California CPA articles from September 2004

California CPA archives from September 2004

Volunteer now, before disaster strikes.(CalCPA News)(Brief Article)
September 1, 2004... With wildfire season in full bloom, volunteer now for CalCPA's disaster recovery program. Each year, many families and businesses lose everything to wildfires--homes, offices, personal belongings, vehicles, important tax and financial...

RFP for CalCPA Audit.(CalCPA News)(Request for proposal)(Brief Article)
September 1, 2004... CalCPA's Audit Committee is initiating a request for proposal process this fall. [ILLUSTRATION OMITTED] Members are invited to submit proposals covering audit and tax services for CalCPA, the California CPA Education Foundation and...

California's $6.5 billion tax gap.(CalCPA News)(Brief Article)(Illustration)
September 1, 2004... California's $6.5 Billion Tax Gap Underreporting or Overdeducting 80% Underpayment 10% Nonfilers 10% Source: California Franchise Tax Board Note: Table made from pie...

You're Hired!(CalCPA News)(Brief Article)
September 1, 2004... Don't miss this genuine occupational drama in which all walks of the accounting profession convene to face the challenges and rigorous tasks of career fulfillment. Upon arrival, candidates will be expected to align themselves with any and...

Forensic services, audits and corporate governance.(AICPA News)(American Institute of Certified Public Accountants)(Brief Article)
September 1, 2004... The AICPA Forensic and Litigation Services Committee is soliciting information to help develop guidance for CPAs providing forensic services. While SAS No. 99, Consideration of Fraud in a Financial Statement Audit, provides guidance that...

Audit Committee Matching System.(AICPA News)(American Institute of Certified Public Accountants)(Brief Article)
September 1, 2004... The AICPA's Audit Committee Matching System is a valuable resource for CalCPA members in industry, as well as CPAs interested in serving on audit committees. [ILLUSTRATION OMITTED] The matching system provides members an opportunity to...

Rev. Ruling 2004-64 a boost for estate planning.(IRS Update)(Brief Article)
September 1, 2004... In a boon for estate planners, Revenue Ruling 2004-64 looks to bolster the popularity of certain types of trusts, such as intentionally defective irrevocable trusts. The ruling addresses issues presented with respect to a trust whose...

Technology improvements bring IRS into 21st century.(IRS Update)(Internal Revenue Service)(Brief Article)
September 1, 2004... The IRS has released two new electronic tools for tax professionals. The Disclosure Authorization tool gives eligible tax practitioners an online option for submitting Power of Attorney or Taxpayer Information Authorization forms. Electronic...

IRS, treasury release final draft of Schedule M-3.(IRS Update)(Internal Revenue Service)(Brief Article)
September 1, 2004... To increase the transparency of corporate tax return filings, the Treasury Department and IRS released a draft of the final version of the Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More,...

Companies are losing 6 percent to fraud.(Survey Says)(Brief Article)
September 1, 2004... According to the Association of Certified Fraud Examiners' 2004 Report to the Nation on Occupational Fraud and Abuse, a typical organization loses 6 percent of its annual revenues to occupational fraud. If multiplied by the U.S. Gross...

Sec. 404 deadline looms as companies scramble.(Survey Says)(Brief Article)
September 1, 2004... Despite an extension of the Sec. 404 deadline from June 15 to Nov. 15, half of large U.S. companies are still less than 60 percent complete in meeting their Sec. 404 filing requirements, according to a survey by ACL Services Ltd. and the Center...

Gender GAP still exists for managerial accountants.(Survey Says)(Brief Article)
September 1, 2004... While salaries in the managerial accounting and finance fields steadily rise, the salary gap between women and men remains, according to a survey conducted by the Institute of Management Accountants. Total compensation for women in...

FASB responds to SEC on principles-based accounting.(FASB News)(Financial Accounting Standards Board)(Brief Article)
September 1, 2004... FASB recently responded to SEC recommendations regarding the adoption of a principles-based accounting system. The response included agreeing to SEC recommendations that FASB should: * Issue objectives-oriented standards; * Address...

GASB No. 34 applies to all governmental entities.(GASB Update)(Brief Article)
September 1, 2004... GASB 34, Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments, applies to all governmental entities for years ended June 30, 2004, or later. There was a long, tiered implementation period...

FTB changes name of e-filing program.(FTB News)(Franchise Tax Board )(Brief Article)
September 1, 2004... To avoid confusion with other Internet products, the Franchise Tax Board has changed the name of its free Internet e-filing option from NetFile to CalFile. Visit the CalFile page at www.ftb.ca.gov/online/netFile. GALD GRADS Starting...

