California CPA articles from September 2003

California CPA archives from September 2003

Fraud CE now required.(CBA News)(new regulation of California Board of Accountancy)(Brief Article)
September 1, 2003... A new regulation approved by the California Board of Accountancy will require all CPAs who are subject to the 24-hour accounting and auditing requirement to also complete eight hours of CE in fraud detection related to financial statement...

Ask a CPA seeks participants.(CALCPA News)(California Society of Certified Public Accountants public relations and consumer resource)(Brief Article)
September 1, 2003... Are you interested in promoting the profession and yourself while providing a valuable consumer resource? Then sign up and participate in Ask a CPA. The site fields questions regarding tax, personal financial planning and small business....

Find a job: online classifieds.(CALCPA News)(California Society of Certified Public Accountants)(Brief Article)
September 1, 2003... Whether you're looking for employment or filling a vacancy, CalCPA's classified ads are for you. The online classifieds populate a targeted, virtual community with job seekers and large, corporate employers, matching the best and brightest...

Financial planning time.(News & Trends)(survey by Financial Planning Association)(practitioners wish to spend less time on administration and more on planning)(Brief Article)
September 1, 2003... Financial planning practitioners want to spend less time doing administrative work and more time on the actual planning. A recent poll of 650 practitioners nationwide found: 62% receive 45% of compensation from commissions on...

Record retention and destruction policy template.(CAMICO News)(Camico Mutual Insurance Co. templates for policy holders)(CBA documentation requirements)(Brief Article)
September 1, 2003... In the wake of new CBA documentation requirements, CAMICO has produced for its policyholders a template that customizes record retention and destruction policies and meets regulatory requirements in each state where the firm does business. ...

Group Insurance Trust names four nominees.(GIT News)(California Society of Certified Public Accountants )(Brief Article)
September 1, 2003... The CalCPA Council recently nominated four candidates to serve as trustees of the Group Insurance Trust. The nominees to run for three-year terms included: Gale L. Case, James A. Malone, John B. Phillips and Nancy Wheeler-Chandler. ...

Lead, don't follow: become a CalCPA officer.(News & Trends)(California Society of Certified Public Accountants Committee on Nomination and Leadership Development )(Brief Article)
September 1, 2003... Some leader are born, others are made, and still others need a little nudge. If you're interested in helping to shape the next group of CalCPA leaders, nominate a member for the job. Or, if you're interested in playing a leadership role...

Interested in AICPA Council? Let CalCPA know.(News & Trends)(American Institute of Certified Public Accountants)(California Society of Certified Public Accountants)(Brief Article)
September 1, 2003... The Nomination and Leadership Development Committee's role expands this year as the committee will recommend candidates to AICPA Council. The AICPA Council establishes policies and procedures of the Institute, and enacts resolutions that...

Electronic tax payment system gets a facelift.(IRS News)(United States Internal Revenue Service)(Electronic Federal Tax Payment System )(Brief Article)
September 1, 2003... Paying taxes over the Internet just got easier as the IRS recently overhauled the online home of the Electronic Federal Tax Payment System to include several new features. Taxpayers can now schedule all four estimated tax payments at once;...

Taxpayer Advocate's Report to Congress available.(IRS News)(Brief Article)
September 1, 2003... The National Taxpayer Advocate's Report to Congress for Fiscal Year 2004, is available. The report, by Taxpayer Advocate Nina Olsen, identifies several projects for the coming year and includes small-business issues, electronic filing and...

Manufacturer tax credit gone; vehicle lic. fees triple.(California Tax)(Brief Article)
September 1, 2003... The California Assembly's budget for the 2003-04 fiscal year eliminated the manufacturer's tax credit, but upheld the tripling of annual vehicle licensing fees. The manufacturer's investment tax credit, which will expire at the end of this...

Audit Committee Matching System plan unveiled.(AICPA News; accounting)(Brief Article)
September 1, 2003... The AICPA recently unveiled plans for an Audit Committee Matching System, to be launched later this year. The Committee will provide members an opportunity to serve on boards of directors, while offering a public service to businesses and...

