Upcoming events.
Business and Corporate Taxation S Corporations: Tax Consequences of
Termination, Liquidation and Sale
Oct. 20: inland Empire
[ILLUSTRATION OMITTED]
S Corporations: A Complete Guide to Tax . . .
Fab 50 hot internet resources for CPAs.(SPECIAL PULL-OUT)
The internet is a vast place and one in which it's easy to get
lost when searching for information you need. To help make your searches
a little more focused, the CalCPA Technology Committee helped . . .
Accomplishments.(membermilestones)
Kenneth A. Macias, founder and chair of Macias Gini &
O'Connell LLP, was named an Exemplary Hispanic Business Leader by
the California Hispanic Chambers of Commerce ... Kip Dellinger and . . .
New tax credit for homebuyers.(CalCPA News)
First-time homebuyers should begin planning to take advantage of a
new tax credit included in the recently enacted Housing and Economic
Recovery Act of 2008. Available for a limited time only, the . . .
Revised, redesigned Form 990.(CalCPA News)
The IRS released the revised instructions that tax-exempt
organizations will need to fill out the redesigned Form 990, which must
be filed starting with tax year 2008 (filed in 2009). Most . . .
More tax legislation: 2008 Housing Assistance Tax Act: pluses and
minuses.(Fed Tax)
The following are selected highlights of the 2008 Housing
Assistance Tax Act (P.L. 110-289), signed into law July 30, 2008.
First-time Homebuyer Credit
Under this new law, an individual . . .
Defining benefits 412(e)(3) plans are attractive options for
small businesses.(retirement plans)
(a) major goal of the 2001 Economic Growth and Tax Relief
Reconciliation Act (EGTRRA) was to encourage the establishment of
small-business retirement plans. Since then, as an incentive . . .
Firm news.(membermilestones)
Prager and Fenton LLP has re-located and expanded their Los Angeles
office to E1 Segundo ... The Long Beach office of Holthouse Carlin &
Van Trigt LLP is celebrating its 15 year anniversary in Long . . .
Big givers.(CalCPA News)
Big Givers: Women surpassed men as the more prolific givers. In an
analysis of IRS gift tax data for 2005, the most recent year information
is available, women donated $21.7 billion in gifts, while . . .
SOX delays.(CalCPA News)
SOX delays: 34% of non-accelerated filer companies gave little or
no consideration to Sec. 404 delays and completed assessments at the
last minute or not all . . .
Get involved: make sure legislators hear the voice of
CPAs.(CapitolBeat)
Now that political season is in full swing, we're hearing our
presidential candidates promise not to be beholden to special interests
while they reform the office of president and return it to . . .
IT MeetsAuditing.
You've no doubt kept up with the AICPA Risk Assessment
Standards issued in 2006. You may have already conducted an audit using
the new internal controls-oriented guidelines, SAS 104-111.
But when . . .
Members in the news.(membermilestones)
Leonard Williams had a letter published about Henry Ford in the
October issue of Hemmings Classic Cars ... Craig Fechter, CPA had an
article published on how to handle and IRS audit in the . . .
A trio of exposure drafts.(CalCPA News)
FASB has issued three separate but related exposure drafts for
public comment.
The proposed statements Accounting for Transfers of Financial
Assets and Amendments to FASB Interpretation No. . . .
California's NEST penalty.(CalCPA News)
California's noneconomic substance transaction understatement
(NKST) penalty imposes a 20 percent penalty for understatements
attributable to noneconomic substance transactions (CA Rev. & Tax
Code . . .
Building a dream: "I worked in the morning and went to
school at night. Every month, I saved at least 75 percent of my earnings
At I 8, Vee Cristobal shared a dream with her mother- "One
day, I want to build many libraries here, so children can walk to
libraries in their own community," she said. At the time, the
closest . . .
Thank you: CalCPA Institute donors: giving back and helping the
profession.
CalCPA Institute would like to thank the following individuals and
businesses for their tax-deductible contributions and supporting its key
initiatives, including financial literacy, scholarships . . .
A little help from your friends.
In April, the AICPA issued the new Standards for Performing and
Reporting on Peer Reviews, which will be implemented for peer reviews
commencing on or after Jan.1, 2009. The AICPA Peer Review Board . . .
Announcements.(membermilestones)
McGladrey & Pullen LLP has named Debora Sigler and Cari Koval
directors and Joseph D. Rumley has joined the firm as an audit and
assurance partner ... Michael G. Ueltzen, CPA, John D. Moyle, CPA, . . .
Fraud up 22%.(CalCPA News)
The average company's loss because of fraud has increased by
22 percent, largely driven by the credit crunch and tough economic
climate, according to the Kroll Global Fraud Report.
Companies lost . . .
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