SEC exploring XBRL.(SEC News)(eXtensible Business Reporting Language)(Securities and Exchange Commission)(Brief Article)
September 1, 2004... The movement to embed "tagged data," such as eXtensible Business Reporting Language, in financial documents is gaining momentum. The SEC is exploring the benefits of XBRL and its potential for improving the timeliness and accuracy of...

Defining "independence".(Clarification)(Correction Notice)
September 1, 2004... In the August 2004 California CPA article, "Are You an Expert?" author John Raspante, a CPA and loss prevention representative for Camico, discussed the need for CPAs who provide expert witness services to maintain independence. In the article,...

GAO changes name.(GAO News)(General Accounting Office)(Government Accountability Office)(Brief Article)
September 1, 2004... The GAO's legal name has changd to the Government Accountability Office, the most visible provision of the GAO Human Capital Reform Act of 2004. For more, visit www.gao.gov/about/namechange.html.

Revised auditing standard says "be prepared for anything".(IFAC News)(Brief Article)
September 1, 2004... The International Auditing and Assurance Standards Board of the International Federation of Accountants recently released ISA 300, Planning an Audit of Financial Statements. The revised standard emphasizes that audit planning is a continual...

New IRS relief provisions.(FederalTaxUpdate)
September 1, 2004... Stuart R. Josephs, CPA, of the San Diego-based Tax Assistance Practice, reports the following: NEW IRS RELIEF PROVISIONS Final, temporary and proposed regulations (T.D. 9139 and REG-131786-03, published July 20, 2004) provide that...

Student outreach & financial literacy.(Perfect Together)(Brief Article)
September 1, 2004... WHILE CalCPA's student outreach and financial literacy programs continue to thrive, members now have a unique opportunity to combine the two efforts. [ILLUSTRATION OMITTED] CalCPA's student outreach volunteers have discovered that...

Connect in the member directory.(CalCPA Online)(Brief Article)
September 1, 2004... If you're looking to connect with other CalCPA members, the Member Directory at CalCPA.org is the place to be. This database of member contact information is much more complete than the "Find a CPA" resource on the public portion of our...

Announcements.(MemberMilestones)(Brief Article)
September 1, 2004... David W. Krajanowski has been appointed managing partner of Los Angeles-based Singer Lewak Greenbaum & Goldstein and Glenn H. Carniello has been appointed partner-in-charge of the firm's Orange County office... Sacramento-based Goodell, Porter...

Accomplishments.(MemberMilestones)(Brief Article)
September 1, 2004... Robert E. Staiger, managing partner of Rancho Cucamonga-based Swenson Corporation, has recently been accredited with a Certified Specialist in Performance Management designation... Joan Alleckson, president of Profit Solutions Network, has...

In memoriam.(MemberMilestones)(Obituary)
September 1, 2004... James Perisho died Friday, July 30 at Good Samaritan Hospital in Los Gatos. He was 60. Born June 27, 1944 in Streator, Illinois, he earned degrees from both UCLA and USC. Perisho, a prominent accountant in the South Bay for 30 years, finished...

Awards.(MemberMilestones)(Dennis F. Rose & Associates)(Brief Article)
September 1, 2004... Dennis F. Rose of Dennis F. Rose & Associates in Sherman Oaks, was selected as a finalist for the "Best Small Business Employer of the Year Award" for the San Fernando Valley by the San Fernando Valley Business Journal... Robert Castle of...

Members in the news.(MemberMilestones)(Brief Article)
September 1, 2004... Louis Boitano was the subject of a feature article in the June 24 Willow Glen Resident that also mentioned fellow CPAs Frank Boitano, Steve Boitano, Robert Lawrence and Ogden Lilly... The July Practical Accountant quoted Jeff Garrison and...

The computerized CPA exam: it's a whole new ballgame: This past April, aspiring CPAs were presented with a seminal change in the accounting profession's licensing process when the computer-based uniform CPA examination was launched.
September 1, 2004... The introduction of this new test marked the biggest change to the examination in its 100-year history. The result of a strong collaborative effort by the AICPA, the National Association of State Boards of Accountancy, the technology-based...

What businesses should know about Check 21.(21st Century Act )
September 1, 2004... Spurred by the shutdown of the air transportation system after 9/11 that left hundreds of billions of dollars worth of checks sitting idle at airport tarmacs, Congress last year passed a law to modernize the nation's check payment system. ...