Status, summary and text of statements now free of charge.(FASB News; Financial Accounting Standards Board)(Brief Article)
September 1, 2003... FASB has given accountants an early holiday gift--the status, summary and text of all rules and regulation statements will be available online for free. Statements will be presented as PDFs, so Adobe Acrobat software will be required. ...

SEC rules on audit board registration.(PCAOB News)(Brief Article)
September 1, 2003... All U.S. accounting firms that audit public companies must register with the PCAOB by Oct. 22 if they want to continue preparing or issuing audit reports. Foreign accounting firms that audit public companies are also subject to the...

New listserve for auditors.(CalCPA Online Web Focus)(California Society of Certified Public Accountants)(Brief Article)
September 1, 2003... There's a new listserve for CPAs involved in financial reporting. CalCPA's AuditTalk listserve is a burgeoning virtual community of auditors and other reporters of financial information, providing a forum for critical issues. So, whether you re...

Threshold triggering audits of federal awards raised.(OMB News; Office of Management and Budget)(Brief Article)
September 1, 2003... The threshold triggering single audits of federal awards has been raised from $300,000 to $500,000, under revisions to OMB Circular A-133, Audits of States, Local Governments and Non-Profit Organizations. The rule is effective for fiscal...

Penalty waiver program going gangbusters.(FTB News; Franchise Tax Board)(Brief Article)
September 1, 2003... The FTB said that its Penalty and Interest Waiver Program has collected $21.4 million in payments, with an additional $4 million in promises from taxpayers. The program went into effect September 2002, with the enactment of California...

Year to deduct California franchise tax for accrual-method corp.(Federal Tax update)(Brief Article)
September 1, 2003... For taxable years beginning after 1999, California law was amended to replace "income year" with "taxable year." Consequently, the California franchise tax is measured by the net income of the year in which the tax is imposed and payable. A...

Extraterritorial exclusion form corrected.(Federal Tax update)(Brief Article)
September 1, 2003... IRS Announcement 2003-47, IRB 2003-29, July 21, 2003, states that the 2002 version of Form 8873 has been corrected for an error in computing the extraterritorial income exclusion in certain instances in which taxpayers used the foreign sale and...

Retirement plan distributions to pay health insurance premiums.(Federal Tax update)(Brief Article)
September 1, 2003... Rev. Rul. 2003-62, IRB 2003-25, June 23, 2003, holds that amounts distributed from a qualified retirement plan that the distributee elects to have applied to pay health insurance premiums under a cafeteria plan are includable in the...

New tools for small businesses, emergency preparedness.(OSHA News; Occupational Safety and Health Administration )(Brief Article)
September 1, 2003... The Occupational Safety and Health Administration has bolstered its website with the addition of tools aimed at small businesses. The redesigned small-business page houses information on the Safety and Health Achievement Recognition...

SEC releases auditor independence Q&As.(SEC News)(Brief Article)
September 1, 2003... The SEC recently published 35 frequently asked questions about how to apply the auditor independence rules it released in January. The Q&As cover a range of subjects, including partner rotation, nonaudit services and audit committees. ...

Agency can't spend 2003 budget fast enough.(SEC News; Securities and Exchange Commission)(Brief Article)
September 1, 2003... Failing to hire hundreds of new accountants and investigators, the SEC will return approximately $103 million of its fiscal 2003 budget to the general Treasury fund. The SEC had received a 45 percent increase in funding this year, the...

Correction.(News & Trends)(Correction Notice)
September 1, 2003... In the article "Filing an OIC? Better Make it Complete" in the August 2003 issue of California CPA, the section titled "Penalty Phase" should have read:

Prohibition against seizure.(News & Trends)(Internal Revenue Service offer in compromise regulations)(Brief Article)
September 1, 2003... The IRS has a self-imposed 14-day time period to determine whether it will accept an OIC as filed. But are taxpayers shielded from any levies during that 14-day period? According to Fred Schindler, the principal author of the new OIC...

There's value in membership.(Hotlines)(California Society of Certified Public Accountants services)(Brief Article)
September 1, 2003... ACCOUNTING AND AUDITING ANSWERLINE Have a tough accounting and auditing problem? Our A&A Answerline can help. Call (800) 922-5272, Press 4. ESTATE PLANNING WEB FORUM CalCPA Estate Planning Committee members answer your questions...

