The application period for the 2018-19 CalCPA Board and Council, AICPA Council and CalCPA Education Foundation trustee and officer positions is open.

California CPAs are the driving force behind one of the world’s largest economies—and CalCPA provides the opportunities to help you develop critical leadership skills, and a platform to showcase them, at the local and state level.

Isn’t it time you put your leadership skills to use for the betterment of the CPA profession?

Learn more or apply. Applications are due Dec. 4.

Office of Tax Appeal Openings 

The newly formed Office of Tax Appeals (OTA), which takes effect Jan. 1, is hiring three administrative law judges to oversee and issue decisions on taxpayer appeals of assessments from the California Department of Tax Appeals and the FTB. Qualifications to become an administrative law judge include being a member of the California State Bar and have tax law experience.  

Appeals cases cover all areas of tax law, from sales and use taxes to income taxes.  

All three positions are located in Sacramento, but hearings could be across California.  

Access more information online. Positions will remain open until filled.

Member Discount: Berkeley Conference on Financial Reporting

This Nov. 10 conference, put on by the accounting faculty of the Haas School of Business and Center for Financial Reporting and Management, delves into the relationships between accounting and the technology industry.

CalCPA members receive up to a 44 percent discount (save $175—just enter “CALCPA2017” in the promo code box when registering).

CAMICO Tip of the Month: Report Potential Claims as Early as Possible

The sooner claims and potential claims are reported, the more effective an insurance carrier can be at achieving an early resolution. Early reporting also will help assure coverage for the potential claim. Some insurance programs encourage early reporting by reducing the deductible, and if the need arises, will absorb legal expenses, prepare tax penalty abatement requests, draft talking points for communicating the facts of the situation with the client, and provide subpoena and other services.

CPAs are often so busy that they don’t recognize or acknowledge a potential claim as it is developing. This lapse can result in a loss if a claim is later made but is not covered because of late reporting. It’s important to pay attention to potential issues and to report to them as soon there may be a problem. Also, new for CPA firms is “continuity of coverage for potential claims,” which permit much later reporting by a CPA firm that has consistently renewed with the carrier, even if the firm knew of a potential claim but did not report it until the client makes a claim months or even years later.

Find more information and guidance about CPA firm insurance issues online.

Now on iTunes & Stitcher: CalCPA Financial Empowerment Podcasts

CalCPA Financial Empowerment Podcasts are now available via iTunes and at Each podcast is about 15 minutes long, and feature interviews with CalCPA member experts on topics such as controlling medical expenses, avoiding financial scams, living trusts and other financial topics.

Please subscribe to these podcasts from your phones—and recommend them to your friends.

Estimate Penalty: FTB Formula Correction

The FTB revised the tax year 2016 form FTB 5805, Underpayment of Estimated Tax by Individuals and Fiduciaries. This form is used to determine if a penalty is owed for the underpayment of estimated tax. The correction increased the penalty calculation multiplier on side 2, line 11 from .02269425 to .02393173.

The FTB published the revised tax form on its website on May 16 and notified tax software providers on May 22 to update their tax preparation software. Taxpayers who filed the FTB 5805 before the revision date may have received a bill with an increased penalty amount. The average increase is estimated to be approximately $30, which represents an underpayment of about $25,000.