Channel Counties Chapter
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Archive for the ‘President’s Message’ Category
November 2nd, 2009
By Susan Jacobson, CPA
Gov. Schwarzenegger proclaimed that an extraordinary session of congress was to convene to legislate on the following subject:
“To consider and act upon legislation to address and improve the state tax system, including but not limited to the following: establish a tax structure that fits with the state’s 21st century, stabilize state revenues and reduce volatility, promote the long-term economic prosperity of the state and its citizens, improve California’s ability to successfully compete with other states and nations for jobs and investments, reflect principles of sound tax policy, and ensure that the tax structure is fair and equitable.”
The 14-member Commission on the 21st Century Economy, appointed by the governor and the legislature, has proposed:
- Reduce all personal income tax rates, with the top falling to 6.5 percent
- Eliminate the corporate income tax, which is currently 8.84 percent
- Establish a new “Business Net Receipts Tax,” which would apply a tax on the net sales and purchases made by businesses
- Phase out and eliminate the state’s general state sales tax, which is currently 6 percent
- Initiate a new “rainy day” reserve fund
- Institute a tax appeals dispute resolution process to eliminate the State Board of Equalization
For further developments, please see the commission’s website.
If you have never heard of a “business net receipts tax,” you are not alone. There’s nothing exactly like it anywhere in the world today. Michigan has something similar, but at a much lower rate. Businesses would pay this tax based on the value of the goods and services they sell, minus the amount they spend purchasing goods and services from other firms. There would be no deduction for the wages and benefits that are paid to workers to produce, sell, manufacture etc. the goods and services.
There does not appear to be a benefit or incentive to attract jobs for California or allow California to compete with others states or nations.
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September 23rd, 2009
By Susan Jacobson, CPA
As your chapter’s financial literacy champion, I wanted to address how CalCPA is involved in the financial literacy effort and how you can get involved. CalCPA’s financial literacy program has provided a way for members to give back to their communities by introducing important financial topics through the Dollars & Sense program. This program offers workshops that provide tips on how to better manage your money, improve savings and investment strategies, and save on taxes. The workshops can be customized to meet the audience’s needs if one of the existing options doesn’t fit. You can view workshop content and more information online.
CalCPA also has a very active student outreach program, which reached more than 11,000 students last year. Outreach volunteers can teach a personal finance lesson on money management, careers, budgeting, savings and investing, managing credit or insurance. Most presentations last 50 to 60 minutes, and all volunteers receive curriculum guides and visual aids. Each student receives a financial literacy student workbook, Quest magazine and a money management brochure. In addition, we encourage all volunteers to show the “MoneyTalks” and “Bring It On” DVDs.
If you are interested in volunteering, you can update your volunteer preferences in your CalCPA member profile, or contact Crystil Turner, CalCPA’s community outreach manager. For more information on CalCPA’s student outreach programs, including how to schedule an event or volunteer, plus additional resources, go online.
Of course you can also contact me as your chapter champion.
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August 28th, 2009
By Susan Jacobson, CPA
Our board of directors is comprised of six officers and three directors. All board members start at the initial director level, work their way up to chapter president and then serve as past president. They hold each office for one year. Our chapter leadership also includes 10 chapter committee chairs and four discussion group chairs.
Additionally, our chapter has two members who serve two-year terms on the CalCPA Council, CalCPA’s governing body. Council members usually are the chapter president and vice president.
Other important members of our team are Rita Williams and Kay Coffin. As CalCPA employees, Rita and Kay are not official members of our chapter leadership, but our board and chapter could not run without them. As always, thank you Kay and Rita for your support and fine work in support of our chapter.
Our chapter is also very proud to have two of our chapter members serving on the 2009-10 CalCPA Education Foundation Board of Trustees. A big thank you to both Pam Kelty, the Foundation’s 2008-09 president, and Peter Iannone for their loyal service.
Our chapter leadership is enriched by its diversity, but it could always be enhanced through the involvement of new members, which would bring new insight and perspectives. Our chapter leaders are involved with CalCPA for a number of reasons, not the least of which is a desire to serve our profession and the organization that helps to contribute to our success as CPAs. As you can see, we offer a lot of opportunities to get involved with CalCPA at the chapter or state level.
Get involved. Come to chapter events. Meet your leaders. Become one of our future leaders. To get the word out and to network with other professionals in our area, our chapter is in the process of planning its first ABC (attorney/banker/CPA) night in January. To make this event a success, we need your participation. We will publish more information on this event in future bulletins. Stay tuned.
