The following graduate accounting students are winners of the 2017 Masters Scholarship, awarded by the CalCPA Accounting Education Committee. Each were awarded a scholarship in the amount of $3,000.

  • Abigail Osorio Conde, Master of Science, Accountancy (Cal State University, San Bernardino)
  • Bruce Benton, Master of Science, Accountancy (Cal Poly, San Luis Obispo)
  • Shae E. Lamb, Master of Science, Accountancy (Cal Poly, San Luis Obispo)
  • Jessica Chan, Master of Professional Accountancy (University of California, Irvine)
  • Yunwen “Jacinta” Tian, Master of Accounting (University of Southern California)

CAMICO Tip of the Month: A Good Fit for the Firm

CPAs often attempt to deliver services that stretch their knowledge and skills—sometimes to the breaking point. Why? Perhaps to obtain a client they perceive as lucrative, or to retain an existing client. Whatever the reason, the practice is risky. Performing an audit in an industry where the CPA has no experience is a good example of accepting an engagement that’s not a good fit for the firm.

Be honest: If the engagement is not a good fit for the firm’s expertise or staffing, acknowledge this fact. Find ways to obtain the necessary expertise. Once it’s obtained, go forward while remaining vigilant about the additional risk. If the expertise is not obtained, serve the client and yourself by referring the client to other qualified professionals and ease the transition to the CPA whom the client selects.

Clients are accustomed to accepting referrals from their doctors and other professionals, and referrals will generate goodwill and respect. Reflect at least annually on whether each of your clients is a good fit for your firm, and disengage or take other appropriate action whenever they no longer are.

For more information and guidance about CPA firm insurance issues, visit CAMICO online.

It’s Almost Here: CPA Day at the Capitol Jan. 17

All it takes is one individual—like you—and less than one day to make a difference at CPA Day at the Capitol.

Meet with California legislators to discuss issues that impact you, the public and the profession, such as preventing sales tax on services and promoting financial literacy. Once you register, we’ll handle the logistics of scheduling the appointments and providing you with talking points.

Make your voice—and the voice of the profession—heard at CPA Day at the Capitol.

State Committees: Application Deadline Nears

Want to use your talents at the statewide level? Your opportunity awaits—the application period is open through Jan. 19 to serve on our statewide committees for 2018-19. From estate planning to technology, and from personal financial planning to taxation, there’s a committee meeting your interests and expertise.

Please note: If you serve as an at-large committee member and would like to continue, reapplication is necessary. Also, if you will be serving as a chapter committee chair in 2018-19, you do not need to complete the application as you will automatically have a seat on the corresponding state committee.

Serving on state committees allows you to work with your peers on projects that increase members’ technical knowledge, enhance the profession’s image and draw the best and brightest into accounting—all while you build leadership skills and make valuable contacts.

Committee appointments will be made in March/April 2018 and the committee term is May 1–April 30. Apply today.

California Competes Tax Credit Application Period Open

The California Competes Tax Credit (CCTC) is an income or franchise tax credit available to businesses that want to come, stay or grow in California. For fiscal year 2017-18, $230.4 million of the CCTC is available for allocation during three application periods. GO-Biz is hosting informational workshops and webinars on how to apply for the credit.

For the second application period, $100 million is available for allocation. Applications for the credit will be accepted at online until Jan. 22.

Enhancements to the ‘Stand-alone’ Electronic Payment Process

Beginning this month, business entities and tax practitioners will have the ability to submit an electronic fund withdrawal (EFW) request for additional payment types using tax preparation software. These payment requests will be accepted as “stand-alone,” and can be submitted separately from the e-filed return. The return can be filed at a later date.

The following new payment types will be available: corporation estimate payments, LLC annual tax payments and LLC estimated fees.

Contact your software provider to see if they support stand-alone EFW payments. Business entities and tax practitioners will still have the ability to submit EFW requests for return and estimate payments with the e-filed return using tax preparation software.