November 2007 | Peninsula Silicon Valley 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

Helping the Needy

Get in the holiday spirit with our chapter’s Young and Emerging Professionals Committee. Join them for a food sorting and packing session after work at the Second Harvest Food Bank warehouse in San Carlos.
Date: Wednesday, Nov. 28
Time: 6 p.m./pizza; 6:30–8:30 p.m./work
Location: Second Harvest Food Bank; 1051 Bing St.; San Carlos
RSVP: Online

Bay Area Regional Education Events

Topic: California Taxation for Individuals
Speaker: Kathleen K. Wright
Date: Monday, Nov. 5
Time: 8:30 a.m.–4:30 p.m.
Location: Crowne Plaza Foster City; 1221 Chess Drive; Foster City
Cost: $140/members; $190/nonmembers
CPE: 8 hours (6.5 hours MCLE)
RSVP: Online
 
Topic: Federal Taxation of Partnerships & LLCs: Operations & Allocations
Come learn about 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); allocations of liabilities
Speaker: Gary McBride, JD, LLM, CPA, professor, Cal State East Bay
Date: Friday, Jan. 18
Location: PENSU Downtown Center
RSVP: Online

Bay Area Excel Users Group Hits the Keyboards

More than 100 CPAs and financial professionals met in Palo Alto Sept. 15 for the first of six Excel training sessions co-sponsored by CalCPA and IMA. Feedback from attendees was excellent.
If you are interested in attending future meetings, each session is self-contained.
Topic: Look Up and Match Index Functions
Date: Saturday, Nov. 17
RSVP: Online
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COMMITTEE MEETINGS

MAP Committee

Date: Tuesday, Nov. 6
Time: Noon
Location: Crowne Plaza Hotel; 4290 El Camino Real; Palo Alto
Cost: $20/payable at the meeting
RSVP: Tim McCrone, (650) 948-7180
Note: Attendance is limited to those with confirmed reservations.

Nonprofit Interest Group

Topic: SAS 99 Fraud Considerations
Date: Wednesday, Nov. 7
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 e-mail laarni@lvr.netbox.com

AP&AS Committee

Topic: New Audit Communication Standards and COSO
Speaker: Carl Arntzen, CPA, chair, CalCPA A&A Committee, Audit Subcommittee
Date: Tuesday, Nov. 13
Time: Noon–1:30 p.m.
Location: 1700 S. El Camino Real (first floor conference room); San Mateo
Cost: Free (bring a bag lunch; drinks provided)
CPE: 1.5 hours
RSVP: Online

Entertainment Focus Group

Topic: Film Financing and Private Placement for the Entertainment Industry
Speaker: Richard J. Lee, Esq.; Counsel, Film Arts Foundation
Date: Thursday, Nov. 15
Time: 4:30 p.m./registration and networking; 5–6:30 p.m./program
Location: Burr, Pilger & Mayer LLP; 3000 El Camino Real, Bldg. 2, #250; Palo Alto
CPE: 1 Hour
Cost: Free (sodas and snacks provided)
RSVP: Online

Estate and Trust Committee

Topic: Should You Trust a Trust as an IRA Beneficiary?
Speaker: Mary Kay Foss, CPA, Marzluft Tulis & Foss
Date: Tuesday, Dec. 4
Time: Noon–1:30 p.m.
Location: Silicon Valley Community Foundation; 1700 S. El Camino Real; San Mateo
Cost: $25/CalCPA and Bar Association members; $35/others
CPE: 1 hour (CFP and MCLE)
RSVP: Chapter program associate Jane Dunbar
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PRESIDENT’S MESSAGE