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July 22nd, 2009
By Susan Jacobson, CPA
Each year, CalCPA Leadership Institute teaches potential member leaders the specific skills necessary to grow into future leadership positions at CalCPA and in the profession. The 2009-10 Leadership Institute will be its fifth year and the series dates and locations are projected to be:
Oct. 28–29: San Jose Doubletree Hotel
Nov. 18–19: Los Angeles Airport Westin Hotel
Jan. 21: San Francisco Airport Marriott Hotel
Jan. 22: San Francisco Airport Marriott Hotel (graduation)
Strong leaders in strategic positions are key to CalCPA’s continued success. CalCPA Leadership Institute is a five-day program designed to teach members skills that will make them better leaders and managers. Participants grow as volunteer and business leaders as they focus on improving leadership behavior, as well as critical thinking and management skills.
The California CPA Education Foundation and CalCPA underwrite the costs except for a small administrative fee that is the responsibility of the individual participant. Qualified candidates will be members who have the greatest potential for fulfilling future leadership roles at CalCPA.
Fundamentals of leadership, identifying personal leadership styles, strategic planning and goal setting, client management and managing people are among the topic participants will discuss.
CalCPA has identified the following characteristics as the most important qualities in a potential CalCPA leader:
- Be able to speak well in public
- Have charisma
- Feel passion for CalCPA and the profession
- Be aware of the issues
- Be a team player
- Exemplify the ethical values of the profession
- Be able to turn conflict into consensus
- Make the appropriate time commitment and manage time accordingly
- Enjoy the support of your family, firm or company
- Have prior leadership experience (or equivalent firm experience)
- Be empathetic and a good listener
- Be able to generate enthusiasm in others about CalCPA and to recruit others into leadership positions
If you’re interested, download an application.
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June 23rd, 2009
By Susan Jacobson, CPA
It is with great enthusiasm that I report that Senate Bill 691 passed the full California Senate with a vote of 37–0. As most of you are probably aware, CalCPA sponsored this bill to bring California’s CPA licensing laws into conformity with 48 other states. This is very exciting news as the bill passes on to the California Assembly.
Existing law requires an applicant for the CPA license to comply with certain education, examination and experience requirements under one of two provisions—called pathways. Pathway 1 requires the completion of a baccalaureate or higher degree, including 24 semester units in accounting and 24 semester units in business-related subjects; passing the CPA Exam; and two years of qualifying experience (the 120-hour pathway). Pathway 2 requires the completion of a baccalaureate or higher degree, including 24 semester units in accounting and 24 semester units in business-related subjects; passing of the CPA Exam; proof of the completion of at least 150 semester units (including the baccalaureate degree); and one year of qualifying experience.
If it becomes law, SB 691 will be effective Jan. 1, 2014, and establish Pathway 2 as the single educational pathway for licensing CPAs in California. .
Why is this important? SB 691 would establish California as a substantially equivalent state, bringing its standards into compliance with the Uniform Accountancy Act. If California doesn’t conform to the national standard, a California CPA license may not allow you to work on your clients’ behalf across state lines.
Senate bills introduced in 1991, 1996, 2001 and 2008 tried to make the 150-hour requirement the sole pathway, but have been unsuccessful. Applicants for licensure have increasingly migrated to pathway two. In fact, 70 percent of the total CPA applicants in 2008 were under pathway two.
I take great pride in following this proposal to, hopefully, becoming law as I participated in the annual CPA Day at the Capitol in January and talked to my legislators about supporting this bill. You can track the bill online and also check CalCPA’s legislation update on our website with information from Bruce C. Allen, CalCPA’s director of government relations, and Jeannie Tindel, CalCPA’s director of legislation.
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May 22nd, 2009
By Susan Jacobson, CPA
Greetings. I am Susan Jacobson, a tax principal for the Westlake office of Holthouse Carlin & Van Trigt LLP and the incoming president of our chapter. I first of all have to thank all of the partners of our firm for their support of my participation in the chapter and CalCPA. I could not have come this far with CalCPA without their support.
As has been said by many past presidents, I can’t believe how time flies, and here I am president of the chapter. It is a very important year to be president with CalCPA’s 100th anniversary and gala celebration. I am looking forward to the celebration and hope that all of you can go to the event and join in the festivities. If you are interested in attending, you can get more information and register here.
As incoming president, I have a couple of goals to share with you. The first deals with the profession;s future.
Because of our national and international economic situation, our chapter has suffered tremendous losses to our scholarship funds. We have an urgent need to rebuild these funds and give back to the students who need the help now more than ever. I would like to acknowledge that we made a choice to deplete our scholarship fund this year and give all $11,000 to deserving students. Unfortunately, we had to postpone our awards night because of the Santa Barbara fires, so I would like to take this opportunity to congratulate our scholarship recipients: Craig Tarnutzer (Moorpark College); Michelle Chouinard (Santa Barbara City College); Natasha Susoev (UCSB); Tyler DeGroot (California Lutheran University); Lorena Santiago (California Lutheran University); William Lycette (UCSB); and Stephanie Schick (Westmont). We will reschedule the awards ceremony at an upcoming chapter event.
