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Contributed by denglish
CalCPA is taking applications for its Doctoral Scholarship Program for individuals pursuing a Ph.D. in accounting. The scholarship is being made available to help address the current and projected significant shortfall in accounting department faculty at California colleges and universities. Therefore one requirement of the scholarship recipient will be to join the faculty of a four-year college or university located in California for at least three years.
Applications are due by April 15. Apply today.
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Contributed by denglish
Join us May 26 for a day of leadership development and professional growth at the third annual Women’s Leadership Forum. From leadership in an era of economic uncertainty to strategic thinking and conflict resolution, you’ll delve into key areas that differentiate you as a leader. Invest in your future, build your skills and ensure your long-term success. Register today.
Plus, the day will include a special lunchtime celebration recognizing our Women to Watch Award winners—California’s top women CPAs and their tremendous contributions to the profession.
Go online to review the award criteria and download a nomination form, due March 22.
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Contributed by denglish
Renew your 2010-11 CalCPA membership and you’ll be entered into a drawing for a FREE VP Program good through April 2011, courtesy of the CalCPA Education Foundation.
Renew online today or check out the rules online.
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Contributed by denglish
The U.S. Department of Housing and Urban Development is working to correct online comments that erroneously indicated certain programs were made exempt from the audit requirements of OMB Circular A-133.
The bottom line: If your client is subject to A-133 audit requirements, follow them. Do not rely on extemporaneous comments from other sources.
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Contributed by denglish
The federal Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, also qualifies for this relief.
For discharges occurring on or after Jan. 1, 2009, California does not conform to the federal provision. Generally speaking, under the current law, the amount of debt discharged is taxable to California. However, several bills pending in the Legislature would extend and modify California mortgage forgiveness debt relief to conform more to the federal law: AB 1779, SBX8 32 and SBX8 25.
Learn more or subscribe to “Legislation Information” for updates on pending legislation.
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Contributed by denglish
• Searching for Fraud—Assessing Risk and Addressing Red Flag: March 12, Ontario
• Cash and Credit Management: March 18, Rancho Cordova
• Ethics, Taxes and Financial Reporting Course: March 19, San Francisco
• Ethics, Taxes and Financial Reporting Webcast: March 19, (morning session or afternoon session)
• The Yellow Book Interpreted: March 22, San Francisco or webcast
• Planning a Yellow Book Audit: March 23, San Francisco
New Four-hour Ethics Self-Study Courses and Webcasts
• 2010 Professional Conduct and Ethics
• Ethics and Professionalism for CPAs in Public Practice
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Contributed by denglish
The 2001 Economic Growth and Tax Relief Reconciliation Act repealed the estate tax for individuals dying after Dec. 31, 2009. The law sunsets at the end of 2010, which means that the 2001 estate tax law returns for 2011.
What This Means: No estate tax is assessed on the value of assets for individuals who die during calendar year 2010. In 2009, taxable estates in excess of $3.5 million were taxed at a maximum marginal rate of 45 percent.
If Congress fails to enact new estate tax legislation and make it retroactive to the beginning of this year, an unlimited amount of wealth could be transferred by decedents that will avoid the estate tax and generation skipping transfer tax. There is an open question as to whether a law passed early this year and applied retroactively violates the U.S. Constitution.
Changes to Income Taxes: In 2009 and earlier years, recipients of inheritances received a “step-up” in their income tax basis because all of the assets were revalued as of the date of death. This rule is only in effect on a limited basis as long as there is no estate tax. The general rule provides that the recipient’s income tax basis will be the same as the decedent’s. Executors can increase the basis to fair market value up to $1.3 million. Property transferred to a surviving spouse can get a fair market value increase of as much as $3 million. There are also complicated provisions relating to basis adjustments for capital loss carryovers, NOL carryovers and other unused losses. A new exclusion for the sale of a primary residence owned by a decedent is effective in 2010 as well.
Gift Tax Changes: Gift taxes in 2010 have been modified rather than repealed. The exclusion from gift tax remains at $1 million but the tax rates have been reduced with 35 percent being the highest rate.
More questions on this or other estate planning issues? Post it on the EP Forum.
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Contributed by denglish
Changes to the Uniform CPA Examination being launched Jan. 1, 2011, will require the current passing score to be re-examined. The process to do so will include convening four panels of CPAs to prepare the groundwork for the passing score decision by the AICPA Board of Examiners. Panelists will be trained in August on their responsibilities.
Nominations may be submitted online or faxed to (609) 671-2922. Also, names and contact information of nominees may be e-mailed to passingscorepanel@aicpa.org. The deadline for submitting nominations is March 31.
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Contributed by denglish
This summer the California Legislature again revised the estimated tax payment percentages. In the past, withholding from wages was applied by the FTB as equal percentages (25 percent) for each quarter. As of Jan. 1, 2010, the percentages are 30 percent, 40 percent, 0 percent and 30 for the first, second, third and fourth quarter installments. Corporations will also be making estimated tax payments based on the above percentages for taxable years beginning on or after Jan. 1, 2010.
Learn more.
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Contributed by denglish
The IRS has received several complaints regarding wait times when calling the Practitioner Priority Service. According to the IRS, wait times are shorter:
• Before 9 a.m. and after 3:30 p.m.
• On Wednesdays, Thursdays and Fridays, with Fridays having the shortest wait times.
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