January 2008 | Peninsula Silicon Valley Chapter Bulletin

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CHAPTER EVENTS

Seventh Annual Estate Planning Symposium

Topics covered include:

• Income Tax Planning and Compliance Issues for Trusts and Estates
• Out-of-State Trusts: When, Where and Why?
• GST Trust Allocation: Benefits and Pitfalls
• Estate and Gift Tax Developments and Update

Speakers: Michael Fredlender, CPA; Dan Schrauth, vice president and wealth adviser, JP Morgan; Katherine L. Rauch, CPA; and Stephanni Hemmi, Esq., Schiller Law Group
Date: Wednesday, Jan. 23
Time: 1–5 p.m.
Location: Sheraton Palo Alto
RSVP: Online

International Finance in the Post-9/11 World

CalCPA's Peninsula Silicon Valley and San Jose Silicon Valley chapters, along with the Financial Women’s Association of San Francisco, are co-sponsoring this Industry Leadership Series event. Come learn about the financial aspects of U.S. foreign policy after the attacks of Sept. 11, 2001.
Speaker: John B. Taylor, professor of economics, Stanford University, senior fellow, Hoover Institution and a former member of the President’s Council of Economic Advisers 2001–05
Date: Wednesday, Jan. 8
Time: 6–8 p.m.
Location: Garden Court Hotel; Palo Alto
RSVP: Online

Excel Workshops Continue

Sponsored by the Institute of Management Accountants.
Date: Saturday, Jan. 19
Location: Dinah's Garden Hotel; 4261 El Camino Real; Palo Alto
RSVP and Info: Online

Bay Area Regional Education Events

Topic: Federal Taxation of Partnerships & LLCs: Operations & Allocations
Topics: California and federal tax compliance issues involving partnerships, LLCs and LLPs; partner/LLC member loss limits; partnership allocations under IRC Sec. 704(b); forward and reverse allocations involving built-in gain or loss property under IRC Sec.704(c); and allocations of liabilities.
Speaker: Gary McBride, JD, LLM, CPA, professor, Cal State East Bay
Date: Friday, Jan. 18
Location: SFSU Downtown Center
RSVP: Online

Topic: Tax, Bankruptcy and Financial Problems: What to Do When Bad Things Happen to Good Clients
Speaker: Arthur Werner, JD
Date: Saturday, Jan. 19
Time: 7:30 a.m./registration; 8 a.m.–4:30 p.m./program
Location: Waterfront Plaza Hotel; Oakland
CPE: 8 hours
Cost: $140/members; $190/nonmembers
RSVP: Online
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COMMITTEE MEETINGS

Nonprofit Interest Group: SAS 99 Fraud Considerations

Date: Wednesday, Jan. 3
Time: 8:30–10 a.m.
Location: Office of Jack Morton; 385 Sherman St., Suite 2; Palo Alto
CPE: 1.5 hours
RSVP: (650) 323-6666 or laarni@lvr.netbox.com

MAP Committee

Date: Tuesday, Jan. 8
Time: Noon
Location: Crowne Plaza Hotel; 4290 El Camino Real; Palo Alto
Cost: Approx. $15
RSVP: Online or contact Tim McCrone, (650) 948-7180
Attendance limited to those with confirmed reservations.

New Members/Emerging Professionals

Join us for this informal social. Enjoy no-host drinks, hors d’oeuvres and a chance to meet other chapter members.
Date: Thursday, Jan. 17
Time: 5–7 p.m.
Location: BJ’s Brewery; 2206 Bridgepointe Parkway; San Mateo
RSVP: Online

Entertainment Focus Group

Have you ever wondered what is legal, what is not, how is intellectual property protected, both in the film and music world? Do any of your clients have original material that you would like them to protect; or do you have creative work, both written or visual that you would like to protect? Find out the nuts and bolts of the copyright law.
Date: Thursday, Jan.17
Topic: Copyright in the Film & Music World
Speaker: Alan Korn, Esq., intellectual property attorney
Time: 4:30 p.m. networking & refreshments; 5:00–6:30 p.m. program
CPE: 1.5 hours
Location: Burr, Pilger & Mayer LLP, 3000 El Camino Real, Bldg 2, #250, Palo Alto
Cost: Free
RSVP: Online

Silicon Valley Forum Workshop

Many businesses and individuals get so caught up in working on a day to day basis, so busy putting out fires that they never really take the time to plan their future. As a result, you stay right where you are. Any organization or individual who doesn't plan for its future isn't likely to have one.
Date: Wednesday, Jan.30
Topic: Personal Strategic Plans – Getting More of What You want
Speaker: Kristi Royce, KLR Consulting
Time: 7:30–9:00 a.m.
CPE: 1.5 hours
Location: Ramada Silicon Valley, 1217 Wildwood Ave, Sunnyvale
Cost: $15/members, $20/nonmembers, includes buffet breakfast
RSVP: Online
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PRESIDENT’S MESSAGE

