California CPA articles from October 2006

California CPA archives from October 2006

Become a CalCPA officer or AICPA council member.(CalCPA News)
October 1, 2006... If you're interested in helping shape the next group of CalCPA leaders, nominate a member for the job. Or, if you're interested in a leadership role, self-nomination is the best way make your interest known. [ILLUSTRATION OMITTED] The...

Info you need--to go.(PODCASTS)
October 1, 2006... Schedules can get hectic and we know you may not be able to attend or call in to all events that interest you. That's why CalCPA is creating members-only podcasts of select events that you can download to your computer's Windows Media Player or...

Q & A on Rule 54.1--disclosure of confidential information.(CBA News)
October 1, 2006... The California Board of Accountancy has released guidance related to Rule 54.1 regarding client confidentiality and the CPA's obligation to protect client information. The guidance comes in Q & A form and can be found at...

Oct. 23 webcast with Christopher Cox.(CBA WEBCAST)
October 1, 2006... The CBA will host a webcast, Accounting & Accountability: A Forum on Ethics and Professional Responsibility, Oct. 23 from 8:30 a.m.-5 p.m. SEC Chairman Christopher Cox is the keynote speaker. Stephen Whitlock, deputy director of the OPR,...

Taxing emotional distress damages held unconstitutional.(IRS Update)
October 1, 2006... The Circuit Court for the District of Columbia Circuit in Marrita Murphy decided Aug. 22 that IRC Sec. 104(a)(2), which only excludes from gross income non-punitive damages for personal physical injuries or sickness, is unconstitutional as...

Observations.(IRS Update)
October 1, 2006... It would appear that the IRS may likely appeal this case to the Supreme Court. Until and unless this decision is reversed, refund claims should be filed in appropriate situations. --Stuart R. Josephs, CPA Tax Assistance Practice, San...

IRS proposes tighter transfer pricing rules.(IRS Update)
October 1, 2006... The IRS has proposed regs that would revamp how companies account for the transfer of services and intellectual property to their affiliates in and outside of the United States. [ILLUSTRATION OMITTED] The rules, which are designed to...

Proposed regulations on capitalization of tangible assets.(IRS Update)(Brief article)
October 1, 2006... To quell an area of controversy, the IRS issued proposed regulations clarifying the treatment of expenditures incurred in selling, acquiring, producing or improving tangible assets. The controversy surrounds whether taxpayers are required...

Standard phone tax refunds.(IRS Update)
October 1, 2006... The IRS has stopped collecting the federal excise tax on long-distance telephone services and has announced standard amounts that individuals can use to tally their telephone tax refund. The standard amounts are $30 for a person filing a...

Head of household audits commence.(FTB News)(Brief article)
October 1, 2006... Because the FTB says that the rules governing head of household returns often are misunderstood, it has sent more than 150,000 audit letters to individuals who filed their 2005 returns using the head of household filing status. ...

Streamlined OIC process.(FTB News)
October 1, 2006... The FTB, BOE and EDD have streamlined the state's Offer in Compromise program, developing a form that anyone can use for any of the state's tax agencies. The new form, DE 999CA, Multi-Agency Form for Offer in Compromise, is available at...

Indexing adjusts 2006 state income tax.(FTB News)
October 1, 2006... California's personal income tax brackets will be indexed at 4.8 percent this year, resulting in a decrease in state income taxes for some Californians. To view adjustments in the 2006 tax rate schedule, visit...

Original pronouncements and Current Text 2006-07 edition.(FASB News)
October 1, 2006... FASB has released its Original Pronouncements as Amended and Current Text annual bound editions 2006-07. The authoritative pronouncements are done in an "as amended" format, reflecting FASB Statements on Standards, Concepts Statements,...

Comment on Elements of Financial Statement proposal.(GASB News)
October 1, 2006... GASB is seeking comment on its proposed fourth Concepts Statement, Elements of Financial Statement, which defines the seven elements of a financial statement, clarifying concepts of financial reporting. [ILLUSTRATION OMITTED] The...