Johanson & Yau Accountancy Corp.(Announcements)(Byron Ishiwata and David J. Neighbors become partners)(Brief Article)
September 1, 2003... Byron Ishiwata and David J. Neighbors have been named partners at Johanson & Yau Accountancy Corp....

Burr, Pilger & Mayer.(Announcements)(new hires and promotions)(Brief Article)
September 1, 2003... Burr, Pilger & Mayer has promoted John Clausen, Jeff Glick and Jimmy Mah to tax managers, and hired Joseph Dwyer and Rich Bellucci as accounting and consulting managers...

Seiler & Co. LLP.(Announcements)(David Sacarelos promted to partner)(Brief Article)
September 1, 2003... Seiler & Co. LLP has promoted David Sacarelos to partner...

Glenn, Burdette, Phillips & Bryson Tax and Business Advisors.(Announcements)(Lance Cowart appointed senior tax manager )(Brief Article)
September 1, 2003... Glenn, Burdette, Phillips & Bryson Tax and Business Advisors appointed Lance Cowart senior tax manager...

Holthouse Carlin & Van Trigt LLP.(Announcements)(Victor Gonzales becomes a partner in tax practice)(Brief Article)
September 1, 2003... Victor Gonzales has been promoted to partner in the tax practice of Holthouse Carlin & Van Trigt LLP...

DoOnGo Technologies Inc.(Announcements)(Miles Mochizuki has been appointed Chief Financial Officer)(Brief Article)
September 1, 2003... Miles Mochizuki has been named CFO of DoOnGo Technologies Inc.

The accounting offices of Timothy F. Brophy, CPA in Walnut Creek joined with Johnston.(Firm News)(Johnston, Gremaux & Rossi LLP, California)(Brief Article)
September 1, 2003... The accounting offices of Timothy F. Brophy, CPA in Walnut Creek joined with Johnston, Gremaux & Rossi LLP, also of Walnut Creek, July 1.

Heidi Hideshima.(CPA and certified divorce planner)(Brief Article)
September 1, 2003... Heidi Hideshima recently became a certified divorce planner, marking the first time a CPA in Orange County has held that qualification...

Estate Planning Council.(Todd Landry appointed president of San Bernardino County's Estate Planning Council)(Brief Article)
September 1, 2003... Todd Landry, a partner with Eadie and Payne LLP, has been selected president of the Estate Planning Council of San Bernardino County.

Los Angeles-based Dan Koskovich and Jonathan Wernick were quoted.(Members In The News)
September 1, 2003... Los Angeles-based Dan Koskovich and Jonathan Wernick were quoted in the May issue of the Journal of Accountancy...

Steve Duben.(Members In The News)
September 1, 2003... Steve Duben of Encino was quoted in the Spring issue of At Home with Century 21...

Jeanne Shannon.(Members In The News)
September 1, 2003... San Diego-based Jeanne Shannon supplied answers for a business column in the June 2 issue of the San Diego Business Journal...

Larry Russell.(Members In The News)
September 1, 2003... Larry Russell of Santa Clarita was quoted in a June 6 article in the Santa Clarita Signal...

Scott Haislet.(Members In The News)
September 1, 2003... On June 19, Lafayette-based Scott Haislet was quoted on www.Bankrate.com...

Ginita Wall.(Members In The News)
September 1, 2003... Ginita Wall of San Diego was interviewed in the June 20 San Diego Union Tribune...

Dan Morris.(Members In The News)
September 1, 2003... Dan Morris of San Jose was quoted in a June 24 article at www.Moneycentral.com...

John Campbell.(Members In The News)
September 1, 2003... Irvine-based John Campbell was quoted in a June 24 article in the Sacramento Bee...

Gregory Kling.(Members In The News)
September 1, 2003... On June 25, Gregory Kling of Cerritos was featured in article published in the Wells Fargo Small Business Roundup Newsletter...

Miguel Palma.(Members In The News)
September 1, 2003... Miguel Palma of San Jose was quoted in a June 30 article in the Silicon Valley Business Journal...

Mitch Freedman.(Members In The News)
September 1, 2003... Sherman Oaks-based Mitch Freedman was quoted July 1 on www.CFO.com...

