California CPA articles from October 2007

California CPA archives from October 2007

CalCPA on YouTube.(CalCPA News)(Brief article)
October 1, 2007... CalCPA has posted on YouTube a few of its videos that support key CalCPA initiatives, such as, financial literacy, CPA careers outreach and leadership development. View the informative and entertaining Bring It On, which highlights CPA...

More choices; unlimited possibilities.(CalCPA News)
October 1, 2007... Looking for an affordable way to advertise? CaICPA classifieds offer targeted search functionality, categories and regions as well as unlimited text and one low price--$195 for members; $295 for nonmembers. [ILLUSTRATION OMITTED] ...

Celebrating women CPAs.(CalCPA News)
October 1, 2007... Join us for a day of leadership development, professional growth and recognition as we celebrate California's women CPAs and their tremendous contributions to the profession. Notable speakers include California Assemblymember and CPA Fiona...

FTB to publicize names of delinquent taxpayers.(FTB News)(Franchise Tax Board )(Brief article)
October 1, 2007... The California Franchise Tax Board is going after taxpayers who collectively owe more than $250 million in back taxes by threatening to list their names and debts on the agency's website. [ILLUSTRATION OMITTED] Of California's roughly...

FTB sets 2007 tax brackets.(FTB News)(Franchise Tax Board )(Brief article)
October 1, 2007... The Franchise Tax Board has set the state tax brackets for the 2007 tax year. Some changes include: * The tax threshold has risen to $11,620 of adjusted gross income for single and married filing separate taxpayers, and $23,241 for married...

House prohibits tax-planning patents.(Patent News)
October 1, 2007... The House of Representatives recently voted 220-175 to overhaul patent rules and place a ban on tax-planning method patents. H.R. 1908, the Patent Reform Act of 2007, contained a provision that would protect accounting firms from lawsuits...

SEC mulls financial reporting changes.(SEC News)(Securities and Exchange Commision)(Brief article)
October 1, 2007... The SEC's Advisory Committee on Improvements to Financial Reporting is soliciting public comments on a discussion paper that outlines various proposed changes for financial reporting. The committee was established in July with the goal of...

Third edition of the Financial Audit Manual released.(GAO News)
October 1, 2007... The Government Accountability Office's third volume of the Financial Audit Manual (FAM) includes changes that have occurred in auditing financial statements in the U.S. government since the last major revisions to the FAM were issued in July...

New rules restricting benefits in underfunded pension plans.(U.S. Treasury News)
October 1, 2007... New proposed regs from the U.S. Treasury provide guidance on new rules enacted as part of the Pension Protection Act of 2006 (PPA) that restrict benefits in underfunded pension plans. The restrictions on benefits will apply next year to...

Allowable Living Expense changes.(IRS News)
October 1, 2007... The IRS has revised the methodology for calculating some of the Allowable Living Expense standards used in collection determinations. The changes are reflected in the 2007 standards, which became effective Oct. 1, 2007. [ILLUSTRATION...

Long gone?(News & Trends)(Table)(Brief article)
October 1, 2007... In a survey, workers were asked, "When you are ready to retire, do you see yourself leaving work entirely or taking one of the following options:" [ILLUSTRATION OMITTED] 34% Quit work entirely 24% Change fields/work at something...

October conferences.(EDUCATION FOUNDATION FOCUS)(Brief article)(Calendar)
October 1, 2007... Accounting and Auditing: Small firms benefit from updates on current and emerging issues as well as technical guidance and practice enhancement tips; Oct. 17 in Los Angeles and Oct. 18 in San Francisco. [ILLUSTRATION OMITTED] Family...

Become a CalCPA officer or AICPA council member.(LeadersWanted)
October 1, 2007... Deadine is Dec. 1, 2007! You are the driving force behind one of the world's largest economies. Isn't it time you put your leadership skills to use for the betterment of the CPA profession? [ILLUSTRATION OMITTED] The CalCPA...

Loss Prevention tips.(CAMICO News)(Brief article)
October 1, 2007... CPAs are exposed to liability when providing written assurances that are beyond the scope of the services rendered to the client--assurances that are, in effect, attest letters based on nonattest work. [ILLUSTRATION OMITTED] CAMICO...