Common mistakes on W-2, W-4 & 941 forms.(PayrollTaxes)
September 1, 2004... If you've launched a new business for yourself or a client, you know the paperwork needed to set up payroll for the first time. But do you know the pitafalls to avoid? Poor or missing employee records can lead to incorrect payroll filings and...

Tax benefits of IRC Sec. 165.(FederalTaxation)
September 1, 2004... The deduction for theft losses related to nonbusiness, for-profit transactions is one of the best-kept Internal Revenue Code secrets--and a tool that tax professionals can use to provide significant tax relief for their injured investor or...

Allocating foreign taxes: IRS rules that partnerships must allocate foreign taxes in proportion to foreign income.(FederalTax)
September 1, 2004... The IRS recently issued temporary regulations requiring partnerships to allocate foreign taxes in the same way that they allocate the income to which those taxes relate. The temporary regulations are targeting transactions in which U.S....

Numbers matter.(FromtheCEO)
September 1, 2004... As chief executive of CalCPA, I am proud to be an advocate for the accounting profession, as well as our own membership. Wherever I go, I talk up the benefits of membership, especially the benefit of our advocacy efforts. However, I am often...

Calcpa treasurer's report.(Consolidated Financial Statements & Independent Auditor's Report)(California Society of Certified Public Accountants)(Brief Article)
September 1, 2004... CalCPA outperformed its budget for the fifth consecutive year while increasing its services and value to members. Strong representation continued in Sacramento; promotion of the CPA profession was expanded in the media; participation in chapter...

Foundation treasurer's report.(Consolidated Financial Statements & Independent Auditor's Report)(California CPA Education Foundation)
September 1, 2004... I am pleased to present the FY 2003-2004 financial report for the California CPA Education Foundation. The Foundation continues to be a highly effective continuing professional education resource to California CPAs and other professionals...

Independent auditor's report.(2004 Annual Report)(Brief Article)
September 1, 2004... Board of Directors The California Society of Certified Public Accountants Board of Trustees California Certified Public Accountants Education Foundation Redwood City, California We have audited the accompanying...

Consolidating statements of financial position.(2004 Annual Report)(California Certified Public Accountants Education Foundation )(Illustration)
September 1, 2004... CONSOLIDATING STATEMENTS OF FINANCIAL POSITION The California Society of Certified Public Accountants California Certified Public Accountants Education Foundation April 30, 2004 and 2003 (dollars in thousands) ...

Consolidating statements of activities.(2004 Annual Report)(California Certified Public Accountants Education Foundation)(Illustration)
September 1, 2004... CONSOLIDATING STATEMENTS OF ACTIVITIES The California Society of Certified Public Accountants California Certified Public Accountants Education Foundation Years Ended April 30, 2004 and 2003 (dollars in thousands) ...

Statements of functional expenses.(2004 Annual Report)(Illustration)
September 1, 2004... STATEMENTS OF FUNCTIONAL EXPENSES The California Society of Certified Public Accountants Years Ended April 30, 2004 and 2003 (dollars in thousands) Member Events ...

Statements of functional expenses.(2004 Annual Report)(California Certified Public Accountants Education Foundation)(Illustration)
September 1, 2004... STATEMENTS OF FUNCTIONAL EXPENSES California Certified Public Accountants Education Foundation Years Ended April 30, 2004 and 2003 (dollars in thousands) Professional Management ...

Consolidating statements of cash flows.(2004 Annual Report)(Illustration)
September 1, 2004... CONSOLIDATING STATEMENTS OF CASH FLOWS The California Society of Certified Public Accountants California Certified Public Accountants Education Foundation Years Ended April 30, 2004 and 2003 (dollars in thousands) ...

Notes to financial statements.
September 1, 2004... (dollars in thousands) 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES The California Society of Certified Public Accountants (CalCPA) is a nonprofit incorporated membership organization whose purpose is to advance the profession...

No more dumping: State Unemployment Tax Avoidance needs to stop.(GovernmentRelations)
September 1, 2004... SUTA dumping, or State Unemployment Tax Avoidance, typically involves the creation of a new business entity and the transfer of payroll between the old and new entities to reduce unemployment insurance rates. President Bush recently signed...

Been there, done that: dealing with the EDD and FTB.(CaliforniaTax)
September 1, 2004... A couple of things are reasonably well known when it comes to dealing with California's Employment Development Department. First, the EDD is heavily engaged in attempting to re-categorize workers from independent contractors to employees....