Capitol's newest CPA: CalCPA member Fiona Ma elected to Assembly

The June primaries yielded profession when Fiona Ma, a member of the City and shire of San Francisco Board of Supervisors and CalCPA, received the Democratic nomination to replace limited out Assembly Member Leland Yee

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Her primary victory assures that Ma will replace Yee when the Legislature reconvene in January.

Ma is a CPA with a lifetime of commitment to public service and Democratic causes. Her rise to professional and political succes is the essential story of America.

She was born in fresh York to immigrant parents. Her father was an engineer and her mother was a high academy teacher. After receiving a bachelor's step in accounting from the Rochester Institute of Technology in of recent origin York, Ma moved west and earned a master's stage in taxation from Golden Gate University in San Francisco and an MBA from Pepperdine University.

In 1995 she accepted a position as district representative to former State Senate President Pro Tempore John Burton and helped constituents deal with vexing issues involving licensing, piece of work training, tax issues, unemployment, and Medi-Cal. Among her accomplishments, Ma helped thousands of depressed income senior and disabled homeowner and tenants claim refunds from the state of California.

Prior to that position, Ma had been involved in a variety of community activities, including proffer food bank coordinator for St John Presbyterian temple and assistant volleyball and basketball coach at blessed Name School.

Ma also was the establisher and president of the Westside Chinese Democratic bludgeon and a board member of the National Women's Political Caucus (San Francisco Chapter).

She will become the next to the first CPA in the Legislature after the November elections, joining Assembly Member Roger Niello, CPA (R-Fair Oaks). CalCPA is looking forward to the neighborhood of two CPAs in the Assembly.

Client Confidentiality Interpretations Coming Soon

Business and Professions collection of laws Sec. 5063.3 and Rule 541 with more [i]or[/i] less exemptions (such as an official inquiry from the federal or state conduct response to subpoena, etc.), prohibits the disclosure of confidential client information without the client's advance written permission.

There is an exemption to allow for professional consultation with another licensee. CPAs ne to comply with these requirements and make sure they are protecting themselves and their clients.

The California Board of Accountancy is preparing answers to many times asked questions that are awaited to be discussed at its July meeting and then pillared on its website.

The CBA will advise that if a CPA uses an external service provider that is a separate legal entity to proces confidential information of the like kind as tax returns, written permission must be obtained from the client in advance. The CBA notes that permission may be in the form of a signed engagement letter

Resolving point in disputes with tax or accounting software may require disclosure of a certain number of confidential client information to an external technician or software vendor. Here, the CPA also may ne the client's permission.

CalCPA has solicitationed that its Committee on Taxation review the draft questions and answers prepared through CBA staff to ensure that they are consistent with law and practice.

The replete text of the statutes and regulations also may be place on the CBA website, www.dca.ca.gov/cba.

Business Valuation Standards exposing Draft Update

While no official release date has been announced, it is rumored that the AICPA's of recent origin draft of proposed business valuation standards may be released in July

In 2005 California practitioners launched an aggressive campaign to have the propos standards revised to eliminate expensive and unnecessary application to engagements beyond business valuations. In fact, CalCPA Council is upon record as opposing the inclusion of tax in the standards.

With the upcoming re-release, the propos standards will have been rewritten, on the other hand CPAs should carefully read the draft as by and by as it is released because of their potential impact upon all engagements, including estate planning and tax.

The of recent origin draft standards will have an abbreviated exposing period since it is the next to the first exposure. Comments will have to be received within 60 days from the release date.

CPA-PAC Gives You a More Powerful Voice

CPA-PAC is CalCPA's independent, nonprofit political action committee that identifies and supports pro-CPA, pro-business candidates, regardless of political party, who have demonstrated the skill and leadership necessary to combustible matter a pro-business climate in California.

While each CPA exhibits an important voice in the profession, the puissance of the collective voice speaks louder than individual individual. And that's where CPA-PAC advances in.

A lucky PAC brings individuals together, ideologically and financially, to channel their voices and political clout to strengthen the political proces and render certain their message is delivered.

The stronger CPA-PAC becomes--through increased membership and contributions--the greater our chances for effecting positive, pro-CPA change in California's political climate.