Max Baucus.(News & Trends)
October 1, 2007... "Federal dollars should be used to pay for priorities, like education and health care, not sent to identity thieves by the IRS." --Senate Finance Committee Chairman Max Baucus

Planning help.(News & Trends)
October 1, 2007... Nearly 70% of employees surveyed said they would be interested in one-on-one financial planning if offered through their employer.--Ameriprise

What risk?(News & Trends)
October 1, 2007... According to a survey of 150 senior-level executives, 53% said they are effective at identifying and managing significant risk.--Protiviti Inc.

The old switcheroo.(News & Trends)
October 1, 2007... 33% of private companies in the U.S. expect to change hands in the next 10 years.--Grant Thornton LLP

Laugh it off.(News & Trends)
October 1, 2007... 97 percent of 492 office-workers polled said it's important for managers to have a sense of humor.--Robert Half International

Announcements.(membermilestones)
October 1, 2007... Matt Dowling, has been named the new President of Marin Bikes... SDSU welcomed Damon M. Fleming, Ph.D to the faculty in the College of Business Administration... W. Gardnar O'Brien recently accepted a partner position with Tatum, LLC in the...

Accomplishments.(membermilestones)(Brief article)
October 1, 2007... Kevin O'Connell, CPA, from Walnut Creek, was recognized as a future leader in the public accounting space by The CPA Technology Advisor, which recently announced its 2007 "40 Under 40" honorees... Scott M. Sachs, Kevin D. Holmes and John J....

Firm news.(membermilestones)
October 1, 2007... Williams, Adley & Company, LLP recently announced its 25th year in business. The firm has offices in San Francisco and Washington, D.C., New Jersey, Atlanta, St. Louis, Kansas, Dallas, Denver and Sunnyvale.

Members in the news.(membermilestones)
October 1, 2007... KRCR TV Channel 7 in Redding interviewed Russell Tollefson, CPA Friday, Aug. 10, regarding the Barry Bonds home run ball value and taxation for the fellow who caught the historic homer ball... Scott Hofferber and Teresa Mason discuss running...

Fill the GAPP: generally accepted privacy principles are little-known, but mighty useful.(GAPPNEWS)
October 1, 2007... No, it's not a misprint. Although many CPAs have spent much of their professional life dealing with GAAP (generally accepted accounting principles), this article concerns GAPP--generally accepted privacy principles. WHAT IS GAPP? ...

A man and his standards: protecting investors an important task for SEC Chief Accountant.(Interview)
October 1, 2007... SEC Chief Accountant Conrad Hewitt has held on of the most visible accountancy jobs in the nation for more than a year. The pressure of his job is apparent: his office is involved in many difficult and unique accounting and auditing problems of...

Two become one: all signs point to continued trend of private equity and hedge fund convergence.(HEDGEFUNDS)
October 1, 2007... Nearly a year has passed since Grant Thornton and the Association for Corporate Growth first discussed the growing trend and potential impact of private equity and hedge funds converging in their whitepaper, Blurring of the Line: Private Equity...

Fab 50: hot internet resources for CPAs.(Special Pullout)(Certified Public Accountant)(Website overview)
October 1, 2007... TARGETED & AT YOUR FINGERTIPS ACCOUNTING & AUDITING [ILLUSTRATION OMITTED] www.fasb.org FASB's site offers authoritative statements, publications and exposure drafts. www.pcaob.org The Public Company Accounting Oversight...

Home sweet work: thinking about a home office? Here are some things to consider.(HOMEOFFICE)
October 1, 2007... I must confess, I love my home office. Over the years I have continued to fine-tune how my office works so I can stay home as long as possible. [ILLUSTRATION OMITTED] There are some great benefits to a home office. First, it's...

All about money; Commission, contingent, referral fees: know the rules.(governmentrelations)
October 1, 2007... CalCPA members sometimes inquire about the legality of specific fee arrangements. Are commissions legal in California? What about contingent fees? The answer to those two questions is a qualified yes. Commissions and contingent fees are...

Tales from the forum: CalCPA Estate Planning Committee discussion forum has the answers.(estateplanning)
October 1, 2007... CalCPA offers members many valuable resources on its website. Whether you deal with estate planning issues on a daily basis in your practice or just have an occasional question on topics, such as how to structure distributions from clients'...

Unique costs: judicial & administrative actions affect estate & trust deductions.(federal tax)
October 1, 2007... Under IRC Sec. 67(a), individuals' miscellaneous itemized deductions are allowed only to the extent they exceed 2 percent of adjusted gross income (AGI), i.e., the "floor." Sec. 67(e) states that, for this purpose, an estate's or trust's AGI...