The 2017 Women to Watch Award Winners were presented at the CalCPA Women’s Leadership Forum April 28. This year’s Experienced Leaders included Donella Wilson (Green Hasson Janks, Los Angeles), Mary Case (Moss Adams, Walnut Creek) and Anna Mok (Deloitte, San Francisco). Wilson was also honored with the CalCPA Trailblazer Award.

Look for an interview with Donella Wilson, as well as photos from the event, in the June issue of California CPA.

This year’s Emerging Leaders were Katherine Jackson (Moss Adams, Rancho Cordova) and Ashley Jacobsen (Moss Adams, Fresno).

And Moss Adams was recognized with Excellence in Supporting Women in Accounting Award.

AICPA Unveils Cybersecurity Risk Management Reporting Framework

Organizations large and small are facing cybersecurity attacks, so it’s more important than ever for them to show stakeholders what they are doing to best protect themselves. To help, the AICPA has developed a Cybersecurity Risk Management Reporting Framework that will enable organizations to take a proactive approach to cybersecurity risk management and communicate those activities to stakeholders.

Three resources that support reporting under the framework include:

  • Description criteria: for use by management in explaining its cybersecurity risk management program in a consistent manner and for use by CPAs to report on management’s description.
  • Control criteria: used by CPAs providing advisory or attestation services to evaluate and report on the effectiveness of the controls within a client’s program.
  • Attest guide: will assist CPAs engaged to examine and report on an entity’s cybersecurity risk management program. For more information, visit.

Amendments to Market-based Sourcing Rules

A second round of amendments to market-based sourcing rules set forth in California Code of Regs. Sec. 25136-2 addresses, among other issues:

  • The reintroduction of asset management fee examples;
  • Issues in connection with the benefit of the services received, including the assignment of services performed on tangible personal property and the assignment of long-term government and research and development contracts;
  • Issues in connection with the sale of intangible property, including interest and dividends; and
  • Issues in connection with reasonable approximation. 

A second interested parties meeting is scheduled for June 16. The FTB anticipates that at that meeting, stakeholders will furnish additional feedback on the more controversial issues. This feedback will provide the basis for draft language of those more controversial issues, to be presented at a third interested parties meeting.

IRS Advisory Council Seeking Nominations to Oversee Public Forum

The IRS announced it’s accepting nominations for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted April 27–June 16. The IRSAC provides an organized public forum for IRS officials and representatives of the public to discuss relevant federal tax administration issues. IRSAC members are appointed to three-year terms. Nominations are currently being accepted for approximately nine appointments that will begin in January 2018.

Nominations of qualified individuals may come from individuals or organizations. Membership is balanced to include representation from the tax professional community, including but not limited to tax attorneys, CPAs, enrolled agents, academia and the business community.

The application form is available online.

What Are the Top Issues Your Firm Faces? Survey Closes May 15

The AICPA’s PCPS CPA Firm Top Issues Survey is a biennial study that looks at the issues facing surveyed practitioners across the country. Results are segmented by firm size: sole practitioners, firms with two to five professionals, 6 to 10 professionals, 11 to 20 professionals and firms with 21 or more professionals. Results will be announced this summer.

Notice of Tax Return Changes

The FTB issued a reminder about the following modifications made to FTB forms 5818A, 5818B, and applicable inserts:

  • Eliminated insert FTB 1140, Personal Income Tax Collections information.
  • Created insert FTB 1025, Bill of Rights and Penalty Information. This new insert replaces FTB 1140, to include Taxpayers’ Bill of Rights and penalty information while excluding unnecessary collection information.
  • Added payment voucher FTB 7250A to FTB 5818B, allowing us to process taxpayer payments faster.
  • Revised the explanation paragraphs on insert FTB 1020 to help taxpayers understand why we adjusted their tax return.

The FTB also enhanced the Notice of Tax Return Change webpage, to help you and your clients resolve questions regarding the notice, including what information to gather before you contact the FTB.