November 2007 | Los Angeles Chapter Bulletin

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DISASTER RESOURCES

What to Do in an Emergency

Whether you or a client has been affected by the Southern California fires, CalCPA has resources to help you through the crisis, including comprehensive tax resources and other important disaster recovery information.
   CalCPA also is coordinating volunteer efforts to assist victims of the Southern California wildfires—and we need your help.
   There are opportunities for CPAs statewide to provide pro bono financial and tax assistance to fire victims who are in need. Even if you are not in Southern California, you can sign up to offer assistance by phone.
   Each volunteer receives a comprehensive Volunteer Handbook that contains virtually everything you’ll need—especially when combined with your professional expertise—to assist fire victims.
   To volunteer, update the volunteer portion of your personal profile.
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CHAPTER EVENTS

13th Annual Tax Night

This is the 13th consecutive year that the chapter’s Taxation Committee has jointly sponsored Tax Night with the Los Angeles County Bar Association Taxation Section. IRS leaders from Los Angeles attend this event, which makes it a perfect opportunity to meet and greet the people who affect the way we do business. Keynote speaker will be Sandra Brown, Chief of the Tax Division, Office of the United States Attorney, Central District of California.
Date: Tuesday, Nov. 6
Time: 3:30-7:05 p.m. sessions/keynote speaker; 7:10-8:30 p.m. reception
Location: Marriott Hotel Downtown
Cost: By Oct. 30: $75/CalCPA and LACBA members; $95/nonmembers (after Oct. 30: add $20)
CPE: 4 hours (3.2 hours of MCLE)
RSVP: Online or contact Sandy Benitez at (818) 546-3505.
We would like to thank ADP Small Business Services for its generous sponsorship that helped make this event a success

6th Annual Attorney-Banker-CPA Networking Breakfast

By Eddie Glickman, chair, Los Angeles Chapter Financing Clients Committee
 
The Financing Clients Committee cordially invites you to join us for the chapter's biggest networking event of the year, the Sixth Annual Attorney-Banker-CPA Networking Breakfast. We’ve created an exciting venue in which to meet attorneys, bankers and other CPAs who want to do business with you. This event will be a terrific way for you to start and renew quality relationships that can help you build your practice and assist your clients in getting the money they need.
   Last year we had more than 350 attendees and raised over $10,000 for the Charles Gumbiner Memorial Scholarship Fund. The chapter gave scholarships to accounting students attending universities such as USC, UCLA, Loyola Marymount, Cal State University and Woodbury University.
   Remember to bring 100 business cards to this great networking event. Date: Tuesday, Nov. 13
Time: 7–9:30 a.m.
Location: Olympic Collection; 11301 Olympic Blvd.; West Los Angeles
RSVP: Online Info: Contact program associate Sandy Benitez or (818) 546-3505.

Estate Planning Committee

Come learn about IRC Sec. 2036 and recent tax cases that illustrate the requirements of the law; pitfalls of setting up and administering family limited partnerships or limited liability companies; advantages of combining a GRAT with a FLP; and using defective income trusts to own FLP interests.
Topic: Using Family Limited Partnerships and Limited Liability Companies with GRATS and Defective Income Trust
Speaker: Robert Briskin, Esq.
Date: Wednesday, Nov. 14
Time: 11:30 a.m./registration; noon–2 p.m./program
Location: Olympic Collection; 11301 Olympic Blvd.; West Los Angeles
Cost: By Nov. 9: $30/members; $40/nonmembers (after Nov. 9: add $10)
RSVP: Online

8 hour CPE Program-Audit Standards Update: The New Audit Risk Assessment Standards

SAS Nos. 104 through 111, designed to eliminate the connect-the-dots methodology of checklist auditing, are intended to put the thought process back into auditing. But are they really all that different? This course will provide an overview of these seemingly sweeping changes to audit practice.
Speaker: Thomas Noce, CPA, CFE
Date: Monday, Dec 3, 2007
Time: 8–8:30 a.m./registration; 8:30 a.m.–4:30 p.m./program
Location: Luxe Summit Hotel; 11461 Sunset Blvd.; Bel Air
Cost: By Nov. 28: $185/members; $275/nonmembers (after Nov. 28: add $30)
CPE: 8 hours
RSVP: Online or contact Sandy Benitez at (818) 546-3505.
Note: Only valet parking is available: $7 per car
This course is made possible through the sponsorship of the California CPA Education Foundation. Net proceeds will benefit the Los Angeles Chapter Scholarship Fund.

