Archive for the ‘Presidents Message’ CategoryNew Tax Credits Not To ForgetJanuary 1st, 2010
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.
Revving Up for Our MixerDecember 1st, 2009
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.
A Proclamation by Our Governor: Where Is This Going?November 2nd, 2009
“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:
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.
Financial Literacy and YouSeptember 23rd, 2009
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.
Chapter Leadership—We Need You!August 28th, 2009
Additionally, our chapter has two members who serve two-year terms on the CalCPA Council, CalCPA’s governing body. Council members usually are the chapter president and vice president. Other important members of our team are Rita Williams and Kay Coffin. As CalCPA employees, Rita and Kay are not official members of our chapter leadership, but our board and chapter could not run without them. As always, thank you Kay and Rita for your support and fine work in support of our chapter. Our chapter is also very proud to have two of our chapter members serving on the 2009-10 CalCPA Education Foundation Board of Trustees. A big thank you to both Pam Kelty, the Foundation’s 2008-09 president, and Peter Iannone for their loyal service. Our chapter leadership is enriched by its diversity, but it could always be enhanced through the involvement of new members, which would bring new insight and perspectives. Our chapter leaders are involved with CalCPA for a number of reasons, not the least of which is a desire to serve our profession and the organization that helps to contribute to our success as CPAs. As you can see, we offer a lot of opportunities to get involved with CalCPA at the chapter or state level. Get involved. Come to chapter events. Meet your leaders. Become one of our future leaders. To get the word out and to network with other professionals in our area, our chapter is in the process of planning its first ABC (attorney/banker/CPA) night in January. To make this event a success, we need your participation. We will publish more information on this event in future bulletins. Stay tuned.
Developing Tomorrow’s LeadersJuly 22nd, 2009
Oct. 28–29: San Jose Doubletree Hotel Strong leaders in strategic positions are key to CalCPA’s continued success. CalCPA Leadership Institute is a five-day program designed to teach members skills that will make them better leaders and managers. Participants grow as volunteer and business leaders as they focus on improving leadership behavior, as well as critical thinking and management skills. The California CPA Education Foundation and CalCPA underwrite the costs except for a small administrative fee that is the responsibility of the individual participant. Qualified candidates will be members who have the greatest potential for fulfilling future leadership roles at CalCPA. Fundamentals of leadership, identifying personal leadership styles, strategic planning and goal setting, client management and managing people are among the topic participants will discuss.
If you’re interested, download an application.
Follow that BillJune 23rd, 2009
Existing law requires an applicant for the CPA license to comply with certain education, examination and experience requirements under one of two provisions—called pathways. Pathway 1 requires the completion of a baccalaureate or higher degree, including 24 semester units in accounting and 24 semester units in business-related subjects; passing the CPA Exam; and two years of qualifying experience (the 120-hour pathway). Pathway 2 requires the completion of a baccalaureate or higher degree, including 24 semester units in accounting and 24 semester units in business-related subjects; passing of the CPA Exam; proof of the completion of at least 150 semester units (including the baccalaureate degree); and one year of qualifying experience. If it becomes law, SB 691 will be effective Jan. 1, 2014, and establish Pathway 2 as the single educational pathway for licensing CPAs in California. . Why is this important? SB 691 would establish California as a substantially equivalent state, bringing its standards into compliance with the Uniform Accountancy Act. If California doesn’t conform to the national standard, a California CPA license may not allow you to work on your clients’ behalf across state lines. Senate bills introduced in 1991, 1996, 2001 and 2008 tried to make the 150-hour requirement the sole pathway, but have been unsuccessful. Applicants for licensure have increasingly migrated to pathway two. In fact, 70 percent of the total CPA applicants in 2008 were under pathway two. I take great pride in following this proposal to, hopefully, becoming law as I participated in the annual CPA Day at the Capitol in January and talked to my legislators about supporting this bill. You can track the bill online and also check CalCPA’s legislation update on our website with information from Bruce C. Allen, CalCPA’s director of government relations, and Jeannie Tindel, CalCPA’s director of legislation.
