California CPA articles from September 2006

California CPA archives from September 2006

Careers at your fingertips: CalCPA.org classifieds.(CalCPA News)
September 1, 2006... Whether you're looking to hire the best and brightest or further your own career, CalCPA.org classifieds makes the search as easy as snapping your fingers. CalCPA.org classifieds is a virtual community where employers and CPA professionals...

Answer the call: volunteer before disaster strikes.(volunteer now!)
September 1, 2006... With wildfire season in full bloom, now is the time to volunteer for CalCPA's disaster recovery program. Each year, many families and businesses lose homes, offices, personal belongings, tax and financial documents, and more to...

Aging CPA Nation.(News & Trends)
September 1, 2006... AGE 1993 2004 31-40 53.01% 31.76% 40-54 46.99% 68.24% Source: AICPA [ILLUSTRATION OMITTED]

Foundation honors instructors.(Education Foundation News)(Brief article)
September 1, 2006... The California CPA Education Foundation recently presented the following awards to veteran instructors: * Instructor Excellence: Gary Caporicci, CPA, CGFM, a senior partner and co-founder of Irvine-based Caporicci & Larson, Certified...

Proposed SAS: Omnibus-2006.(AICPA News)
September 1, 2006... The AICPA Auditing Standards Board issued Proposed Statement on Auditing Standards, Omnibus-2006, which proposes revisions to clear up SASs 102, 103 and 109. Comments on the exposure draft can be e-mailed to Sherry Hazel, Audit and Attest...

Free Staff Retention DVD.(AICPA News)
September 1, 2006... The AICPA has released a free DVD, Staff Retention: the New Face of the CPA Profession, that features commentary by professional staffing experts and leaders of the CPA profession on workforce shortages--and what it takes to attract talent....

TIPRA revamps OIC program.(IRS Update)(Tax Increase Prevention and Reconciliation Act of 2005)(Brief article)
September 1, 2006... The IRS offer in compromise program has undergone big changes as a result of the Tax Increase Prevention and Reconciliation Act of 2005. Taxpayers submitting new lump-sum offers now must make a 20 percent nonrefundable, up-front payment....

Employers take note: withholding lock-in letters.(IRS Update)
September 1, 2006... Under the new Withholding Compliance Program, the IRS no longer needs Form W-4, Employee's Withholding Allowance Certificate, before issuing a "lock-in letter." The IRS is using information reported on Forms W-2, Wage and Tax Statement, to...

Schedules M-3 for 2006.(FINAL DRAFT)
September 1, 2006... The IRS has released final drafts of Schedules M-3 and Form 8916 for the 2006 tax year, and a new Form 8916-A, "Reconciliation of Cost of Goods Sold Reported on Schedule M-3." The final draft Schedules M-3 are for Forms 1120, 1120-L,...

Validating FSA, HRA claims on cards.(FINAL DRAFT)(flexible spending accounts )(health reimbursement arrangements)(Brief article)
September 1, 2006... The IRS has issued new guidance on how employers can substantiate claims made to flexible spending accounts and health reimbursement arrangements, detailing permissible procedures for automatically reimbursing workers when they pay for medical...

Final interpretation on Accounting for Income Taxes.(FASB News)
September 1, 2006... FASB has issued a final interpretation of FASB Statement No. 109, Accounting for Income Taxes, which looks to clarify the way companies account for uncertainty in income taxes. The new statement offers a consistent recognition threshold and...

Staff position issued on leveraged leases.(FASB News)
September 1, 2006... FASB has issued a staff position that requires companies to recalculate their leveraged leases if there is a change in the timing of cash flows relating to income taxes generated by the leveraged lease. Leveraged leases can provide tax...

IASB, FASB form leasing project, create working group.(FASB News)
September 1, 2006... IASB and FASB have initiated a joint leasing project to discuss and reconsider existing lessor and lessee accounting standards. A working group, which will include auditors, preparers, financial statement users, subject matter experts,...

Changes to executive compensation disclosure.(SEC News)
September 1, 2006... The SEC has adopted final rules that significantly overhaul executive and director compensation benefit disclosure policy, and also affect related-person transactions, director independence and other corporate governance matters, as well as...

Audit Alert on Options backdating.(PCAOB News)(Public Company Accounting Oversight Board)(Brief article)
September 1, 2006... The PCAOB has issued its first Audit Practice Alert, Matters Relating to Timing and Accounting for Options Grants, prompted by the spate of backdating reports and disclosures. [ILLUSTRATION OMITTED] The alert advises auditors that...

Form 5500: final rule on e-filing and proposed improvements.(DOL News)
September 1, 2006... The U.S. Department of Labor's Employee Benefits Security Administration announced a final regulation requiring plans to file Form 5500 annual reports electronically, effective for plan years starting on or after Jan. 1, 2008. ...

New guidance on qualifying OPEB plan trusts and fiduciaries.(GASB News)
September 1, 2006... GASB recently released guidance in Q & A form to help clarify the requirements of its statements 43 and 45. The implementation guidance regards qualifying OPEB plan trusts, and the responsibilities of those who play a significant role in...

Guidance for smaller companies.(COSO News)
September 1, 2006... The Committee of Sponsoring Organizations of the Treadway Commission has released Internal Control Over Financial Reporting-Guidance for Smaller Public Companies. The report provides guidance on how to apply the original COSO framework...

NASBA launches resource website.(NASBA News)
September 1, 2006... NASBA has launched NASBAtools.com, an online resource for candidates, employers and professionals to access licensure requirements, instructions, procedures and forms, and streamlines the process for submitting individual substantial...

