing Interests in Trusts Held by a...

Helping audit committees respond to an adverse report.(AICPA News)(Brief Article)
October 1, 2005... The AICPA's Audit Committee Effectiveness Center is making available SOX Section 404: Responding to an Adverse Report--A Checklist for the Audit Committee to educate audit committees of companies that have received an adverse report on the...

IRS draft Form 4868 provides six-month extension.(IRS Update)
October 1, 2005... The IRS has issued a draft of revised Form 4868, which, if approved, will give taxpayers a six-month extension without the need to file an intervening form. [ILLUSTRATION OMITTED] Download the revised form at...

IRS, treasury issue Priority Guidance Plan for 2005-06.(IRS Update)
October 1, 2005... The IRS released the 2005-06 Priority Guidance Plan, listing tax issues that will be the subject of legal guidance during the next year. Among a wide range of issues, the guidance items look to discuss: * Additional legal requirements...

Rev. Ruling 2005-55: minimum vesting standards.(IRS Update)
October 1, 2005... Does a profit-sharing plan fail to satisfy the requirements of IRC Sec. 401(a)(7) if it provides a medical reimbursement account for each participant from which payments may only be distributed to reimburse the participant for expenses for...

Cost-sharing arrangements under Sec. 482.(IRS Update)(Brief Article)
October 1, 2005... The IRS issued proposed regulations that provide guidance regarding methods under Sec. 482 to determine taxable income in connection with a cost-sharing arrangement. The proposed regulations provide additional guidance to ensure that...

Personal income tax installment pilot program.(FTB News)
October 1, 2005... The FTB will conduct a pilot program for installment agreements for individual taxpayers from Sept. 1-Dec. 31, 2005. [ILLUSTRATION OMITTED] The program looks to change the installment agreement conditions from $10,000 within 36 months...

Tax relief for Hurricane victims.(Disaster Relief)
October 1, 2005... The IRS granted special relief for taxpayers in various parts of Louisiana, Mississippi and Alabama struck by Hurricane Katrina by extending the due dates for filing tax returns and paying taxes until Oct. 31, 2005. California will conform to...

Enlist now: next camp Jan. 9-12.(Tax Boot Camp)(Brief Article)
October 1, 2005... 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...

IASB issues financial instrument standard.(ISAB News)
October 1, 2005... The International Accounting Standards Board has issued International Financial Reporting Standard No. 7, "Financial Instruments: Disclosures," as well as an amendment to its "Presentation of Financial Statements" regarding capital...

GASB: Postemployment Benefits other than pensions.(GASB News)
October 1, 2005... The Governmental Accounting Standard Board has published a Guide to Implementation of GASB Statements 43 and 45 on Other Postemployment Benefits. The guide assists preparers and auditors of governmental financial statements and those that...

Compliance expertise pays for next generation of accountants.(Survey Says)
October 1, 2005... Expertise in Sarbanes-Oxley compliance looks to unlock myriad opportunities for the next generation of accountants, according to "Next Generation Accountant: A New Outlook on a Timeless Profession," a research initiative conducted by Robert...

Bankruptcies ratcheting up.(News & Trends)
October 1, 2005... Bankruptcy filings are on the rise in anticipation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which is effective Oct. 17. TOTAL BANKRUPTCIES 3 months ending Dec. 31, 2004 371,668 3 months ending March...

Christopher Cox.(News & Trends)
October 1, 2005... "We will be friendly to business, but if anyone tries to drive a wedge between investors and business, they will find a relentless adversary in the SEC." Christopher Cox, chair, SEC

Relatively solvent.(News & Trends)
October 1, 2005... relatively solvent: Employer pension plans in the U.S. are four times more likely to be fully funded than pension plans in the U.K.--Aon Consulting

Ask a CPA.(WebFocusCalCPA.org)
October 1, 2005... CalCPA.org's Ask a CPA always has been a valuable resource for both the public and accounting professionals. Ask a CPA--www.calcpa.org/ask--taps a network of CalCPA subject-matter experts to answer questions on everything from business...

Prior year pubs available on irs.gov.(News & Trends)(Brief Article)
October 1, 2005... TIRED OF SIFTING through file cabinets for old IRS publications? Well, look no further. The IRS has set up a valuable resource for tax practitioners on its website--a directory of prior publications. The publications may prove valuable when...

One number, all your needs.(News & Trends)
October 1, 2005... Need CalCPA or the California CPA Education Foundation? Call (800) 922-5272. Renew a membership, sign up for a conference, purchase a VP card, change your address and more--it's all one fast, convenient call away.

Disguise the limit.(News & Trends)
October 1, 2005... disguise the limit: Nearly 33% of S & P's 500 companies file financial statements that don't accurately reflect their financial condition.--RateFinancials

Build your practice: CalCPA's ElderCare Task Force.(Certified public accountants)(Brief Article)
October 1, 2005... As America grays, the need for eldercare advisers and resources has mushroomed. CalCPA's Personal Financial Planning Committee ElderCare Task Force is building a chapter-by-chapter network of eldercare professionals and resources to...

Starting salaries up.(News & Trends)
October 1, 2005... starting salaries up: Starting salaries for new hires in accounting this fall will average $43,370, an increase of 5.3 percent over last year.--NACE

CalCPA, IRS, AICPA: partner to provide disaster tax assistance.(News & Trends)
October 1, 2005... CalCPA has joined the IRS and AICPA as part of a pilot program to provide assistance to taxpayers following federally declared disasters at local FEMA disaster recovery centers. [ILLUSTRATION OMITTED] Just as details of the partnership...