Elliott H. Kajan of Beverly Hills and Kip Dellinger of Los Angeles were quoted in a July 7 article.(Members In The News)
September 1, 2003... Elliott H. Kajan of Beverly Hills and Kip Dellinger of Los Angeles were quoted in a July 7 article in The New York Times...

Robert Weinberg.(Members In The News)
September 1, 2003... Tustin-based Robert Weinberg was quoted July 10 at SmartMoney.com...

Steve Wimmers.(Members In The News)
September 1, 2003... Steve Wimmers' election as chair and his plans for CalCPA to promote financial literacy were noted July 15 on SmartPros.com and July 16 on WebCPA.com...

Kip Dellinger.(completes work for inclusion in CCH's online library)(Brief Article)
September 1, 2003... Kip Dellinger recently completed Practice Conduct Standards and Confidentiality Privilege, a volume to be included in CCH's Tax Practice and Procedure online library...

Elliott H. Kajan.(Members In The News)
September 1, 2003... Elliott H. Kajan was quoted in a July 24 article on AccountingWeb.com...

Stuart R. Josephs.(Members In The News)
September 1, 2003... A letter to the editor by Stuart R. Josephs of San Diego appeared in the August 2003 Journal of Accountancy.

What's your type--of business entity?(Tax Implications)
September 1, 2003... Along with employment tax and fringe benefit considerations, choosing the right type of business entity is a critical consideration when starting a business. In fact, choosing the right type of entity is similar to building a home. You want to...

Throw your 1031 exchange in reverse.(Property Exchanges; accounting)
September 1, 2003... Fundamentally, Sec. 1031 exchanges do not recognize any gain or loss on the exchange of property held for productive use in a trade or business, or for investment, if such property is exchanged for property of like kind, which is to be held...

Revenue recognition: now, later or never?(accounting)
September 1, 2003... The issues that bear upon the details of how, when and in what amount revenue should be recognized are broad and extremely deep. When it comes to identifying transactions where revenue recognition exists, there are plenty of issues and rules...

What about consumers? Squeezing the CBA hurts profession, consumers.(government relations; California Board of Accountancy )
September 1, 2003... California regulates professionals such as CPAs via licensing boards and bureaus. These agencies generally are self-funded by the licensing fees paid by the regulated individuals within the profession or industry. The California Board of...

Plug & pray? A layered security system can help keep your wireless system safe.(technology)
September 1, 2003... Have you gone wireless? It's not as complex as you may think. It's easy to install--simply plug and play--and cheap. A two-user wireless network can be purchased and installed for as little as $200. Not only will this impress your friends and...

Ethics, gen Y style.(Student Ethics; accounting)
September 1, 2003... Enron, WorldCom, Tyco Adelphia Communications, Global Crossing--the list of corporate scandals has grown. Whether these incidents have been the unfortunate outcome of Wall Street driving earnings to maximize stock value or signs of an ethical...

Under scrutiny.(Tax Shelters; Franchise Tax Board)
September 1, 2003... At an Aug. 5 press conference, Steve Westley, California's controller and chair of the Franchise Tax Board, announced that the FTB is beginning 150 new audits of suspected abusive tax shelters. This is in addition to the 265 tax shelter cases...

2003 annual report.(California Society of Certified Public Accountants)
September 1, 2003... CALCPA TREASURER'S REPORT I am delighted to present you with CalCPA's financial operating results for the year ended April 30, 2003. We are continuing a four-year trend of improving operating results. Membership is increasing and we...

Employment discrimination ruling carries many lessons.(Human Resources)
September 1, 2003... A recent U.S. Supreme Court ruling making it easier for workers to win discrimination suits against their employers has some important lessons for businesses. The decision in Desert Palace Inc. v. Costa deals with job discrimination cases in...

Practical tax tips: pension plans, "trading" partnerships, reviewing tax forms and more.(California tax)
September 1, 2003... Which Keogh/IRA/Pension Plan Custodians Will Handle Real Estate investments? Although it doesn't come up very often, clients sometimes will want to invest their retirement funds in trust deeds or realty ownership. Most banks, stock...