Opportunities to Connect

By Sharon Selleck, CPA

A couple of months ago, I told you about some of the social events our chapter had over the summer and some of the upcoming events for the fall. Well, one of those events just occurred: our annual Night at the Races scholarship award ceremony and networking social at Bay Meadows racetrack. We had another great turnout of more than 120 people, including a dozen students from local colleges who were awarded scholarships. It was a nice mix of new members, young staff and students (and their proud parents), as well as our more seasoned members interacting and enjoying a beautiful night at Bay Meadows.
   Our members are amazed by the dedication and drive of the student members. Many of the students not only go to school, but also work and volunteer in the community. I think their dedication helps motivate some of our members to get more involved in CalCPA and to attend events. If you would like to donate to our scholarship fund, you can do so online.
   I hope you will attend another event soon. Here is a reminder of some of the upcoming events in 2007, as well as some plans for 2008, so mark your calendars!
   The chapter’s annual low-cost eight-hour CPE BARE event will be held Monday, Nov. 5.
   An entertainment industry attorney will speak on financing and tax issues for the film industry Thursday, Nov. 15. (Yes, we do have the creative arts industry up here in Northern California).
   A group of 25 volunteers will go to the Second Harvest Food Bank in San Carlos Wednesday, Nov. 28 to help organize food bins and pack boxes for delivery. We still have approximately a dozen spots open, so sign up today.
   The annual Estate Planning Symposium has been pushed to Wednesday, Jan. 23. The topics will include income tax planning and trust issues. This event traditionally sells out, so be sure to sign up early. Looks for more details and registration information in the December Bulletin.
   In spring 2008, the Silicon Valley Forum will hold another half-day CPE event on “Doing Business in Asia.” So, members in industry, keep an eye peeled for the date.
   Finally, the successful ABC Mixer that took place in May is already in the planning stages for spring 2008. A date will be announced early next year.
   I hope to see you at some of these events. If you can’t make these, there are also periodic committee gatherings, such as personal financial planning, tax, nonprofit and management of an accounting practice meetings. See below for details of the November AP&AS Committee meeting. You can view and register for all chapter meetings online.
—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: Neslihan Beyhan, Elizabeth Crocker, Jenny Halim... [see all new members]

Attention Employers: CSM Job Fair: Nov.13

The College of San Mateo, which has candidates from its accounting assistant certificate & tax preparation programs available to work full or part time, is hosting a job far Tuesday, Nov. 13.
   To attend the job fair, call (650) 574-6619 or e-mail obrien@smccd.edu.
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SAVE THE DATES

Seventh Annual Estate Planning Symposium

Topics: Income tax planning and compliance issues for trusts and estates; tax return reporting of GST exemption allocation; and estate and gift tax developments and update
Speakers: Woodland Hills-based CPA Michael Fredlender; Dan Schrauth, vice president and wealth adviser, JP Morgan; and Katherine L. Rauch, CPA

Michael Fredlender spoke at last year’s symposium on family limited partnerships and received rave reviews. Members of our steering committee heard him make the presentation on tax planning for trusts and estates at the USC Tax Institute this year and said it was very good. Fredlender will present with Dan Schrauth, of JP Morgan, who has done a lot of work for clients setting up out-of-state trusts, This is a big issue in California where retrained trust income and capital gains are taxed at 9.3 percent.
—Carol Ach, chapter chair, Estate Planning Committee

Date: Wednesday, Jan. 23
Time: 1–5 p.m.

IRS Update: Litigation Special Joint Meeting Postponed

Join members of the CalCPA Silicon Valley San Jose Chapter for this special presentation.
Date: Tuesday, Jan. 29
Speaker: Brenda Woolbert, IRS Los Angeles

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.

CalCPA Member Discounts on CCH Tax Guidebooks

CalCPA has added another great member benefit—discounts on CCH’s U.S. Master Tax Guide 2008 and the Guidebook to California Taxes 2008.

The U.S. Master Tax Guide 2008 reflects all pertinent federal taxation changes that affect 2007 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. The guide also conveniently cross-references the Internal Revenue Code, Income Tax Regulations and certain other important tax law sources for further research. The expected ship date is late-December 2007.

The Guidebook to California Taxes 2008 reflects significant new legislation, regulations, court decisions and state Board of Equalization decisions through December. The expected ship date is late-January 2008.

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

2008 Guidebook to California Taxes: $39/members; $59/members.
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RESOURCES:

Peninsula Silicon Valley Chapter Leadership