CalCPA BUZZ

Just the Facts: 150-hour Licensure Requirements

CalCPA — Mon, 14 May 2012 21:41:20 +0000

Do you have questions about the new 150-hour licensure requirements? Check out our free, archived webcast, “150 Answer to 150 Hours.”

You can also check out the California Board of Accountancy’s 150-hour tips sheet, and the information and tips webpage on CPA licensure online.

Fewer Employers Reimbursing Staff for Continuing Education Costs

CalCPA — Mon, 14 May 2012 21:39:41 +0000

As businesses reinstate some of the employee perks lost during the recession, one doesn’t appear to have made a comeback: paying for continuing education. Only 26 percent of CFOs interviewed for a Robert Half Finance & Accounting survey said their companies offer staff full or partial reimbursement for the education units required to maintain professional certifications. This is down significantly from six years ago when 46 percent of executives said they cover these costs.

Analyzing, Implementing Proposed Foreign Account Tax Compliance Act

CalCPA — Mon, 14 May 2012 21:38:26 +0000

The U.S. Treasury Department and the IRS released proposed regulations on the Foreign Account Tax Compliance Act, which became law in 2010 and requires foreign financial institutions to provide detailed information about U.S. account holders to the IRS. The law is effective Jan. 1, 2013. The proposed regulations provide financial institutions with a clearer road map, though not a final one, to compliance.

The Deloitte white paper, The Path Forward: A Practical Guide for Analyzing and Implementing the Newly Proposed FATCA, provides:

An overview of pre-existing account, new account, withholding and reporting requirements as outlined in the provision;
Possible implications for U.S. and foreign financial institutions; and
Steps to consider in addressing FATCA compliance.

Employees More Proactive with Finances, but Confidence Still Wanes

CalCPA — Mon, 14 May 2012 21:36:52 +0000

A recent report found that:

Employees are becoming more proactive about their finances in general, and retirement planning in particular. Adjusted for seasonal tax questions, 73 percent of employee financial questions were proactive. This is an improvement from the first financial quarter of 2011 when 67 percent of employee financial questions were proactive in nature.
Employees continue to report dangerously low levels of retirement preparedness. Only 14 percent of employees reported being confident they were on track to retire with 80 percent of their income (or their goal) in retirement.
Investing confidence has not improved. Only 33 percent of employees were confident their investments were allocated appropriately in the first quarter of 2012—down from 34 percent a year ago the same time.

GASB Issues Practice Statements for Governments

CalCPA — Mon, 14 May 2012 21:35:28 +0000

The Governmental Accounting Standards Board issued two statements addressing important practice issues for state and local governments. Statement No. 65, Items Previously Reported as Assets and Liabilities, clarifies the appropriate reporting of deferred outflows of resources and deferred inflows of resources to ensure consistency in financial reporting. Statement No. 66, Technical Corrections—2012, enhances the usefulness of financial reports by resolving conflicting accounting and financial reporting guidance that could diminish the consistency of financial reporting.

The provisions of both Statements are effective for periods beginning after Dec. 15, 2012.

Upcoming Foundation Events: Conferences and Courses Catered to You

CalCPA — Mon, 14 May 2012 21:33:03 +0000

Not-for-Profit Organizations Conference: May 17, Burbank; May 18, San Francisco; and webcast
Nexus and Apportionment—Developing a Multistate Strategy: May 21, S.F. Peninsula and webcast
Preparing Form 5500: May 22, S.F. Peninsula; and webcast
School Districts Conference: May 23, Ontario; May 24, Sacramento; and webcast
State Taxation of Nonresidents and the Mobile Work Force: May 23, S.F. Peninsula and webcast
Upcoming Peer Review—Is Your Firm Ready? May 25, SF Peninsula and webcast
Excel Financial Reporting Analysis: May 29, S.F. Peninsula and webcast
Estate and Trust Conference: June 7, Glendale; June 8, San Francisco; and webcast

Important Changes to Your CalCPA.org Account

CalCPA — Thu, 26 Apr 2012 22:47:06 +0000

As a result of converting to a new database, your CalCPA.org login may change.

If your username is currently your email address, it will stay the same.
If your username is currently your CalCPA member ID, it will automatically change to your email address.
Your password is not changing, BUT you will be forced to change it the first time you log in to the website. The default password, if you did not previously change it, is your last name with a capital first letter.

There’s also a customer service email change. The email address from which our database and website sends emails is now calcpa@calcpa.org, with a screen name of CalCPA Customer Services. Please check your email settings and be sure to allow the address in your email inboxes so you will continue to receive timely news and information regarding your membership and purchases.

Download more information.

Missing a Refund? An FTB Guide to Tracking It Down

CalCPA — Thu, 26 Apr 2012 22:45:16 +0000

If you have clients who have not received their direct deposit refund, they should wait at least 25 working days from the authorized date of the refund (seven days for e-file returns and eight weeks for paper-filed returns) before calling the FTB. When they call, an FTB agent will verify that the return was filed, the routing number and bank account information. Your client will need to fax the agent a bank statement showing that the deposit was not made to their account.

Once the FTB receives the fax, it will send your client FTB 3851, Taxpayer Affidavit of Misdirected Refund Deposit, to complete and return to the FTB. In addition, the taxpayer must notify their bank or financial institution in writing of the error and file a police report. Copies of the letter and the report must be attached to FTB 3851.

After the FTB receives FTB 3851 from the taxpayer, it will contact the bank or financial institution where the misdirected refund was deposited requesting information on the account holder who received the misdirected refund. Once the FTB receives the information from the bank or financial institution, a paper check refund will be issued to the correct taxpayer.

Stay Informed and Stay Active

CalCPA — Thu, 26 Apr 2012 22:42:59 +0000

Stay current on these hot issues and others as they develop over the course of the legislative session by visiting CalCPA’s Government Relations website. Staying informed on issues that affect your profession, your clients and the business climate of the state is vital in ensuring the profession is able to grow and flourish.

You can also be a proactive participant of CalCPA’s advocacy efforts by staying involved with CalCPA’s activities at all levels. This can be sending a letter to support a CalCPA position on legislation, getting involved with your local CalCPA chapter or contributing to CalCPA’s Political Action Committee, which you can do by calling (800) 922-5272. Whatever it may be, CalCPA offers many ways for members to take an active role within the organization. Remember, CalCPA’s advocacy efforts are only as strong as its membership.

Waiver of Mandatory E-payment Requirement for the Impaired

CalCPA — Thu, 26 Apr 2012 22:37:58 +0000

Last year, the tax practitioner community communicated to the FTB that there was no permanent waiver of the mandatory e-pay requirement for taxpayers who have a permanent physical or mental impairment that prevents them from using a computer. In response to these concerns, the FTB determined that it could handle these permanent waiver requests administratively. Now taxpayers subject to the mandatory e-pay requirement can request a permanent waiver of the requirement. To do so taxpayers must submit FTB 4107, Mandatory e-Pay Election to Discontinue or Waiver Request, with a signed physician’s affidavit that a permanent physical or mental impairment prevents the taxpayer from using a computer. The FTB will inform the taxpayer in writing whether the request for a permanent waiver is approved or denied.