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Oct. 23, 2007: Relief for Late S Corp ElectionsIn this issue:1. Relief for Late S Corp Elections 2. Webinar: The Urge to Converge 3. FTB’s Top 10 Business Entity Errors 4. ERISA: Know the Rules 5. FASB Votes Against Fair Value Delay
Plus: Online Resources -------------Industry BUZZ brought to you by:------------- Due diligence is the cornerstone of making the right investment decisions. O’Connor & Associates is a national leader in cost segregation studies. Contact Don McDougall for more information. ---------------------------------------------------------------- 1. Relief for Late S Corp Elections Businesses that are eligible to elect S corp tax treatment now have an easier process for requesting relief for late elections. Revenue Procedure 2007-62 allows small businesses that missed filing Form 2553, Election by a Small Business Corporation, before filing their first Form 1120S, U.S. Income Tax Return for an S Corporation, to file both forms simultaneously. The change is effective for taxable years that end on or after Dec. 31, 2007. Read more. [Back to top] -------------Industry BUZZ brought to you by:------------- Attention TAX Professionals! Sempra Energy, a Fortune 500 company, is recognized for exceptional performance, growth and challenging work. Explore our opportunities in Tax at: www.sempra.com/careers/tax (San Diego/Los Angeles offices) AA/EOE. ---------------------------------------------------------------- 2. Webinar: The Urge to Converge As the trend toward the convergence of hedge funds and private equity funds continues to develop, join us noon–1 p.m., Tuesday, Nov. 27, as Dan Reid, a principal at Transaction Advisory Services, discusses: • Developments in fund agreements with hybrid and cross-over funds; • Best practices for making investment decisions; and • Factors driving convergence and more. Registration cost is $55 for CalCPA members, $75 for nonmembers and one hour of CPE will be granted. Register online. [Back to top] -------------Industry BUZZ brought to you by:------------- CPE to Meet Your Needs CPASelfstudy.com • CPE competitively priced. • Courses start at $3 Per CPE Hour. • Relevant courses and a variety of formats Visit us at www.cpaselfstudy.com ---------------------------------------------------------------- 3. FTB’s Top 10 Business Entity Errors From using an incorrect entity identification number to filing incorrect forms, check out the FTB’s top 10 list of business entity errors that delay return and payment processing—and learn how to avoid the mistakes. [Back to top] 4. ERISA: Know the Rules The Department of Labor’s Employees Benefits Security Administration has released an interactive online tool called the ERISA Fiduciary Advisor and an online calculator to compute penalties for overdue annual reports. The ERISA Fiduciary Advisor provides information and answers to a variety of questions about who fiduciaries and their responsibilities. [Back to top] 5. FASB: No Delay in Fair Value Delay FASB has voted to not delay FAS 157, Fair Value Measurement, which is designed to standardize the way companies measure assets at market values. The standard will be mandatory for financial statements prepared in accordance with generally accepted accounting principles for fiscal years beginning after Nov. 15, 2007. Read more. [Back to top] Online ResourcesBecome a CalCPA Officer or AICPA Council MemberBest States for Business: CA Not Among Them New 2007 Form 5500 Survey: Fragmented Compliance Efforts Hinder Companies From Achieving Goals High Cost of Absenteeism DOL Guidance: Selecting Annuity Providers CPE Geared Toward Business and Industry Professionals IRS Issues Pension Protection Act Guidance [PDF] CFOs Want More Accounting Firm Choices Study: Workers Don’t Speak Health Plan Language |