Free fiduciary seminar.(DOL News)
October 1, 2006... The U.S. Department of Labor is bringing its fiduciary seminar: "Getting It Right--Know Your Fiduciary Responsibilities" to Sacramento Dec. 5. The event, which focuses on retirement plan compliance issues facing small businesses, will...

New guidance on Professional Values, Ethics and Attitudes.(IFAC News)
October 1, 2006... The International Accounting Education Standards Board, a standard-setting board within IFAC, seeks comment on a proposal for a new International Education Practice Statement, Approaches to Developing and Maintaining Professional Values, Ethics...

Almost half of all businesses noncompliant with form 5500.(Survey Says)(Survey)
October 1, 2006... According to a recent survey, almost 50 percent of employers are noncompliant in their Form 5500 filings. Common errors included companies not realizing that they had to file the form for all benefits; assuming that a vendor, third-party...

Top 10 CA firms in revenue.(News & Trends)
October 1, 2006... The average CPA firm grew 16.5% during 2006, a big jump from the 9.1% growth posted in 2005, according to CCH's Public Accounting Report The following are the top 10 firms with headquarters in California, ranked by revenue for 2006, according...

CE week in Palm Springs: earn CPE in a resort setting.(EDUCATION FOUNDATION FOCUS)
October 1, 2006... The California CPA Education Foundation will present a week-long slate of CPE offerings in Palm Springs Nov. 27--Dec. 1. Take advantage of this opportunity to earn up to 40 hours of CPE while enjoying the beautiful Rancho Las Palmas Resort. ...

CPA Exam review course discounts.(pssst, pass it on)
October 1, 2006... CalCPA has added another great member benefit to its growing affinity roster--discounts on CPA Exam review courses. CalCPA candidate and student members may take advantage of these exclusive savings, which can add up to hundreds of dollars. ...

Public Service Award.(CALLINGALL NOMINATIONS)
October 1, 2006... Do you know an outstanding CalCPA member who goes above and beyond the call of duty in community service? [ILLUSTRATION OMITTED] Start naming names. Each year CalCPA's Public Service Award recognizes a member for notable works...

Distinguished Service Award.(CALLINGALL NOMINATIONS)
October 1, 2006... CalCPA's annual Distinguished Service Award recognizes a member for long and distinguished service in CalCPA, or for a singular act resulting in an extraordinary contribution to the profession. If you know a member who exhibits...

AACSB international starts bridge program.(News & Trends)(Association to Advance Collegiate Schools of Business)(Brief article)
October 1, 2006... Due to the profession's demand for qualified faculty in academia, the Association to Advance Collegiate Schools of Business has joined with UC Irvine's Paul Merage School of Business and USC's Marshall School of Business to create a new...

Speak out.(News & Trends)
October 1, 2006... The "Show Off" article in the August issue of California CPA was interesting. What about the other end of the market? With the change in the requirements for the CPA, I submit that there is a whole new group of people entering the CPA world...

Charles Grassley.(News & Trends)
October 1, 2006... "If the tax laws are inadequate on stock options backdating, I want to beef them up." U.S. Sen, Charles Grassley

Early e-file.(News & Trends)
October 1, 2006... 65% of large and midsize U.S. businesses planned to e-file their 2005 returns by Aug. 31 for the Sept. 15 deadline.--KPMG

In demand.(News & Trends)
October 1, 2006... 45% of finance and accounting workers in the U.S. report that their compensation has increased in the last year:--Robert Half Finance and Accounting

Public image unlimited.(News & Trends)
October 1, 2006... 68% of U.S. adults believe that accountants tell the truth, up 13% from 2002.--Harris Poll

Enforcements down.(News & Trends)
October 1, 2006... The SEC is on pace to file about 590 cases for the current fiscal year, down from 630 cases the year before.--SEC

Announcements.(membermilestones)
October 1, 2006... Walnut Creek-based Suzanne Ferraro and Mitchell Nakagaki have been named partners at Blanding Boyer & Rockwell, LLP... Los Angeles-based Hassan Mubara has joined Magidoff Sadat & Gilmore, LLP as partner... Walnut Creek-based Laurie Chatoff...