Bankruptcy law goes into effect Oct. 17.(News & Trends)
October 1, 2005... bankruptcy law goes into effect Oct. 17: CPAs should be aware that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 goes into effect Oct. 17. For CPAs, the act means they may find that their fiscally challenged clients will...

Charles Gumbiner.(IN MEMORIUM)(Brief Article)(Obituary)
October 1, 2005... Charles Gumbiner, a former president of the Los Angeles Chapter, died Aug. 4. He was 81. Gumbiner founded the firm that is now Santa Monica-based Gumbiner Savett Inc., one of the largest locally owned accounting firms in California. ...

Russell S. Bock.(IN MEMORIUM)
October 1, 2005... Russell S. Bock, a former CalCPA president, died July 12. He was 99. Bock was the Los Angeles Chapter president in 1950 and CalCPA president in 1954-55. He also served as a member of AICPA Council (1953-57) and AICPA Trial Board (1955-58)....

Recruiting pays.(News & Trends)
October 1, 2005... recruiting pays: Companies that fill positions in two weeks provide a total return to shareholders of 59%, vs. 11% for those that take 7 weeks or more.--Watson Wyatt

Announcements.(appointments )(Brief Article)
October 1, 2005... Craig H. Suen has been named partner at Long Beach-based Rossi Doskocil & Finkelstein LLP... Santa Barbara-based Trevor Rice was named a shareholder with Stevenson Ranch-based Stern, Kory, Sreden & Morgan, AAC... Beverly Hills-based Kristine...

Accomplishments.(appointments)(Brief Article)
October 1, 2005... Walnut Creek-based Donald A. Glenn, a partner at Glenn & Dawson, LLP has authored the AICPA's Forensic Accounting for Divorce Engagements: A Practical Guide, 2nd Edition... Los Angeles-based Mark Chapman has joined the board of directors of...

Members in the news.(membermilestones)
October 1, 2005... Ken Macias, Lee Overstreet, Mary Walters and Kerry Gordon were quoted in the July 29 Sacramento Business Journal... Marcia Fritz was quoted in the July 30 Sacramento Bee... David Irwin was quoted in the July 31 Auburn Journal... Ric Rosario...

Paving the way; Sharon Allen: from Boise to the boardroom.(Q & A)(Cover Story)
October 1, 2005... FROM A SMALL office in Boise, Idaho, to chairman of Deloitte & Touche USA, CalCPA member Sharon Allen discusses her career, changes in the profession and what the future may hold for accounting. [ILLUSTRATION OMITTED] When Sharon Allen...

Business combinations: requiring the acquisition method.
October 1, 2005... Could it be almost five years since FASB sent the business world's head spinning when it simultaneously proposed FASB statements nos. 141 and 142? Well, it's time to pay attention again as FASB Statement No. 141 is likely to be replaced by...

Raising the bar: more than a 'best practice,' sexual harassment training is state law.(HUMANRESOURCES)
October 1, 2005... Attorneys have long advised that California employers train all employees on how to prevent sexual harassment in the workplace. In the past, such training has helped to avoid harassment claims or reduce liability. [ILLUSTRATION OMITTED]...

The last thing your health insurance should make you feel is vulnerable.
October 1, 2005... Get the protection you need from the only plan designed for CPAs, by CPAs The Group Insurance Trust of the California Society of CPAs has been dedicated to providing quality healthcare programs to CalCPA firms since 1959. Our ProtectPlus...

Fast help; Financial Abuse Specialist Teams: little-known, but valuable to CPAs.(ELDERCARE)
October 1, 2005... Do you have clients who are single elders with no family, but have a regular visitor, such as a gardener, shopper or caregiver? [ILLUSTRATION OMITTED] Perhaps you have a client who is a surviving spouse with some degree of dementia and...

California Technology Conference.
October 1, 2005... November 7-8, 2005 * San Francisco Are you maximizing the value of technology? Most CPAs are self-taught when it comes to using technology. As a result, they often are unaware of features, functions, and tools that could save them huge...

Fab 50: hot Internet resources for CPAs.(Special Pullout)
October 1, 2005... TARGETED & AT YOUR FINGERTIPS ACCOUNTING & AUDITING [ILLUSTRATION OMITTED] www.fasb.org FASB's site provides quick access to authoritative statements, publications and exposure drafts. www.pcaob.org The Public Company...

CPA ethics: the importance of public trust.(Certified public accountants)
October 1, 2005... Last weekend I heard my wife laugh out loud as she watched the movie Hitch, which stars Will Smith as an ultra-cool dating consultant hired by co-star Kevin James, who is cast as a socially awkward CPA in desperate need of dating help. The film...

Practice privilege: out-of-state CPAs must register with CBA as of Jan. 1, 2006.(governmentrelations)
October 1, 2005... In January 2006, a new law goes into effect in California that requires out-of-state CPAs who want to provide services to California residents to file for a practice privilege permit with the California Board of Accountancy and pay a...

Recent developments: FLPs, option income and home office depreciation.(federaltax)
October 1, 2005... In A. Strangi Estate (No. 03-60992), the Fifth Circuit Court of Appeals affirmed the Tax Court and decided July 15, 2005 that the full value of assets transferred by Albert Strangi to a family limited partnership (FLP) was includible in his...