More accurate.(News & Trends)
September 1, 2006... 34% of U.S. CFOs are more optimistic about the accuracy of their companies' financial reporting than they were three years ago.--Robert Half Management

Room to improve.(News & Trends)
September 1, 2006... Information security (78%) and fraud risk (61%) are the top two areas needing improvement, say audit committee members.--KPMG/NACD

Drop the dime.(News & Trends)
September 1, 2006... 40.2% of frauds at U.S. public companies are detected by a tip; 26.9% are detected by internal audit.--Association of Certified Fraud Examiners

M & a mania.(News & Trends)
September 1, 2006... At least 25,000 mergers and acquisitions will be completed worldwide in 2006, an 8% percent gain on 2005.--KPMG

Barry Melancon.(News & Trends)
September 1, 2006... "The only excuse for not implementing an enhanced business reporting model--inertia--is unacceptable." Barry Melancon, CPA AICPA President & CEO

CPE week in Las Vegas.(EDUCATION FOUNDATION FOCUS)(continuing professional education)
September 1, 2006... The California CPA Education Foundation will present a week-long slate of CPE in Las Vegas in October. Take advantage of this opportunity to earn up to 40 hours of CPE while relaxing and enjoying the Flamingo Hotel and Casino Oct. 23-27. ...

And the Emmy goes to ... E & Y at the Emmys.(News & Trends)
September 1, 2006... IF YOU SEE A TUXEDOED figure handcuffed to a briefcase at the next Emmy Awards, it's no James Bond impersonator--it's a CPA. [ILLUSTRATION OMITTED] For the past 18 years, Ernst & Young has tabulated the votes that determine who will...

Announcements.(membermilestones)
September 1, 2006... Sherman Oaks-based Kristen Contreras has been promoted to senior accountant at Good Swartz Brown & Berns LLP... Encino-based David Calvo has been promoted to shareholder at Leffler Miller Ward & Co.... Fresno-based Jim Makofske earned his...

Accomplishments.(membermilestones)(Brief article)
September 1, 2006... Tustin-based Errol Mathieu has been elected to the board of directors of the Orange County Chapter of the American Red Cross... Palo Alto-based Anne Yamamoto has been named to the Silicon Valley Community Foundation board of directors......

Firm news.(membermilestones)(Brief article)
September 1, 2006... San Francisco-based Burr, Pilger & Mayer LLP celebrates its 20th anniversary this month and has expanded with offices in San Jose... Roseland, N.J.-based Rothstein Kass CPAs has acquired the assets of San Francisco-based Stadtler, Rosenblum &...

Awards.(membermilestones)
September 1, 2006... Northridge-based Mitzy Barreto received an Excellence in Partnering Recognition Award from the IRS' Small Business/Self Employed division for providing pro bono tax assistance to victims of hurricanes Katrina and Rita. Her work was part of a...

In memoriam.(membermilestones)(Obituary)(Brief article)
September 1, 2006... Former Silicon Valley/San Jose Chapter President Allen B. Williams, CPA died June 16. He was 79. Williams worked for Stone & Sheltie, and Wood, Nye and Company for many years. When Wood, Nye and Company was acquired by Hurdman, Cranston and...

Members in the news.(membermilestones)
September 1, 2006... The following were listed in the July 3 North Bay Business Journal as Northern California accounting leaders: Santa Rosa-based Ty Pforsich, Betsy Stewart, William Robotham, Jim Andersen, Jon Dal Poggetto, Gary Burkel and Michel Riccioni;...

National impact: at 10, CalCPA Litigation Sections lead the nation.
September 1, 2006... As CalCPA's Litigation Sections celebrates its 10th anniversary, its services to the profession, roster of experts and national influence continues to grow. "Interest in the committee was always strong, but it really exploded about 10...

Celebrity deductions: case law provides guidance for celebrities looking to deduct legal fees.(TAXISSUES)
September 1, 2006... Celebrities often pay extraordinary legal fees. Winona Ryder's shoplifting charge racked up far larger legal fees than the typical shoplifting case. Michael Jackson reportedly paid up to $20 million in legal fees in his trial. And...

Eschew escheat: unclaimed property--or the "hidden tax"--is an old topic with a renewed interest.(PROFESSIONALISSUES)
September 1, 2006... Though escheat, also known as abandoned/unclaimed property (AUP) or sometimes the "hidden tax," has been around since this country's inception, many practitioners and business executives have never heard of this oft-considered contentious state...

The insider: well planned and structured agreement key to successful internal succession.(SUCCESSIONPLANNING)
September 1, 2006... When CPAs think about retiring and selling their practices, one of their first questions is "To whom can I sell my practice?" There are two primary answers: Select someone in the firm or bring a likely successor into the firm; or find a third...

Safety first: OSHA has high expectations for your business--are you in compliance?(OFFICESAFETY)
September 1, 2006... Managers or owners of businesses--including CPA firms--may not regard their work environments as health and safety hazards, but Occupational Safety and Health Administration and California Division of Occupational Safety and Health regulations...

CBA interprets 54.1: Board offers FAQs on client confidentiality regs.(governmentrelations)
September 1, 2006... The California Board of Accountancy has published Frequently Asked Questions related to Rule 54.1 regarding client confidentiality and the CPAs obligation to protect client information. CPAs should review these answers carefully to ensure that...

There's value in membership.(Technical Resources)
September 1, 2006... ACCOUNTING EDUCATION CalCPA connects accounting educators by serving as a clearinghouse on curriculum and other issues. Questions about the accounting program at your local college or university? Our academic members have answers....

FTB focus on OIC: plus, sales taxes on food and software.(californiatax)
September 1, 2006... CalCPA member Jim Counts recently attended a meeting of the State Bar Tax Procedure Committee with Kurt Arico, manager of the Franchise Tax Board's Offer in Compromise program. Any CPA or attorney with OIC issues should contact Arico,...