January 2008 | San Francisco Chapter Bulletin

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CHAPTER EVENTS

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

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
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OTHER EVENTS OF INTEREST

Peninsula Chapter 7th 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

Registered Domestic Partnership Symposium for Tax Practitioners

Join Franchise Tax Board experts during this discussion on the joint filing requirement for state income tax returns that begins in 2008.
Date: Thursday, Jan. 24
Time: 6–8 p.m.
Location: Hiram Johnson State Office Building; 455 Golden Gate Ave.; San Francisco
RSVP: By Jan. 22: (415) 557-3000 or e-mail
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COMMITTEE MEETINGS

Litigation Consulting Services: Foreign Corrupt Practices Act

Come learn about the Foreign Corrupt Practices Act and whether it is a legal or an accounting issue. Case studies will provide guidance on the types of risks that are faced when conducting business in foreign countries. Some topics to be discussed include at what point do business practices become, or perceived to become, bribery or corruption? How are FCPA investigations conducted? What are the obligations of a company to report a FCPA violation to regulators?
Speaker: Dan Ray, CPA, CFE, Hemming Morse, Inc.; Martha Boersch, Esq., Jones Day
Date: Tuesday, Jan. 15
Time: Noon–2 p.m.
Location: Bankers Club; 555 California St., 52nd floor; San Francisco
Cost: $40/members; $50/nonmembers ($45/members without reservation)
CPE: 1.5 hours
RSVP: Online

MAP/HR-Administration: Labor Law Update

Learn about significant new developments in state and San Francisco labor law as they affect California employers. Now is the time to find out if your office is in compliance.
Speaker: John M. Skonberg, Esq., partner, Littler Mendelson
Dates: Wednesday, Jan.16
Time: Noon–1:30 p.m.
Location: Calegari & Morris; 123 Mission St., 18th floor; San Francisco
Cost: $15/members and nonmembers (lunch provided)
CPE: 1 hour
RSVP Online

International Tax Committee: Transfer Pricing

Any taxpayer with related party transactions is subject to U.S. transfer pricing documentation rules, which apply to any related-party purchase or sale of tangible goods or intangibles, inter-company long-term loans and related party services, such as technical, managerial, administrative or contract R&D. Congress and the FASB have passed regulations making transfer pricing reports or documentation mandatory as of Jan. 1, 2008
Speaker: Marcus M. Sharei, director, international tax, Hood & Strong LLP
Date: Thursday, Jan. 17
Time: 8:30–9:30 a.m.
Location: 601 Montgomery St., Suite 405 (community conference room)
CPE: 1 hour
RSVP: Online

Estate and Personal Financial Planning

Many of your clients, and their family members, are likely to face two significant life decisions in the coming years: moving out of their homes and into some kind of senior living community and whether to purchase long-term care insurance. This seminar will provide much of the information you will need to advise and guide these clients.
Topic: Understanding Retirement Housing and Long-Term Care Insurance Options For Your Clients
Speakers: Victoria Stone, MPH, general manager, The Sterling, San Francisco; Ann Padover, Ph.D.
Date: Thursday, Jan. 24
Time: Noon–2 p.m.
Location: Bertorelli, Gandi, Won & Behti; 150 Spear St., #1700; San Francisco
CPE: 2 hours
RSVP: Online

Santa Rosa Discussion Group

Dates: Second and fourth Tuesday of the month
Time: 7:30 a.m.
Location: Le Brasserie Restaurant (Vineyard Creek Hotel); Santa Rosa
Cost: About $20 (payable at the door)
RSVP: Charles Mayfield

Upcoming meetings:
Tuesday: Jan. 8: Captive Insurance Companies (speaker: Chris Pennock)
Tuesday: Jan. 22: Reverse Mortgages (speaker: Jill Gromm)
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PRESIDENT’S MESSAGE

2008: What to Expect

By Kathy Yu Liu, CPA

At the November CalCPA Leadership Institute training, instructor Bill Reeb showed the participants the movie Who Moved My Cheese? Watching the movie based on the book by Spencer Johnson that I first read 10 years ago was a refreshing experience. I found it particularly appropriate as 2007 was winding to a close and we were looking ahead to 2008.
   The story features four characters: two mice, Sniff and Scurry, and two little people, Hem and Haw. The four live in a maze and spend their days pursuing cheese. Each has a unique approach to the hunt. One day, the four stumble onto a piece of cheese so large that Hem and Haw declare that they will never again need to search for cheese. Sniff and Scurry, however, never stop exploring their surroundings and are constantly attuned to changes in their environment.
   When the supply of cheese is finally exhausted, Sniff and Scurry are able to cope with the change and start to search for a new cheese source.
   Complacently abiding by his usual routine and afraid of the unknown, Hem refuses to accept the change and simply complains, “Who moved my cheese?” Haw, however, overcomes his fears and begins the search again.
   Hem remains behind and continues to philosophize about why there is no cheese. He keeps hoping that somehow and someday his lost cheese will be moved back.
   While searching for the cheese, Haw leaves behind what he learned:

• If you do not change, you can become extinct
• What would you do if you weren’t afraid?
• When you move beyond your fear, you feel free.

   After finding the new cheese, he writes on the wall:

• Change happens (they keep moving the cheese)
• Anticipate change (get ready for the cheese to move)
• Monitor change (smell the cheese often so you know when it is getting old)
• Adapt to change quickly (the quicker you let go of old cheese, the sooner you can enjoy new cheese)
• Change (move with the cheese)
• Enjoy change! (savor the adventure and enjoy the taste of new cheese!)
• Be ready to change quickly and enjoy it again & again (unfortunately, they keep moving the cheese)

   This year will be a year of change, just like years past. Each of us will deal with change in different ways. Some of us may be satisfied with the status quo. Some of us may apply what we learned in 2007 and are already on the lookout for change.
   A definite opportunity for change in our profession is the Uniform Accountancy Act conformity issue that has existed for years in California. As I reported last month, the UAA requires that all states adopt its mobility provisions. The substantial equivalency provision allows any CPA with a valid state license to secure practice privileges in another substantially equivalent state.
   The California Board of Accountancy has endorsed this provision and is drafting legislation to implement it in California. It is likely that new legislation will be introduced in early 2008 to reflect this change. I sincerely hope that we will actively join in supporting this initiative.
   Last month, our chapter board held a retreat at the San Francisco University Club. We reflected upon the major events throughout the year, while starting to plan some of the major events and changes for this new year. Our chapter is also searching for next year’s leaders. If any of you want to play an increased role in shaping our chapter, please contact me.
   My best wishes to you for a prosperous new year, surrounded by the joy and love of family and friends!
—Kathy Yu Liu, CPA
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CHAPTER NEWS

New Members

On behalf of the San Francisco Chapter’s officers, directors and members, we extend our warmest of welcomes to our new members: Cho Chan, Mark Chin, Michael Franklin... [see all new members]

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 Andrea Cope.
   Our bylaws also allow 15 members to nominate a candidate to serve on the chapter board. If you wish to do so, please notify Karen Pfau-Martinez, chapter secretary, by Jan. 15.
   The slate of officers and directors for 2008–09 will be presented to the membership for election in mid-February.

Going Global: Business in China

The Peninsula Chapter 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.
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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.
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San Francisco Chapter Leadership