|
|
Nov. 13, 2007: FASB Delays FIN 48 Effective Date for Private CompaniesIn this issue:1. FASB Delays FIN 48 Effective Date for Private Companies 2. Webinar: Driving Fund Convergence 3. LLC Fee Calculations After AB 198 4. Free Disaster Recovery Webcast 5. IRS, States Share Employment Tax Exam Results 6. Get Your Tax Update! Plus: Online Resources -------------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 ---------------------------------------------------------------- 1. FASB Delays FIN 48 Effective Date for Private Companies FASB has voted to defer the effective date of FIN 48 for all non-public entities to periods beginning after Dec. 15, 2007, and instructed staff to develop an FASB Staff Position, which will have a 30-day comment period once it is released. This action comes on the heels of a letter issued by the Private Company Financial Reporting Committee that recommended FASB delay the effective date of FIN No. 48, Accounting for Uncertainty in Income Taxes, for private companies. The committee worked to delay the FIN 48 effective date because it was concerned that many nonpublic entities and their CPA practitioners were not fully aware of FIN 48's implications, including, for example, its application to pass-though entities. [Back to top] -------------Industry BUZZ brought to you by:------------- Big Shoes to Fill? CalCPA classifieds is the job board for CPA career opportunities in California. Unlimited text. One low price. Member discounts. CalCPA classifieds ---------------------------------------------------------------- 2. Webinar: Driving Fund Convergence Hedge and private equity funds continue to converge. Join us noon–1 p.m., Tuesday, Nov. 27, as Dan Reid, a principal at Grant Thornton, 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] 3. LLC Fee Calculations After AB 198 Gov. Schwarzenegger signed AB 198 into law Oct. 11, which takes effect immediately and revises terms used in California Revenue and Taxation Code Sec. 17942. It changes the fee calculation for all limited liability companies doing business within and outside of the state for taxable years beginning on or after Jan. 1, 2007. Specifically, it modifies the fee imposed on LLCs by basing it on total income derived from or attributable to California by using the sales factor numerator assignment rules contained in CR&TC secs. 25135 and 25136 (as modified by the regulations under CR&TC Sec. 25137, if applicable). Read more. [Back to top] 4. Free Disaster Recovery Webcast Join disaster recovery experts Anna Maria Galdieri, CPA and Joe Calderaro of the IRS Thursday, Nov. 15 from noon-1 p.m. for their presentation “Disaster Tax Rules You Need to Know.” From understanding insurance policies and the claims process to specific disaster casualty loss issues such as income exemptions, personal losses and appraisals, this free event will pack a wealth of knowledge in a single hour. Don’t miss it. Register today! [Back to top] 5. IRS, States Share Employment Tax Exam Results California is one of 29 states that will be sharing results sharing results of employment tax examinations to ensure and improve compliance among businesses with federal and state employment tax requirements. The goal of the agreements is to reduce fraudulent filings, uncover employment tax avoidance schemes and ensure proper worker classification. [Back to top] 6. Get Your Tax Update! Gain an in-depth analysis and understanding of the year's important changes and developments in federal and California tax law when you register for Federal and California Tax Update for Businesses and Estates. Tax experts Gary McBride and Tom Daley review and analyze new legislation, regulations, cases, rulings and other important administrative developments. Register today! • Dec 11: East Bay • Dec 14: Burbank • Dec 18: Sacramento • Jan 4: San Jose • Jan 8: San Diego • Jan 11: Los Angeles Airport • Jan 15: San Francisco • Jan 22: Orange County South • Jan 29: Fresno [Back to top] Online ResourcesDec. 1 Deadline: Be a CalCPA LeaderCalCPA on YouTube SSA/IRS Reporter: Business Tax Filing and Compliance Resource [PDF] Issues Identified in Audit Firm Inspections Study: Health Benefits, Vacation Time Drive Attraction, Retention [PDF] IRS Proposes Rules on Automatic Contribution Arrangements [PDF] CPE Geared Toward Business and Industry Professionals Fragmented Governance, Risk and Compliance Efforts Thwart Business Goals |