Status of GAO financial IRS audit.(News&Trends)
At the beginning of the GAO's audit of the IRS's fiscal
year 2006 financial statements, 72 financial management-related
recommendations from prior audits remained open because the IRS had not
fully . . .
New e-filing requirements.(IRS News)
With the enactment of the Pension Protection Act of 2006, small
tax-exempt organizations that previously were not required to file
returns may be required to file an annual electronic notice . . .
Robert Kevane earns AICPA Service Award.(CONGRATS!)
Robert F. Kevane, CPA, of La Mesa, received the AICPA's 2006
Public Service Award.
Kevane, owner of the Kevane Company, Inc. was cited for his deep
commitment to his community. He has served on . . .
Disclosure rules for govt. pensions, retiree health care.(GASB
News)
GASB's newly issued Statement No. 50, Pension Disclosures,
more closely aligns current pension disclosure requirements for
governments with those that governments are beginning to implement . . .
IFRS online.(IASB News)
An electronic consolidated edition of the International Accounting
Standards Board's International Financial Reporting
Standards--"eIFRS"--and accompanying documents are now
available online. The . . .
Proper reporting of S corporation
indebtedness.(News&Trends)(Brief article)
Unlike partners in a partnership, shareholders of an S corp may
acquire tax bases in the S corp indebtedness only to the extent of their
loans made directly to the corporation [IRC Sec. . . .
Amnesty penalty? File a protective claim.(FTB News)(Brief
article)
Several pending court cases challenge Revenue and Taxation Code
Sec. 19777.5, which prevents the filing of refund claims to contest the
amnesty penalty on other than computation errors. In general, . . .
Resort CPE: up to 40 hours of CPE in monterey.(EDUCATION
FOUNDATION FOCUS)
Monterey CE week, Aug. 6-10 at the Embassy Suites, includes courses
qualifying in accounting an7d auditing, fraud, ethics and certified
financial planning. Call Embassy Suites at (800) 559-4308 or . . .
There are clear benefits to knowing and following the
rules.(News&Trends)
"There are clear benefits to knowing and following the rules,
but we should not limit ourselves by creating and relying on an
ever-expanding rulebook."
--Anthony W. Ryan, Assistant Secretary for . . .
Uniform CPA Exam Fee changes.(CBA News)
The Uniform CPA Exam Section Fees paid to the National Association
of State Boards of Accountancy have increased as follows:
* Audit and Attestation: from $187 to $209.33;
* Business . . .
PCAOB OKs new Internal Control standard.(PCAOB News)(Brief
article)
The PCAOB has adopted Auditing Standard No. 5, An Audit of Internal
Control That is Integrated with an Audit of Financial Statements. With
SEC approval, the standard will supersede Auditing . . .
Retirement thoughts.(News&Trends)(Brief article)
How do American views of retirement differ from that of their
international counterparts? Consider:
* Europeans, Asians and Latin Americans think men should retire
around the age of 60 and women . . .
More choices; unlimited possibilities.(CalCPA
CLASSIFIEDS)
Looking for an affordable way to advertise? The new CalCPA. org
classifieds offer improved search funtionality, expanded
categories/regions, unlimited text--one low price ($195 . . .
Celebrating Women CPAs.(CalCPA News)
CalCPA is committed to advancing women within the CPA profession.
Join us for a day of leadership development, professional growth and
recognition as we celebrate California's women CPAs and . . .
The 4 'Cs' to success: develop your career through
care, communication, competence and cost.(PROFESSIONALISSUES)
Success can be measured in many ways and, in public accounting, one
of those measures is making partner. But how does one get to that level?
What skills and traits do you need to become a leader?
. . .
Tax Relief: 2006 Tax Relief & Health Care Act highlights
favorable to taxpayers.(federaltax)
The following are selected highlights of the 2006 Tax Relief &
Health Care Act (P.L. 109-432), signed into law Dec. 20, 2006.
RESEARCH CREDIT
This credit is extended for amounts paid or . . .
The EDD and you: worker classification, SUTA dumping and audits
among issues to watch in '07.(EDDNEWS)(Employment Development
De
It's tax season, the only time of year during which some CPAs
actually see some clients. So this might be your only opportunity to
discuss some important issues from the Employment . . .
Top issues: rule 99, mobility and CPA Day at the
Capitol.(governmentrelations)(ceryified public accountants)
The California Board of Accountancy recently elected the following
CalCPA members as officers for the coming year: David Swartz, CPA,
president; Don Driftmier, CPA, vice president; and Robert . . .
Money $mart: bringing financial literacy to California
classrooms.
now later or never?
CPAs understand better than most the financial illiteracy epidemic.
In fact, it would be challenging to find a California CPA who was
surprised that:
[ILLUSTRATION OMITTED]
. . .
FAS 123R: accounting for stock options; Tips for an increasingly
complex task.
With apologies to Baskin-Robbins, stock options seem to be
available in at least 31 flavors. Consider the following varieties:
premium options (strike price above grant date stock price); . . .
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