Looking to the Year AheadMay 22nd, 2009
As has been said by many past presidents, I can’t believe how time flies, and here I am president of the chapter. It is a very important year to be president with CalCPA’s 100th anniversary and gala celebration. I am looking forward to the celebration and hope that all of you can go to the event and join in the festivities. If you are interested in attending, you can get more information and register here. As incoming president, I have a couple of goals to share with you. The first deals with the profession;s future. Because of our national and international economic situation, our chapter has suffered tremendous losses to our scholarship funds. We have an urgent need to rebuild these funds and give back to the students who need the help now more than ever. I would like to acknowledge that we made a choice to deplete our scholarship fund this year and give all $11,000 to deserving students. Unfortunately, we had to postpone our awards night because of the Santa Barbara fires, so I would like to take this opportunity to congratulate our scholarship recipients: Craig Tarnutzer (Moorpark College); Michelle Chouinard (Santa Barbara City College); Natasha Susoev (UCSB); Tyler DeGroot (California Lutheran University); Lorena Santiago (California Lutheran University); William Lycette (UCSB); and Stephanie Schick (Westmont). We will reschedule the awards ceremony at an upcoming chapter event. We are planning an additional fund-raising event this year. It will be an ABC, or Attorney, Banker and CPA, event and will offer sponsorship opportunities. This type of event has been very successful for our sister chapter, Central Coast. With the help of our program associate, the extraordinary Rita Williams, who helped organize the Central Coast ABC gathering, we hope to have an equally successful event for our chapter. Along with our past presidents, my second goal is to continue marketing to our young emerging professionals. They are the future of CalCPA, and, therefore, obtaining their membership and participation in the chapter are key to our continued success. Tania Dadayan Shapiro of Soares, Sandall, Bernacchi & Petrovich will chair the YEP Committee again this year, and she has several events planned. My last goal is to continue to build and support the financial literacy efforts in our area. I have been our chapter champion for the CalCPA Financial Literacy Committee for the past four years. I also remain on the Ventura and Santa Barbara Financial Literacy Council, which sponsored a California Saves campaign in March and April for low to moderate-income families of Ventura and Santa Barbara counties. Finally, a big thank you to past president Tom Letus for a job well-done serving our chapter this past year. I also thank the 2008–09 board of directors and committee chairs for their dedication and support of our chapter. Of course there is never enough to say about our real leader, Rita Williams. Thank you Rita for all that you do for us. Please let me know of any comments or concerns that you would like me to take to the CalCPA Council meeting June 18–19 in San Francisco. I wish everyone the best.
It’s Over DudeApril 23rd, 2009
The first event is our Chapter Awards Night, Thursday, May 14. Please join us as we also celebrate CalCPA’s centennial and award scholarships to seven local accounting students. Peter Khoury of Ovson Communications Group is our guest speaker, and CalCPA Chair Greg Burke also will be there. Thank you to everyone who makes this evening possible. Without your tremendous effort and support, we would not have the scholarship money to give out. Next up is CalCPA’s third annual Young and Emerging Professionals Conference Thursday, June 4, in Los Angeles. I hear great things about this conference and encourage all firms to check out the 2009 program and sign up your YEPs. The last event is our Annual Chapter Retreat and Installation of Officers and Directors to be held June 5–7 at the Cliffs Resort in Pismo Beach. My wife and I always enjoy spending the weekend with other chapter members, friends and family. The retreat is a great time to meet the new board of directors and catch up with friends we haven’t seen in a while. At the installation dinner, I will have the honor of presenting Susan Jacobson with the president’s gavel. Susan has been a director, an officer and our chapter’s financial literacy chair for many years, and I am confident that she will be an outstanding president. This year we will welcome two new directors to our board: Yusuf Balogun and Darcia Stebbens. Returning to the board will be Patricia Krout, Gail Anikouchine, Jeff Dottl, Raj Acharya and Jason Janzen. Leaving the board will be Mike Ray and past president Cindy Young. My sincere gratitude goes out to these fine CPAs, as well as our chapter committee chairs, discussion group leaders and all members who have made significant contributions to the chapter this past year. I also sincerely appreciate the hard work and talents of Rita Williams, our program associate, and the entire CalCPA staff for their help and guidance in making this past year a rewarding experience for me. I also would like to thank my employer, Automotive Performance Systems Inc., for allowing me the time to volunteer. I also thank past presidents Diane Wondolowski, Jim Lutz, Joe Lanza, Mike Eulau, Juan Soto and Cindy Young. They are the chapter presidents whom I have had the privilege to watch and learn from over the years. I also want to thank my beautiful wife, Lisa, for always believing in me. Finally, I’d like to thank everyone for your support of CalCPA and the Channel Counties Chapter this past year. OK, now it’s over, dudes. See you in Pismo!
What I Miss About Tax SeasonMarch 1st, 2009
The next day at the same time, I cranked up the stereo again. This time I played the Stevie Ray Vaughn version of the song. Again, we all stopped and took a break from our tax returns. The following day I blasted the Black Oak Arkansas version of “Taxman” and a tradition began. The “Taxman” tradition continued every tax season that I was there, even when I had my own office. I invite you to take a break, click the “comment” link below, and share one of your tax season traditions.
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As the 2010 filing season gets under way, let’s not forget about the following new tax credits.
