CalCPA Council annually nominates candidates to stand for election to serve three-year terms as trustees of CalCPA’s Group Insurance Trust (GIT). Additionally, participating GIT employers may nominate qualified candidates to be placed on the ballot by submitting supporting petitions from at least 20 firms participating in one or more of the GIT’s group health and welfare plans by Nov. 1.

For more information, email Genna Armanini or call (800) 556-5771, ext. 3257.

SB 1255 Does Not Change Head of Household Filing Status

On July 25, Governor Brown signed SB 1255 (Moorlach), Stats. 2016, ch. 114, Dissolution of Marriage: Date of Separation, which amends the definition of the “date of separation” within the Family Code. Previously, a spouse was required to live in a separate residence in order to be considered living separate and apart from the other spouse for purposes of characterizing the earnings of the spouse.

Effective Jan. 1, 2017, SB 1255 amends the “date of separation” definition to mean the date that a complete and final break in the marital relationship has occurred as evidenced by the spouse’s expression of his or her intent to end the marriage and conduct that is consistent with that intent

What does this mean for the Head of Household filing status in California? No change. California conforms to federal tax law regarding the Head of Household filing status. When changes are made to California family law, the application of the federal and California tax laws does not change. Therefore, when it comes to the qualifications for the Head of Household filing status, the FTB will continue to conform to the current federal tax law. This includes, among other qualifications, that to be considered unmarried, the spouse must not have lived in the home at any time during the last six months of the year.

2017 GAAP Financial Reporting Taxonomy Available for Public Review, Comment

The Financial Accounting Standards Board released the proposed 2017 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is Oct. 31. The 2017 GAAP Financial Reporting Taxonomy is expected to be accepted as final by the SEC in early 2017.

The proposed 2017 Taxonomy contains updates for accounting standards and other recommended improvements. The Taxonomy is used by public issuers registered with the SEC. The 60-day comment period is intended to allow users of the Taxonomy to provide feedback on these updates. It also is intended to afford SEC filers, service providers, software vendors and other interested parties the opportunity to become familiar with and suggest revisions to the Taxonomy, including incorporating new elements for current filings.

Sept. 28 Deadline: Expanded Work Opportunity Tax Credit

The IRS is urging employers to take advantage of a valuable tax credit. The Protecting Americans from Tax Hikes Act, enacted last December, retroactively extended the Work Opportunity Tax Credit (WOTC) for nine categories of workers hired on or after Jan. 1, 2015. For the first time, the legislation also added a tenth category for long-term unemployment recipients hired on or after Jan. 1, 2016, who had been unemployed for a period of at least 27 weeks and received state or federal unemployment benefits during part or all of that time. The special Sept. 28, 2016, certification deadline applies to eligible workers hired between Jan. 1, 2015, and Aug. 31, 2016.

Modified Requirements for CPAs in Certified PEO Program

After receiving comments earlier this year, the U.S. Treasury Department and the IRS have issued interim requirements relating to requirements for professional employer organizations (PEOs) applying for voluntary certification, including those pertaining to applicants’ CPAs, that will be modified. Changes include a new deadline date (Jan. 1, 2017), financial statement amendments for years before the new regulations, changing the definition of a CPA and more.

2017 CalCPA Campus Ambassador Program: Applications Due Nov. 18

Help spread the word about CalCPA and the CPA profession–applications are being accepted for the CalCPA Campus Ambassador Program.

Campus Ambassadors are students passionate about pursuing a career in accounting and becoming CPAs and will spend approximately 20 hours of work per semester focused on:

  • Building awareness of FREE CalCPA student membership and benefits to students and educators;
  • Increasing visibility of CalCPA on campus; and
  • Strengthening ties between local CalCPA chapters and colleges/universities.

 Eligibility requirements and application are available online. Applications are due Nov. 18.