Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Archive for the ‘Other stuff’ Category

How to stay away from the most popular ways to get in trouble with the California Board of Accountancy.

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Don’t send one of these to CBA unnecessarily. Image courtesy of Adobe Stock.

These must be the preferred ways CPAs pick to get in trouble with the regulators because the board of accountancy says these are the three most common reasons they issue monetary penalties.

What are the three most popular ways to draw a fine from CBA?

  • Don’t get minimum of 20 hours each year of your license term or don’t get 12 of those hours in technical topics.
  • Ignore a formal inquiry from CBA.
  • Don’t submit that Peer Review Reporting Form with your license renewal.

For more detail, check out the following article, quoted with permission, from the California Board of Accountancy.  Since it is quoted verbatim, I won’t put quotes around the entire article.

 

IT’S EASY TO AVOID CBA CITATIONS

To help increase awareness of CBA requirements and prevent licensees from receiving a citation, below are the top three violations that led to a citation in the previous fiscal year. Citations are posted on the CBA website and may include an administrative fine of $100 to $5,000.

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Written by Jim Ulvog

February 16, 2018, 5:00 am at 5:00 am

Fed imposes stiff sanctions on Wells Fargo

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Photo at Wells Fargo San Diego museum in January 2018 by James Ulvog.

The Federal Reserve will prohibit Wells Fargo from growing in size past its $1.95 trillion asset base in place as of 12/31/17. That means any gains from new deposits must be offset by selling off other assets and liquidating some liabilities.

In addition, the bank will be replacing three directors by April who previously announced their retirement and replacing another director by December 2018.

Article at Wall Street Journal by Ryan Tracy and Emily Glazer, Wells Fargo’s Growth Will Be Limited, Directors to Be Replaced After Fed Cites “Abuses”, provides more details.

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Written by Jim Ulvog

February 5, 2018, 7:21 am at 7:21 am

Posted in Other stuff

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Reduced staffing and funding for the Exempt Organization division of the IRS

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Staffing and funding for the IRS division that oversees tax exempt organizations has fallen dramatically in the last six years or so.

According to a behind-the-paywall article at the Washington Post, the budget for the Exempt Organization division has dropped from $102M to $82M between 2011 and FY 2017. That is a $20M decline, or 19.6%.

For the same years, staffing has declined from 889 to 642, according to the article. That is a decline of 247 positions, or 27.8%.

(Cross-posted from my other blog, Nonprofit Update, because this issue is of interest to most CPAs.)

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Written by Jim Ulvog

December 20, 2017, 8:25 am at 8:25 am

Posted in Other stuff

Time to renew your PTIN for 2018. Good news: no fee this year.

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Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

Recall you must renew your PTIN for next year in order to file tax returns as a paid preparer.

There is no fee for your 2018 renewal. Recall that back in June, a federal court tossed the fee. If I recall correctly from another article, the Treasury appealed the ruling which postponed the refund of all fees paid which the court ordered. I guess that means eventually we will either get our money back or have to start paying the fee again.

You can start the renewal process here.

It took me 8 minutes to renew.  Last year it took 12 minutes plus fifty bucks.

Written by Jim Ulvog

December 18, 2017, 21:18 pm at 9:18 pm

Posted in Other stuff

Who picked up the bill for our freedom?

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Image courtesy of Adobe Stock.

For our freedom, I offer up a humble thank you to all who have gone before standing endless watch, slogging through the jungle mud, freezing in a foxhole, shooting Nazis with a machine gun at 30,000 feet, doing yet another round of dreary maintenance, brought home a life-long injury, or paying the ultimate price fighting to defeat the Confederacy.

Because of millions who did what had to be done, I can say what I wish without fear of being thrown in jail.

It seems so insufficient, but I’ll say it anyway – – Thanks.

 

“It is the soldier, not the reporter,

who has given us freedom of the press.

 

It is the soldier, not the poet,

who has given us freedom of speech.

 

It is the soldier, not the campus organizer,

who has given us the freedom to demonstrate.

 

It is the soldier, who salutes the flag, who serves beneath the flag and whose coffin is draped by the flag,

who allows the protester to burn the flag.”

Jeremiah A. Denton Jr.

 

Written by Jim Ulvog

November 11, 2017, 11:53 am at 11:53 am

Posted in Other stuff

Tips on how to apologize

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Sorry by HypnoArt is in the public domain (CC0 1.0)

Let’s face it, we all goof up sometimes whether by insulting a client, dropping the ball on a project, or the good ol’ engage mouth before engaging brain routine.

To repair the damage, especially in the work environment, an apology is needed.

The Journal of Accountancy on 9/25/17 offered some great suggestions on How to make a professional apology.

Here are a few of the multiple tips suggested.

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Written by Jim Ulvog

October 2, 2017, 7:58 am at 7:58 am

Posted in Other stuff, Pondering

The story on Silk Road, an on-line drug bazaar, shows the power of rationalization and self-deception

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Cover of “American Kingpin” from Amazon. Used under fair use.

The sad tale of Ross Ulbricht and his on-line drug bazaar called Silk Road is a good study of the outer limits of how far rationalization can carry a person.

It is also a frightening illustration of Jeremiah 17:9. From the New International Version, ponder:

The heart is deceitful above all thing and beyond cure. Who can understand it?

Considering the tale of Silk Road is useful for accountants wanting to learn about the outer fringe of the internet and he investigative power of the federal government, believers who would like an illustration of the frightening level of deceit that lives in the human heart, and anyone else wanting to learn more about the dark worlds that normal people will never see.

My posts are gathered into two collections on my other blog, Outrun Change:

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Written by Jim Ulvog

September 26, 2017, 16:22 pm at 4:22 pm

Posted in Other stuff, Pondering

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