Channel Counties Chapter
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Archive for the ‘President’s Message’ Category
August 27th, 2010
By Patricia K. Krout, CPA
I’m pleased to report on the progress of our chapter for the first quarter, which included two successful events and many other discussion group meetings.
Many of our members, plus potential new members and nonprofit clients, were able to join John Valenzuela at the Form 990 update July 23. We had such good feedback that we are looking into bring John back next year. We would be happy to hear your thoughts and suggestions, so please let us know.
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July 28th, 2010
By Patricia K. Krout, CPA
Gail Anikouchine, chapter first vice president, and I recently attended the CalCPA Annual Members’ Business and Council meeting in Anaheim. The following are some highlights.
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June 29th, 2010
By Patricia K. Krout, CPA
The theme of this month’s message is membership. One of CalCPA’s constant goals for each fiscal year is to increase membership. Some may ask you, why join CalCPA? I’d like to share some information about CalCPA, its vision, mission and priorities that you can share.
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May 25th, 2010
By Patricia K. Krout, CPA
I was happy to see some new faces and many familiar ones at our annual installation dinner at the Alisal Ranch May 1. We had a fun murder mystery presentation by Sharpo! Murder Mystery Company that kept us laughing for most of the evening. This was the first year we have held a dinner instead of a retreat. I am interested to hear comments from those of you who attended regarding the new format—and those of you who did not attend. Most of the board members were there, as well as many of our chapter committee chairs and representatives. I would like to say a big thank you to Rita Williams, our tireless program associate, for pulling this event together.
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April 29th, 2010
By Patricia K. Krout, CPA
I’m so excited about writing my first president’s message. Our chapter could not exist without the support of our members. I’d like to thank Gail Anikouchine, Jeff Dottl, Raj Acharya, Jason Janzen, Yusuf Balogun, Darcia Stebbens and Jessica Johnson for rounding out the board this year. We couldn’t provide quality CPE without our state liaison members and chapter committee chairs.
Also, a big thank you to Don Loster (Accounting Education), Gail Anikouchine (Accounting Principles and Auditing Standards, and CalCPA Council), Eileen Sheridan (Estate Planning and Taxation), Susan Jacobson (Financial Literacy and Conejo Valley Discussion Group), Jeff Dottl (Golf Tournament), Donna Nelson (Management of an Accounting Practice), Adrienne Huff and Jessica Johnson (Young and Emerging Professionals), Chris Reed (Santa Barbara AP&AS), Raj Acharya (Ventura AP&AS), Mike Ray (Santa Barbara Discussion Group) and Garry Jones (Ventura Discussion Group).
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April 7th, 2010
By Susan Jacobson, CPA
I know it’s April and everyone is very busy, so I will make this short and sweet. I have enjoyed my experience over the past year as your chapter president. It is almost time for me to pass the gavel to our next chapter president—Patricia Krout. I have the honor of doing so at our annual chapter installation dinner May 1 at Alisal Guest Ranch. Our 2010–11 chapter officers and directors will be as follows:
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January 1st, 2010
By Susan Jacobson, CPA
As the 2010 filing season gets under way, let’s not forget about the following new tax credits.
First-time Homebuyer Tax Credit
The American Recovery and Reinvestment Act of 2009 expands the $7,500 credit in effect for 2008 for taxpayers buying their first home. The amount of the credit increases to $8,000 for primary residences purchased between Jan. 1, 2009, and Nov. 30, 2009. Under the legislation, the previous requirement that the credit be repaid is waived after 36 months in the home. The credit starts to phase out for taxpayers with AGI above $75,000 for single filers and $150,000 for joint filers.
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December 1st, 2009
By Susan Jacobson, CPA
If you are interested in networking, come to our first Attorney-Banker-CPA (ABC) mixer Thursday, Feb. 4, at the Murphy Auto Museum in Oxnard. We’re looking to make this one of our chapter’s biggest networking events, and we hope to attract at least 100–150 attorneys, bankers and CPAs who are interested in making good business connections. The nonprofit Murphy Auto Museum boasts a collection of more than 50 cars displayed by many collectors from the tri-county area surrounding Oxnard. It houses a wide variety of classic and special interest vehicles.
The mixer is a great opportunity to make new contacts, build existing business relationships and renew old acquaintances. The mixer also is a fund-raiser for our chapter scholarships to accounting students attending colleges in Ventura and Santa Barbara counties. Last year we raised more than $11,000 for chapter scholarships. Bring your business cards and prepare to make excellent connections at this event.
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November 2nd, 2009
By Susan Jacobson, CPA
Gov. Schwarzenegger proclaimed that an extraordinary session of congress was to convene to legislate on the following subject:
“To consider and act upon legislation to address and improve the state tax system, including but not limited to the following: establish a tax structure that fits with the state’s 21st century, stabilize state revenues and reduce volatility, promote the long-term economic prosperity of the state and its citizens, improve California’s ability to successfully compete with other states and nations for jobs and investments, reflect principles of sound tax policy, and ensure that the tax structure is fair and equitable.”
The 14-member Commission on the 21st Century Economy, appointed by the governor and the legislature, has proposed:
- Reduce all personal income tax rates, with the top falling to 6.5 percent
- Eliminate the corporate income tax, which is currently 8.84 percent
- Establish a new “Business Net Receipts Tax,” which would apply a tax on the net sales and purchases made by businesses
- Phase out and eliminate the state’s general state sales tax, which is currently 6 percent
- Initiate a new “rainy day” reserve fund
- Institute a tax appeals dispute resolution process to eliminate the State Board of Equalization
For further developments, please see the commission’s website.
If you have never heard of a “business net receipts tax,” you are not alone. There’s nothing exactly like it anywhere in the world today. Michigan has something similar, but at a much lower rate. Businesses would pay this tax based on the value of the goods and services they sell, minus the amount they spend purchasing goods and services from other firms. There would be no deduction for the wages and benefits that are paid to workers to produce, sell, manufacture etc. the goods and services.
There does not appear to be a benefit or incentive to attract jobs for California or allow California to compete with others states or nations.
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September 23rd, 2009
By Susan Jacobson, CPA
As your chapter’s financial literacy champion, I wanted to address how CalCPA is involved in the financial literacy effort and how you can get involved. CalCPA’s financial literacy program has provided a way for members to give back to their communities by introducing important financial topics through the Dollars & Sense program. This program offers workshops that provide tips on how to better manage your money, improve savings and investment strategies, and save on taxes. The workshops can be customized to meet the audience’s needs if one of the existing options doesn’t fit. You can view workshop content and more information online.
CalCPA also has a very active student outreach program, which reached more than 11,000 students last year. Outreach volunteers can teach a personal finance lesson on money management, careers, budgeting, savings and investing, managing credit or insurance. Most presentations last 50 to 60 minutes, and all volunteers receive curriculum guides and visual aids. Each student receives a financial literacy student workbook, Quest magazine and a money management brochure. In addition, we encourage all volunteers to show the “MoneyTalks” and “Bring It On” DVDs.
If you are interested in volunteering, you can update your volunteer preferences in your CalCPA member profile, or contact Crystil Turner, CalCPA’s community outreach manager. For more information on CalCPA’s student outreach programs, including how to schedule an event or volunteer, plus additional resources, go online.
Of course you can also contact me as your chapter champion.
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