February 2008 | San Diego Chapter Bulletin

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CalCPA NEWS

Introducing the Financial Leadership Forum

The Forum, a new program of CalCPA and the California CPA Education Foundation, will enhance the support provided to finance executives and business leaders with tailored resources and programs.
   Membership is an exclusive benefit for business and finance professionals who are CalCPA members.
   Find your path to success in business. Check out the Forum online.

 

COMMITTEE EVENTS

The IRS Definition of Fraud

Instructors: John Grassle, Fraud Technical Advisor, Internal Revenue Service
Dates: Wednesday, Feb. 13
Times: 12:00 p.m. - 2:00 p.m. (Registration at 12:00 p.m.)
Cost: $30 CalCPA Members, $40 Non-Members
RSVP: Online

Overview of the 2008 Compilation & Review Alert

Instructors: Daniel G. Dangel
Dates: Wednesday, Mar. 12
Times: 12:00 p.m. - 2:00 p.m. (Registration at 12:00 p.m.)
Cost: $30 CalCPA Members, $40 Non-Members
RSVP: Online
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PRESIDENT’S MESSAGE

The Choice is Yours

By Narelle E. MacKenzie, CPA

Another busy season is upon here, and on top of the food from the holidays, the sedentary lifestyle at this time of year for CPAs makes for tighter fitting clothes by the time April 15 comes around.
   I try to stick to my plan of walking three miles each morning, but at this time of year when it is cold and dark, the temptation to lie in bed can be overwhelming. But you cannot put it off and one way or another, whether it’s an extra belt notch or biting the bullet and getting up, the choice is mine.
   Speaking of choices, we all can make a choice to learn and talk about issues that are important to our clients and us. Have you considered the impact of the new Business Valuation standard on your business? What about the importance of the Financial Leadership Forum for members in industry, which can apply to you or your clients? Have you encouraged your younger staff members to network with other young CPAs? Have you considered the impact of mobility and uniform standards across state lines? What does this mean for you or for those who work for you? What have you done in relation to financial literacy?
   The San Diego Chapter is very involved with all of these issues through the activities of various members and I encourage each of you to get involved in a way that is of interest to you.
   So, get up and make a difference, whether it be your waistline during busy season or finding a CalCPA activity that is of interest to you and your business.
—Narelle E. MacKenzie, CPA
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CHAPTER NEWS

New Members

On behalf of the San Diego Chapter’s officers, directors and members, we extend our warmest of welcomes to our new members: Norma Davila-McGuire, Linh Ho, Cardinal Health, Lee Bauman... [see all new members]

New Tax Laws

By Barry Kohn, CPA
The following are some 2008 tax law changes that you should know about:

• IRA contribution limit increases to $5,000 ($6,000 for 50 and older).
• 401(k) maximum salary deferral remains at $15,500 ($20,500 for 50 and older).
• SIMPLE IRA maximum salary deferral remains at $10,500 ($13,000 for 50 and older).
• Social Security: taxable wage limit increases to $102,000. Retirees under age 65 can earn up to $13,560 tax-free.
• Estate tax: top rate remains at 45 percent, and the exemption amount remains at $2 million.
• Annual gift tax: exclusion remains at $12,000.
• Adoption tax credit: increases to $11,650.
• Kiddie tax: threshold increases to $1,800. The tax will apply up to age 19 in 2008 (up to age 24 for full-time students).
• Hope Education Credit: maximum increases to $1,800.
• Sec. 179 expensing limit increases to $128,000. Phase-out threshold increases to $510,000.

Welcome Our New Program Associate

We would like to welcome the new San Diego Program Associate, Carmen Conrady, to the team. Carmen brings with her a background very well suited for the position. She is very excited about becoming a member of the CalCPA community and is looking forward to meeting the chapter members. Carmen will work out of the San Diego office at 4901 Morena Blvd. Monday through Friday from 9:00 a.m. to 4:00 p.m. Her phone number is (858) 581-2541 and her email address is Carmen.conrady@calcpa.org. Help us welcome Carmen!
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CalCPA NEWS

Recognizing Achievements in Improving Financial Literacy for Youth

The California Jump$tart Coalition is looking for outstanding teachers, other educators and community leaders to honor their efforts in expanding personal finance education. Honorees will be recognized at the California Summit on Financial Literacy April 23 with awards and contributions to their organizations, including $1,000 educator awards sponsored by Citi.
   If you know of individuals who have made contributions to financial literacy among California's youth, please contact California Jump$tart Coalition Awards Committee members Karen Anderson or Norm Greenbaum by March 17.
   Reserve your place today at the Summit! Register online.

RESOURCES:

San Diego Chapter Leadership