Key Items

By Laura C. Olson, CPA

Hey, fellow members, there are many things happening that impact us as we head into the summer and enjoy some of our nicest weather of the year. From the golf course to disclosure issues to use tax rules, there are some key items to look at that affect our clients and us.

Our chapter will be co-hosting the CalCPA San Francisco Chapter Golf Tournament at Harding Park Sept. 21. You will get the opportunity to play Harding Park—one of the finest muni courses in the country and host of several prestigious golf tournaments since 1937, including the WGC-American Express Championship in 2005 and last year’s Presidents Cup. This is your chance to play on the same course as Tiger Woods and Phil Mickelson—and your participation benefits our chapter scholarship fund. If you are interested in being a sponsor or player, contact Jane Dunbar.

The great thing about being a CPA is the network of other CPAs that keep us on our toes. A CPA friend attended a meeting on the 7216 disclosure issues facing the accounting professions. We all know that disclosure requirements are cumbersome: We need to get a signed 7216 disclosure for any disclosure with third parties, to perform any auxiliary service beyond tax return preparation and other various situations. For more information, visit CCH’s 7216 Compliance Resource Center. We can use our power as individuals and firms to try and change the requirements. Please write to your local legislators to ask them to help change the 7216 restrictions.

Many of my clients have been frustrated this tax season by requirement to register for use tax with the California Board of Equalization if they have at least $100,000 of gross receipts from business operations per calendar year and do not otherwise report to the Board. They will now be required to file an annual use tax return. Please see the BOE’s FAQs online for more information.

In next month’s President’s Message, I’ll share information from the June 24-25 CalCPA Council meeting. Enjoy your summer!

This entry was posted on Tuesday, June 29th, 2010 at 4:56 pm and is filed under President's Message. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.