We are planning an additional fund-raising event this year. It will be an ABC, or Attorney, Banker and CPA, event and will offer sponsorship opportunities. This type of event has been very successful for our sister chapter, Central Coast. With the help of our program associate, the extraordinary Rita Williams, who helped organize the Central Coast ABC gathering, we hope to have an equally successful event for our chapter.
Along with our past presidents, my second goal is to continue marketing to our young emerging professionals. They are the future of CalCPA, and, therefore, obtaining their membership and participation in the chapter are key to our continued success. Tania Dadayan Shapiro of Soares, Sandall, Bernacchi & Petrovich will chair the YEP Committee again this year, and she has several events planned.
My last goal is to continue to build and support the financial literacy efforts in our area. I have been our chapter champion for the CalCPA Financial Literacy Committee for the past four years. I also remain on the Ventura and Santa Barbara Financial Literacy Council, which sponsored a California Saves campaign in March and April for low to moderate-income families of Ventura and Santa Barbara counties.
Finally, a big thank you to past president Tom Letus for a job well-done serving our chapter this past year. I also thank the 2008–09 board of directors and committee chairs for their dedication and support of our chapter. Of course there is never enough to say about our real leader, Rita Williams. Thank you Rita for all that you do for us.
Please let me know of any comments or concerns that you would like me to take to the CalCPA Council meeting June 18–19 in San Francisco. I wish everyone the best.
— Susan Jacobson, CPA
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April 23rd, 2009
By Thomas A. Letus, CPA
I recently received a faxed invoice from a foreign vendor that was past due. On the invoice, the controller wrote: “Please pay, it’s over dude.” I wanted to reply with “What is over? And please, don’t call me dude,” but I did not want to offend anyone, and it was easier to laugh about it and wire them the amount we owed. Now the expression “it’s over dude” is stuck in my head. Well, tax season is over, dudes, and my year as chapter president is almost over too. I am ready to express thanks to everyone, but first I want to remind you about a couple of upcoming chapter events and the annual CalCPA YEP Conference.
The first event is our Chapter Awards Night, Thursday, May 14. Please join us as we also celebrate CalCPA’s centennial and award scholarships to seven local accounting students. Peter Khoury of Ovson Communications Group is our guest speaker, and CalCPA Chair Greg Burke also will be there. Thank you to everyone who makes this evening possible. Without your tremendous effort and support, we would not have the scholarship money to give out.
Next up is CalCPA’s third annual Young and Emerging Professionals Conference Thursday, June 4, in Los Angeles. I hear great things about this conference and encourage all firms to check out the 2009 program and sign up your YEPs.
The last event is our Annual Chapter Retreat and Installation of Officers and Directors to be held June 5–7 at the Cliffs Resort in Pismo Beach. My wife and I always enjoy spending the weekend with other chapter members, friends and family. The retreat is a great time to meet the new board of directors and catch up with friends we haven’t seen in a while.
At the installation dinner, I will have the honor of presenting Susan Jacobson with the president’s gavel. Susan has been a director, an officer and our chapter’s financial literacy chair for many years, and I am confident that she will be an outstanding president. This year we will welcome two new directors to our board: Yusuf Balogun and Darcia Stebbens. Returning to the board will be Patricia Krout, Gail Anikouchine, Jeff Dottl, Raj Acharya and Jason Janzen. Leaving the board will be Mike Ray and past president Cindy Young. My sincere gratitude goes out to these fine CPAs, as well as our chapter committee chairs, discussion group leaders and all members who have made significant contributions to the chapter this past year. I also sincerely appreciate the hard work and talents of Rita Williams, our program associate, and the entire CalCPA staff for their help and guidance in making this past year a rewarding experience for me.
I also would like to thank my employer, Automotive Performance Systems Inc., for allowing me the time to volunteer. I also thank past presidents Diane Wondolowski, Jim Lutz, Joe Lanza, Mike Eulau, Juan Soto and Cindy Young. They are the chapter presidents whom I have had the privilege to watch and learn from over the years. I also want to thank my beautiful wife, Lisa, for always believing in me.
Finally, I’d like to thank everyone for your support of CalCPA and the Channel Counties Chapter this past year. OK, now it’s over, dudes. See you in Pismo!
— Thomas Letus, CPA
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March 1st, 2009
By Thomas A. Letus, CPA
This should be short. I miss playing the song “Taxman” every day at 5 p.m. and … that’s about it. During my first year at a CPA firm, I was working in a room with three other new staff preparing tax returns. The four of us worked long days and we could get a little grumpy in the evenings. One day in early March at 5 p.m., I put on the song “Taxman” by the Beatles and cranked it up. All of us laughed and took a much-needed break. When the song finished we all went back to work, but the 5 o’clock break helped us to relax and get us through the next couple of hours.