Going Mobile

By Sharon Selleck, CPA

One of the hot topics discussed at the CalCPA Council meeting in November was how California law compared to the Uniform Accountancy Act. There are a few areas where California law differs from the UAA, including mobility provisions, educational requirements for initial licensure, continuing professional education requirements and mandatory peer review. The mobility provision appears to be getting the most attention.
   This is important to CPAs with clients or client interests that cross state lines. California legislation requires CPAs outside of California, but representing interests for someone in California, to register with the California Board of Accountancy in most situations. The National Association of State Boards of Accountancy and the AICPA, however, had revised the UAA to specifically allow CPAs to provide services across state lines with no notice and no fee to the state in which they effectively were practicing in—excluding those performing audits who would still have to register.
   Like a driver’s license, the out-of-state CPA providing the cross-state service would be required to obey the laws of the visited state and could be disciplined for any infraction of the rules of the state.
   But without California in conformity with UAA, using the above driver’s license example, other states may not allow us to drive in their state without registering first. To ease mobility across borders, CalCPA is supporting a change in legislation to conform to UAA’s mobility provisions.
   How does this impact those who will be licensed CPAs in the future? The educational requirement that could impact them is the substantial equivalency issue because California allows CPA candidates to become licensed with only a bachelor’s degree. Most of the other 50 states that follow the UAA require 150 semester hours (a bachelor's degree plus 30 units). This discrepancy makes it difficult for CPAs to practice in other states without meeting those states’ additional requirements for licensure.
   Don’t worry current candidates—this provision is scheduled for an effective date of 2012.
   The other educational requirement impacts our inactive licensed members. Under UAA, inactive licensees must place the word “inactive” adjacent to their CPA title on any form of communication that they use. In California, this is not required. If California law changes, as is being proposed, all inactive CPAs would have to comply with UAA or meet the continuing professional education requirements to be able to use the title CPA without modification.
   Finally, peer review. Peer review is not mandated in California. The UAA, though, has a mandatory peer review requirement for all firms providing audit, review or compilation services. If California conforms to UAA, as some are proposing they do, peer review would become mandatory in California.
   How can you make your voice heard and help support CalCPA’s initiative that California conform to UAA to ease mobility? Many CalCPA members will be headed to Sacramento May 13 for CPA Day at the Capitol. On this day, we will visit with our state representatives or their staff and explain to them why we believe the changes in California law are good for the profession—and good for California.
   Look for more information in the Bulletin as we get closer to that date. If you can’t make it to Sacramento that day, we also are asking members to visit the local offices of their state representatives to voice our support for the changes that CalCPA and the CBA are proposing.
—Sharon Selleck, CPA
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CHAPTER NEWS

New Members

On behalf of the Peninsula Silicon Valley Chapter’s officers, directors and members, we extend our warmest of welcomes to our new members: Donna Anderson, Ramsey Ackad, Loreen Chang... [see all new members]

New Chair for PFP Committee

A warm welcome to Rick Hillsbery of Burr, Pilger & Mayer, LLP in Palo Alto, who has just taken over as chair of the chapter’s Personal Financial Planning Committee.
   Rick’s first duty was to attend the CalCPA PFP Committee meeting. “Our own Jerry Nightingale did a fantastic job chairing the CalCPA Personal Financial Planning Committee meeting Friday, Dec. 7," he says. "Chapter treasurer James Knight and veteran member Jerry Moorman joined me. What an incredible day! We were given updates on the CalCPA Council meeting, legislative activities and financial literacy, as well as reports on the work that is taking place at related organizations like AICPA/PFP, NAPFA and the FPA. My favorite part of the day was a PFP Best Practices roundtable led by Dan Thomas of the Orange County/Long Beach Chapter."
   Rick is exploring topics of interest for the chapter committee, so look for a meeting announcement in the spring.

Nominations Are Open

To ensure a healthy succession for our chapter leadership in the coming years, our bylaws set out an annual nomination process, which is under way. If you are interested in a leadership role on a committee, discussion group or the chapter board, contact Nominations Committee Chair Mary Jo Murphy.
   Our bylaws also allow 15 members to nominate a candidate to serve on the chapter board. If you wish to do so, notify chapter secretary Michael Thompson by Jan. 15.
   The slate of officers and directors for 2008-09 will be presented to the membership in mid-February.

Going Global: Business in China

The Silicon Valley Forum group is planning an event in the spring to address the concerns of businesses interested in doing business in China or already involved. To ensure the most relevant information is presented, we need your help. Please take a few minutes to answer a few questions in our survey about your work or anticipated work in China. Thank you.

Local Volunteers Needed for Tax-Aid

Tax-Aid, a local nonprofit coalition of CPAs and attorneys created to help low-income families prepare their tax returns, is expanding into Santa Clara County. The new site, which will be sponsored by Deloitte, LLC, will be held at the downtown Salvation Army.
   CPA Kenneth Lee, Tax-Aid president, says the organization is in need of more than 500 volunteers to help in the 21 sites across seven counties.
   Locally, there are Tax-Aid sites in South San Francisco, Daly City, Redwood City and East Palo Alto.
   Volunteering is easy. Tax-Aid provides the equipment and training, and volunteers are expected to donate at least two Saturdays during tax season. Chapter members interested in participating can visit Tax-Aid’s website to register or call Minnie Sage at (415) 963-5133.
   Members unable to volunteer, but wishing to help, can send a tax-deductible contribution to Tax-Aid; 55 Second St., Suite 1400; San Francisco, CA 94105 or donate online.

CalCPA NEWS

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.
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Peninsula Silicon Valley Chapter Leadership