Tax Day LA!

This Los Angeles City Business Tax and Los Angeles County Business Property Tax seminar will take the mystery out of completing forms properly, address issues from audits, frequently asked questions, current law updates, appeal procedures and more.
Date: Thursday, Dec. 6
Time: 8–9 a.m./registration and breakfast; 9–10:30 a.m./City of Los Angeles, Office of Finance; 10:45 a.m.–12:15 p.m./Los Angeles County Assessor’s Office
Location: Hilton Universal City; 555 Universal Hollywood Drive; Universal City
Cost: Before Dec. 3: $85/members; $95/nonmembers (after Dec 3: add $10)
CPE: 3 hours
RSVP: Online or contact Sandy Benitez at (818) 546-3505.
Note: $8/self-parking; $12/valet
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SAVE THE DATES

Third-Annual Power By Numbers Run/Walk

Date: Sunday, Nov. 18
Location: Brentwood

Taxation Committee Annual IRS Liaison Meeting

Date: Thursday, Dec. 13
Location: W. Los Angeles

 

PRESIDENT’S MESSAGE

Thank You

By Vee Cristobal, CPA

Gratitude is a mighty and magical elixir that invokes a joyful life. Whether used sparingly or in heavy doses, it has the power to transform. Philosopher Meister Eckhart once said, “If the only prayer you ever say in your entire life is ‘thank you,’ it will be enough.”
   For me, “thank you” is my waking mantra. Every day begins in gratitude. Thanksgiving Day is not merely a once-a-year holiday, but a daily ritual. There is always something or someone who deserves thanks.
   As a CPA and chapter president I am continuously in the presence of people who deserve thanks and thunderous applause. In the spirit of the fast-approaching Thanksgiving holiday, may thankfulness surround you.
   I am proud and thankful to do this great work. For those who know how the progression of technology has miraculously served our profession, and for the professionals who know only the conveniences of today—thankfulness is our solemn duty. Imagine the days of manual labor and the detailed precision of inputting long spreadsheets of tax information by hand. The individuals who created the accounting and tax software saved us from those pains. Imagine the days before the internet and e-mail, when hard copies were required and phones were our most immediate form of communication. Today’s technology has afforded us flexibility, freedom and time. Imagine the days when CPA exams were only given in May and November, when you had to wait four months for your test scores, and when you were not allowed to use a calculator during the exams. My head hurts just thinking about it.
   Little can be accomplished without the power, strength and will of a team. The talented individuals who surround and support my days allow me to fulfill my obligations to my clients and meet my responsibilities to CalCPA members. Without my team, I would be lost. For a moment, imagine us without Gary, Sandy and Delia at the helm of the Glendale office. Imagine the likelihood of meeting our Mission 10,000 membership objectives without the mastery of the board directors fueling our efforts. I shudder at the thought.
   To that end, I must take this opportunity to share and spread the elixir of gratitude to all those who greatly deserve it.
   To the chairs of the chapter and technical committees for their dedication to providing resources and outstanding speakers for our events. You are the sunlight that allows our membership to grow. May you continue to shine.
   To my almighty board members, your efforts and commitment inspire me, and I am fortunate to have you on my team. Please continue sharing your encouragement and enthusiasm with our young professionals. You are helping to build a future generation of talented leaders.
   Applause and thanks to the statewide leadership for propelling me to do more. We receive incredible support from the Redwood City office, which is the office that never sleeps. We can always count on the Redwood City office, most remarkably displayed by Clar Rosso, CalCPA’s division director of programs and communication.