Accomplishments.(membermilestones)(Marylou Robken and Stuart Robken received their Accredited in Business Valuation credentials from the American Institute of Certified Public Accountants)(Brief article)
October 1, 2006... Carmichael-based Marylou Robken and Stuart Robken received their Accredited in Business Valuation credentials from the AICPA; they also presented on financial elder abuse to the Placer County Agency on Elder Care, CAMET... Los Angeles-based...

Firm news.(membermilestones)
October 1, 2006... Burr Pilger & Mayer LLP has merged with Walnut Creek-based Liebowitz, Shumaker, Berger and Holsworth. Phil Leibowitz, Mark Shumaker, Marc Berger and Brad Holsworth will join BPM as partners.

Members in the news.(membermilestones)
October 1, 2006... San Diego-based Stuart R. Josephs wrote an article for the July 25 Wire... La Mesa-based Robert Kevane was profiled and Palo Alto-based Florence Rust was quoted in a July 28 WebCPA.com article... Oakland-based Walt Tchirkine, Walnut...

Spotlight on retention: business and industry moves to keep talent in-house.
October 1, 2006... While retaining the best and brightest continues to be difficult for many public accounting firms, the issue looms just as large for those in business and industry. In just a few short years, CFOs and controllers statewide have seen a...

Pension Protection: the Pension Protection Act of 2006 makes extensive changes to existing law.(NEWLEGISLATION)
October 1, 2006... President Bush signed the Pension Protection Act of 2006 on Aug. 17, 2006, providing extensive changes to existing law and new rules affecting qualified retirement plans, plan sponsors and plan participants. The PPA makes comprehensive...

A producer's cut: CPAs can play critical role in resolving royalty disputes.(PROFESSIONALISSUES)(certified public accountants)
October 1, 2006... It's common to hear of the disappointments and disputes of authors, writers and producers in the motion picture industry who receive very little in royalty or salary compensation for their contributions to a film. [ILLUSTRATION OMITTED]...

Brain drain; Academia asks the profession: is there a doctor in the house?(ACCOUNTINGEDUCATION)
October 1, 2006... It's no secret that there is a shortage of new doctoral faculty to meet the increasing demand at universities across the country. In 2003, the Association to Advance Collegiate Schools of Business predicted a major shortage of all business...

Charitable distributions: Pension Protection Act may bring windfall to nonprofits.(estateplanning)
October 1, 2006... While philanthropy continues to be important to our communities, a provision in a recently passed law may make charitable contributions even more pervasive. The Pension Protection Act of 2006 (PPA) may provide a boost to charitable...

Fab 50: hot Internet resources for CPAs.(Special Pullout)(Certified Public Accountant )
October 1, 2006... TARGETED & AT YOUR FINGERTIPS ACCOUNTING & AUDITING www.fasb.org FASB's site provides quick access to authoritative statements, publications and exposure drafts. [ILLUSTRATION OMITTED] www.pcaob.org The Public Company...

A successful season: CalCPA makes its presence known in the capitol.(governmentrelations)
October 1, 2006... CalCPA had a successful legislative session representing the interests of its members and the CPA profession in California. Practice Privilege CalCPA-sponsored AB 1868 (Bermudez), which would correct the practice privilege statute that...

Charitable donations: new Pension law affects charitable donors and donees.(federaltax)
October 1, 2006... The following are highlights of selected charitable donation provisions in the 2006 Pension Protection Act (PPA) signed into law Aug. 17. STRICTER REQUIREMENTS FOR MONEY DONATIONS Old and Existing Law: A donor claiming a charitable...