January 2008 | Los Angeles Chapter Bulletin

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CHAPTER EVENTS

Estate Planning Committee: Property Tax Issues

This discussion will cover, among other issues, non-pro rata allocations from trusts or estates upon the death of a property owner; property tax consequences on termination of, or change in the beneficiaries for, a trust created by a property owner for the benefit others; and application of the $1 million exclusion on the second death: whose exclusion is to be used?
Speakers: James Bone, CPA, and Nelson Handy, Esq.
Date: Wednesday, Jan. 9
Time: 11:30 a.m.–2 p.m.
Location: Olympic Collection; 11301 Olympic Blvd.; West Los Angeles
Cost: By Jan. 4: $30/members; $40/nonmembers (After Jan. 4: add $10)
CPE: 2 hours
RSVP: Online

Taxation Committee Meeting: Annual Franchise Tax Board Liaison Meeting

This will be our annual Liaison with the Franchise Tax Board, headed by Steve Sims, director of communication and outreach, and accompanied by Brad Lacour, District Manager of the Southern California Office. We will hear about the latest developments at the Franchise Tax Board and effects of any recent legislative activities affecting state income taxes. There will be a question and answer period. Please attend this most important and informative session.
Date: Wednesday, Jan. 16
Time: 11:30 a.m.–2 p.m.
Location: Olympic Collection; 11301 Olympic Blvd.; West Los Angeles
Cost: By Jan. 11: $25/members; $35nonmembers (after Jan. 11: add $10). Price includes lunch.
RSVP: Online
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PRESIDENT’S MESSAGE

Resolutions and Predictions

By Vee Cristobal, CPA

Saying goodbye to a year has always been a little bittersweet. I miss the frantic rush of the holiday. I don’t miss the frantic rush of year-end tax planning. Come Jan. 1, we release a collective sigh, not only of relief as stress is lifted from our shoulders, but also of longing. As the most exhilarating time of the year ebbs, life returns to normal.
   I suppose this is why resolutions are so important. They remind us that each day is one filled with promise. Resolutions remind us that when one door is closed (or a year over), another is opened.
   Happy New Year!
   For the past seven years, I’ve written my New Year’s resolutions on a plane while flying back from my holiday vacation. I always scold myself for not writing my resolutions earlier. In fact, I believe that one should make resolutions every day. So I decided to get a head start on my resolutions.
   I made the following promises to my colleagues, my family, my clients and myself In November:

• Every Saturday, write my weekly to do list and update my resolutions, prioritizing the importance of each task.
• Make all meetings as short and pointed as possible, specifying objectives beforehand.
• Schedule monthly CPE classes (except during tax season).
• Visit and attend chapter discussion groups and technical committees.
• Send postcard reminders to clients before tax season.
• Call five clients weekly to ask about their business.
• Call a high school teacher in my community and offer to teach a high school financial planning program as part of my CalCPA involvement.
• Lead my chapter to its mission of 10,000 members by sponsoring students and candidates, and encouraging other members to do the same.
• Promote the chapter’s Mentoring and Internship Program.
• Provide monthly leadership training to my team.
• Get a jump on future staffing needs by interviewing candidates.
• Review and update the standard operating procedures in my firm’s “recipe” book.
• Work on succession planning. Check life insurance and prepare a formal arrangement.
• Conduct in-house training classes for all new rates and tax laws that will affect 2007 tax return preparation.
• Educate staff about the new ethics governing tax practice before the IRS (Circular 230)
• Go paperless, go paperless, go paperless!
• Continue to build relationships with bankers, financial institutions, lawyers and insurance companies.
• Review my team’s benefit structure.
• Expand my family time and free time by reversing my schedule: start early and leave early.
• Call chapter board members, committee chairs and discussion group leaders at least once a month.
• Work hard, play hard.
• Complete at least five running activities (races) this year.
• Meet my billable hours goals.
• Most of all, be gentle and calm, enjoy my work as a CPA and leader and never stop promoting the chapter’s mission of 10,000 members.

