Red Flag Rule Deadline Extended—The FTC has extended its "Red Flag" Rule compliance deadline to June 1. The rule requires small businesses and other entities to implement a written ID theft prevention program. The FTC has issued a how-to guide for businesses and the AICPA has released a guide for CPAs to create an ID theft prevention program.

CPE Requirement Changes—Effective for Jan. 1, 2010, license renewals, the CBA is amending the section of the California Code of Regulations that governs continuing education and license renewal for CPAs to, among other things, place ethics education at the forefront of the profession. Review the FAQs.

CA Tax System Overhaul Recommendations—Special commission calls for reducing personal income tax; eliminate corporation tax and minimum tax; and establishing a business net receipts tax, among other changes. Download the report.

Less Than Inviting–California is among the 10 worst states—No. 48, to be exact—when it comes to being business friendly, according to the Tax Foundation's 2010 State Business Tax Climate Index. The Index ranks states based on taxes that matter most to businesses and business investment: corporate income, individual income, sales, property and unemployment insurance taxes.

Adjusted 2009 State Income Tax Rates—Check out the changes to filing requirement thresholds, standard deductions and certain credits. Download the tax rates.

CalCPA Leadership Institute Taking Apps—Learn specific skills necessary to grow into future leadership positions at CalCPA and in the profession. The program will help you to understand fundamentals of leadership, identify your personal leadership style, discuss client management strategies and more. The deadline to apply is Sept. 10. Download your application today.

Recovery Act Benefits—The American Recovery and Reinvestment Act provides tax incentives for first-time homebuyers, people purchasing new cars, those interested in making their homes more energy efficient and more. But they have expiration dates. Make sure your clients don't miss out.

FASB Accounting Standards Codification Launches July 1—The codification will be the single nongovernmental source of information on GAAP. While the codification does not change GAAP, it introduces a new structure organized in a more easily accessible online research system. Check out a tutorial or download a Q&A.

Proposal to Change SSARSs—The AICPA’s Accounting and Review Services Committee has proposed a revision of Statements on Standards for Accounting and Review Services that would permit a CPA to issue a review report when independence is impaired due to the CPA performing nonattest services that were designed to improve the quality (reliability) of the client’s financial information. Comments are due July 31.

Auditor Guidance —The PCAOB issued a practice alert to inform auditors of public companies about potential implications on reviews of interim financial information and annual audits of FAS 157-4, FAS 115-2 and FAS 107-1.

SB 691 Passes First Committee Hearing — Stay up to date as the bill continues to progress with the following resources: SB 691 analysis; letters in support of SB 691; students and candidates speak out on SB 691; and contact your legislators.

Life Isn't Fair (Value)—FASB released three Final Staff Positions concerning fair value measurements and impairments: No. FAS 107-1 and APB 28-1; No. FAS 115-2 and FAS 124-2; and No. FAS 157-4. And the PCAOB has released a Staff Audit Practice Alert on auditor considerations regarding fair value measurements.

California Conformity —The FTB's Summary of Federal Income Tax Changes 2008 explains new federal laws (with effective dates); the corresponding California law, if any, including an explanation of changes made in response to the new federal law; and the impact on California revenue were the state to conform to the federal changes

What They Said—The FTB announced that it will follow IRS guidance (Revenue Ruling 2009-9 and Revenue Procedure 2009-20) for theft loss deductions from Ponzi schemes. In general, where California law is in substantial conformity with the Internal Revenue Code, federal regs, rulings and procedures are applicable for California purposes.

Help Protect Your (Future) CPA License—CalCPA is asking for your help with a letter-writing campaign that declares your support of SB 691 (Yee) and urges your legislators in the Assembly and Senate to support the bill. Sample letters are available for students, candidates and CPAs. Find your legislators and write them today.

New Withholding Tables—The tables, which incorporate provisions of the American Recovery and Reinvestment Act, will mean more take-home pay this spring for millions of American workers.

New Third-party Designee Rules—Beginning with the 2008 California income tax return, individual taxpayers may now designate a friend, family member or any other person (including a paid preparer) they choose to discuss their tax return with FTB.

Deferring FIN 48? Disclosure Requested—FASB has decided that nonpublic enterprises that elect to defer their application of FIN 48, Accounting for Uncertainty in Income Taxes, should include an explicit disclosure of that election. Learn more.

Risk Assessment Standards–The AICPA voted to approve for exposure certain risk assessment standards rewritten as part of its clarity project. The exposure drafts are expected to be released in January 2009. Review this FAQ to learn more about why this is important to you.

Roadmap to IFRS—The SEC has released its newest roadmap for the potential use of financial statements prepared in accordance with IFRS. The roadmap deals with various issues, including improvements in accounting standards, education and training relating to IFRS, limited early use of IFRS and more.

CalCPA At Your Fingertips—Looking for information on what CalCPA events you’ve registered for or a listing of all CPE taken from CalCPA or the Education Foundation? Look no further than the Manage My Account function of CalCPA’s website. Have your username and password ready and get started today.

New budget, new tax laws—From improved compliance to NOL suspension to tax credit limitations, check out which tax laws changed with the recently adopted California budget.

Auditing Audit Firms’ Financial Statements—Privately-held audit firms could be reporting annual financial results under GAAP—and releasing those financial statements to the public—if recommendations by the U.S. Treasury's Advisory Committee on the Auditing Profession are accepted.

FTB: New Adjusted Interest Rate—The adjusted interest rate will drop to 5 percent from 7 percent, effective Jan. 1–June 30, 2009. The rate for corporation tax overpayments for the period also will drop Jan. 1 from 3 percent to 2 percent.

Changes for Auditors—The PCAOB’s new Auditing Standard No. 6, Evaluating Consistency of Financial Statements, updates the auditor’s responsibilities to evaluate and report on the consistency of a company’s financial statements and align the auditor’s responsibilities with SFAS No. 154.