California CPA

Volunteer Now, Before Disaster Strikes

Rfp for Calcpa Audit

Forensic Services, Audits and Corporate Governance

You're Hired!

Audit Committee Matching System

(Federaltax Update)

Rev. Ruling 2004-64 a Boost for Estate Planning

Technology Improvements Bring Irs Into 21st Century

Companies Are Losing 6 Percent to Fraud

Perfect Together

Irs, Treasury Release Final Draft of Schedule M-3

Fasb Responds to Sec On Principles-Based Accounting

Web Focus

Sec. 404 Deadline Looms As Companies Scramble

Sec Exploring Xbrl

Gender Gap Still Exists for Managerial Accountants

Gao Changes Name

Gasb No. 34 Applies to All Governmental Entities

Member Milestones

Ftb Changes Name of E-Filing Program

Defining 'Independence'

Revised Auditing Standard Says 'Be Prepared for Anything'

No More Dumping

H.R. 3463, the SUTA Dumping Prevention Act of 2004, creates safeguards to prevent employers from transferring or acquiring businesses simply to avoid higher unemployment insurance rates. The California Unemployment Insurance Code prohibits an employer from obtaining a new Employment Development Department account number or using another employer's account number to get a lower rate. The EDD estimates that underpayments to the state's UI fund due to SUTA dumping are in excess of $100 million. ...

Numbers Matter

Advocacy is truly important to the California Society of CPAs. Daily, CalCPA's government relations team monitors the state Legislature, not to mention the California Board of Accountancy and other regulatory agencies. CalCPA's government relations team worked with the Legislature to pass AB 2480, which would suspend the $50 penalty per non-e-filed tax form for a period of one year. Increasing CalCPAs influence is critical, given the expanding role of the state government in day-to-day busine...

Been There, Done That

California's Employment Development Department is heavily engaged in attempting to re-categorize workers from independent contractors to employees. Apparently, EDD gets data from FTB and the IRS indicating if payments reported on a 1099 show up on the payee's Schedule C. It is an EDD audit indicator. Elsewhere, it was said that LLCs that choose to be taxed as corporations only pay the corporate tax, not the LLC tax. E-filing has resulted in Head of Household information being required for ele...

Allocating Foreign Taxes

The IRS has issued T.D. 9121 and REG-139792-02, 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 US partners, or US shareholders of partners that are controlled foreign corporations, attempt -through special partnership allocations - to claim foreign tax credits not matched by income subject to US taxation. The new regulations seek to disqualify taxpayers' i...

Before You Take the Cpa Exam

It's a Whole New Ballgame

While the CPA examination's most visible change is its transition from a paper and pencil exam to a computer-based test, the more important components are the content revisions. Based on practice analysis findings, the computer-based exam has been revised to more closely align with an entry-level CPA's real-world, professional responsibilities. With the computer-based format, individuals deemed eligible by their state boards of accountancy can schedule any or all sections in 2 out of 3 months...

Common Mistakes On W-2, W-4 &Amp; 941 Forms

Active communication with employees can avoid incomplete, altered, unsigned or otherwise invalid W-4s. Sloppy practices can be a key source of "mismatch" or "v" letters from the Social Security Administration with W-2s. Some ways to avoid problems include: 1. Examine the employee's Social security card-make sure the name and number match the information on file and on the W-4. 2. Verify information with the SSA. 3. At year-end, ask employees to re-check their names and numbers on file. 4. Avo...

Calcpa Treasurer's Report