   I believe that the act of writing something down is powerful. By committing goals to paper, we allow the universe to accompany and assist us on our journey to realize our goals. With that in mind, here are my predictions for 2008:

• The chapter will have more than 10,000 members. CalCPA will have more than 36,000 members.
• Almost all small firms will be paperless in 2008.
• California will be a substantially equivalent state and will allow all California licensees to provide services in those states that conform to the mobility provisions of the UAA without needing additional licensing.
• Bigger firms will outsource more often; medium firms will follow the trend and offer young professionals and baby boomer CPAs more balanced lives.
• Since the CBA will approve the elimination of Pathway 1 in 2012, all CPAs licensed after that date must earn a bachelor’s degree plus 30 units prior to licensing. As a result, more candidates will try to become licensed in 2008, which means we will see a surge in CPA candidates who take the CPA test in 2008.
• California CPA Education Foundation will expand and enhance its course and seminar offerings to business in industries and include more leadership and communication courses.
• CalCPA Leadership Institute will recruit and train more young CPA leaders.
• CalCPA will see a surge in young professional CPA members and leaders.
• Women leaders will continue to influence and join CalCPA.
• The Emerging Young Professional Committee will increase membership.
• CalCPA members will remain the most trusted advisers of clients. Our profession will continue to be one of the top professions in the world.
• The chapter will have a new meeting location for its board meetings.
• The CalCPA Council meeting in Hawaii June 25–26 will be so much fun!

   My list can go on and on.
   Finally, I resolve not to disappoint you.
   Happy New Year, and thanks to all of you for all your support during the past year. If you have any questions or concerns, please e-mail me.
   Wishing you healthy and prosperous new year.
—Vee Cristobal, CPA
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CHAPTER NEWS

New Members

On behalf of the Los Angeles Chapter’s officers, directors and members, we extend our warmest of welcomes to our new members: Ron-Ron Emily Huang, Gaurav Malhotra, Bruce McFarland... [see all new members]

Tomorrow’s CPA: Chapter Scholarships

The chapter will start accepting scholarship applications Jan. 8. If you have any questions, contact program associate Sandy Benitez.

Mentor Accounting Students

By Michael B. Allmon, CPA

A dozen chapter members, along with student members from Loyola Marymount University and Cal State Los Angeles, have started the chapter’s Mentoring and Internship Program.
   We intend to launch the program in this spring (once we have enough mentor-volunteers) by offering mentoring to students at Cal State LA and LMU. Once the program is operating, the chapter will offer the program to additional colleges in our area.
   The program will be web-supported. For more information, and to register as a mentor, please visit our website.
   The success of this program will depend on you—volunteer today!
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CalCPA NEWS

Find a CPA: Update Your Profile and Make Yourself Known

Have you moved recently? Changed contact information? Then be sure to update your records online. And while you’re there, take advantage of the opportunity to increase your visibility and show your expertise to the world by listing or updating your information in Find a CPA—CalCPA’s exclusive database of California financial experts.
   Find a CPA receives thousands of views each month, making it one of CalCPA.org’s most visited web pages.
   Don’t be left out. Update your profile today.

CalCPA Member Discounts on CCH Tax Guidebooks

CalCPA members can order CCH’s U.S. Master Tax Guide 2008 and the Guidebook to California Taxes 2008 at significantly discounted rates:

2008 U.S. Master Tax Guide: $41/members; $61/nonmembers.

2008 Guidebook to California Taxes (Expected ship date, late-January 2008): $39/members; $59/nonmembers.

Order today.

Register Online

Register and pay for CalCPA events 24 hours a day, seven days a week. Visit CalCPA.org’s Master Calendar to search for CPE and other events by chapter or key word.
   Explore the possibilities.
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RESOURCES:

Calendars:
Area Discussion Group
Technical Committee Calendars

Los Angeles Chapter Leadership