The next day at the same time, I cranked up the stereo again. This time I played the Stevie Ray Vaughn version of the song. Again, we all stopped and took a break from our tax returns. The following day I blasted the Black Oak Arkansas version of “Taxman” and a tradition began.
The “Taxman” tradition continued every tax season that I was there, even when I had my own office. I invite you to take a break, click the “comment” link below, and share one of your tax season traditions.
— Thomas A. Letus, CPA
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December 19th, 2008
By Thomas A. Letus, CPA
I hope everyone is having a wonderful holiday season. I am trying something different this year as I have completed all of my Christmas shopping and decorating early so I can enjoy the reason for the season and have more time with family and friends. It is working out great so far. I will not be spending Christmas Eve wrapping the gifts I had purchased just days before. I will not have to wrap a photo of a gift that hasn’t been delivered yet. I am seeing more of my family as we have already been to Disneyland and a hockey game before Christmas. It has worked out so well that I will have the opportunity to reflect on the past year and prepare for the new one.
Have you ever seen the movie Back to the Future? In the movie the character of Doctor Emmett Brown looks up in the sky and in a whispering voice says “The Storm.” Doc knows the storm is coming and that lightning will be striking the clock tower shortly. Doc Brown is preparing for the future event, the storm, by getting things done before it gets too late. My kids and I would do the Doc whispering voice when we knew a storm was coming. Now one of us will say “The Storm” most anytime we know something is about to happen. We all know of a storm that is coming up. For most CPAs it is tax season 2009. Before tax season hits we all have some things we want to do.
Tax season usually starts around the beginning of February. This gives us a month to get things done before it gets too late and we get busy. In January, CalCPA has an event scheduled and I hope you to see you there. CPA Day at the Capitol is Wednesday, January 21. New legislation regarding the 150-hour education requirement is being introduced and we need to let our state legislators know how important this is for California CPAs.
CPA Day at the Capitol is Wednesday, Jan. 21. This promises to be a fun and informative day as we discuss the issues that are important to CPAs and the profession. Come join hundreds of CPAs from all over the state as we descend on the Capitol. Registration is at 9:30 a.m. with the issues briefing from 10-11 a.m. Appointments with the legislators follow with debriefing from 3:30-4:00 p.m. Sign up online today so that CalCPA’s Government Relations team can schedule an appointment for you to meet with a representative.
While in Sacramento, I will also attend the state council meeting on January 22. If you cannot make it to Sacramento then think about joining the board at one of our monthly business meetings and CPE events. You earn some CPE, find out what is happening within the chapter, and get together with other CPAs and exchange ideas.
So enjoy the calm before the storm and don’t worry. As long as you hit that wire with the connecting hook at precisely 88mph the instant the lightning strikes the tower…everything will be fine. Have a Happy New Year, stay dry, and have a successful tax season.
— Thomas A. Letus, CPA
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December 4th, 2008
By Thomas A. Letus, CPA
It is hard to believe, but 2008 is nearly over. I hope everyone had a nice Thanksgiving and was able to spend some time relaxing with family and friends and give thanks for all they have. It has been a tough year for many, as the economy and the housing market continue to slide. I am doing my best to help the economy as I recently spent hundreds of dollars on Phillies World Series Championship gear. The Phillies have been my favorite baseball team since I was a kid living in New Jersey, and I want to thank the team for the memories this year.
Another thing I am thankful for is the hard work done by our board members, discussion group leaders and committee chairs. Their time and effort continues to provide great value to our members and the accounting profession.
I also want to thank Jeff Dottl, the golf committee and all the people, businesses and firms that sponsored, worked at or played in our recent golf tournament. We had 90 players tee off at Saticoy Country Club on a beautiful day for golf. The generosity of our sponsors and golfers put more than $6,500 into our scholarship fund. Thanks again for making our golf tournament a great success!
I hope you had a chance to say hello to Kay Coffin, our program director, at the check-in table. Kay did a great job working the golf tournament and getting everyone checked in and ready to golf. I also want to express a special word of thanks to Rita Williams, our program associate. Rita could not make it to the golf tournament this year, as she recently gave birth to another son, Bodey Charles Williams. Congratulations to Rita and her husband Scott on their new arrival. Rita and Bodey were at our November chapter event and board meeting, and it is great to have Rita back and running things. Come out to our next chapter event to congratulate Rita.
May you all enjoy the warm blessings of the holiday season and take the time to relax and give thanks.
— Thomas A. Letus, CPA
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