   I sent Clar an e-mail inquiring about a member who we thought did not receive his annual dues notice. Within an hour, Clar sought out the information and responded. That level of immediacy and efficiency is the best level service we strive to obtain. I am always stunned at how quickly the Redwood City staff can provide an answer to everything, especially when it involves a member’s need.
   We are blessed to have such an outstanding executive management team, headed by CEO Loretta Doon, and government relations representation looking after our great organization. Thank you Bruce Allen, our director of government relations.
   A most sincere thanks goes to California CPA Education Foundation management, who continually find the best CPE around.
   Cheers and applause to CalCPA members for maintaining your membership. Your commitment is a gift to our profession and community. May you continue to encourage and inspire students and young professionals to join.
   To CalCPA leaders, thank you for all of your hard work in making CalCPA something to be proud of.
   To all our fellow CPAs, let us maintain a level of integrity in our profession that will continue to inspire trust from our clients, community and investors.
   Speaking of our clients, it is an honor to earn and hold your trust. Thank you for continuing to make our business and profession soar.
   In the spirit of mentorship, my deepest gratitude goes to Rudy Nodar, the CPA who led me to this great and mighty profession. Rudy, I agree with you, being a CPA is a truly rewarding role. And to former chapter president Jim Fastovsky, who graciously invited me to join his leadership and showed me what accomplishing a mission looks like with his commitment to the diversification of membership: Jim, I believe your mission has been achieved! Thank you for the opportunity you gave me.
   Finally, let us take this wonderful time of year and Thanksgiving holiday to celebrate and share our love and gratitude with the family and friends who support us every day.

   Happy Thanksgiving to all! May we continue to share our great work with our clients, our community and our peers. As always, your comments and suggestions are welcome: vee@cristobalcpa.com.
   At long last, thank you.
—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: Leilani Aguirre, David Carter, Jennifer Coyne... [see all new members]

Board of Directors Meeting

Join us as we plan and discuss issues relating to our chapter and CalCPA.
Date: Thursday, Nov. 15
Time: 8–10 a.m.
Location: UCLA Faculty Center in Westwood (Westholme/Hilgard)
Info: Program associates Sandy Benitez at (818) 546–3505 or Delia Rincon at (818) 546-3509.

Please mark your calendars for future board meetings, held Thursdays:
2008: Jan. 10 and May 8.

Chapter Leadership Applications [PDF]

Got some great ideas? Interested in contributing to the profession? Here’s your opportunity to make a difference. We are accepting applications for chapter leadership positions until Nov. 16.
   If you or someone you know is qualified to serve as an officer, director or CalCPA Council representative, submit the contact information to chapter program associate Sandy Benitez, or fax the application to (818) 246-4017. All responses will be reviewed by the chapter’s Nominations Committee.
   Nominees will be selected on criteria, including prior committee or discussion group involvement, previous leadership positions held in chapter or state activities, professional or community involvement, leadership abilities and interest to serve.
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CalCPA NEWS

Leaders Wanted: Become a CalCPA Officer or AICPA Council Member

You are the driving force behind one of the world’s largest economies. Isn’t it time you put your leadership skills to use for the betterment of the CPA profession?
   The CalCPA Nominations Committee is accepting nominations until Dec. 1 for 2008–09 CalCPA officers and council members at large. Officer positions include chair, first vice chair, treasurer and two vice chairs. Three council members at-large also will be elected.
   Members can apply for more than one office and will be considered only for the positions to which they apply. Download a nomination form, review job descriptions and ideal leadership characteristics.
   For more information, contact John Angelo or Nominations Committee Chair D. Paul Regan.

Another Way to Serve—AICPA Council

If you’re an AICPA member and interested in representing your peers on AICPA Council, let us know. The Nominations Committee will recommend candidates to AICPA Council, which establishes AICPA policies and procedures, and enacts resolutions that are binding on the board of directors, officers, committees and staff.
   If you’re interested, send a letter of intent and your professional and volunteer history to: Nominations Committee; c/o D. Paul Regan, chair; 330 N. Brand Blvd., Suite 710; Glendale, CA 91203.
   All letters must be received by 5 p.m. Dec. 1. The AICPA makes the final selections.

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. .

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 (Expected ship date, late-December 2007): $41/members; $61/nonmembers.

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

Order today.
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RESOURCES:

Technical Committees [PDF]

Area Discussion Groups [PDF]

Los Angeles Chapter Leadership