CalCPA Council annually nominates candidates to stand for election to serve three-year terms as trustees of CalCPA’s Group Insurance Trust (GIT). Additionally, participating GIT employers may nominate qualified candidates to be placed on the ballot by submitting supporting petitions from at least 20 firms participating in one or more of the GIT's group health and welfare plans by Nov. 1.
Topics: CalCPA Buzz
With the fall harvest season fast approaching, the CalCPA Education Foundation is pleased to host the 2016 Farmers Tax and Accounting Conference on September 21st at the DoubleTree by Hilton Fresno Convention Center, just across the street from the Fresno Convention and Entertainment Center (and also online via webcast.) That’s just one day before the official start of fall on the autumnal equinox, the day the Sun crosses the celestial equator, the imaginary line in the sky above the Earth’s equator, from north to south—just one of two days each year that the plane of the Earth’s equator passes through the center of the Sun, or in more scientific parlance, when the solar terminator (the “edge” between night and day) is perpendicular to the equator, and both the northern and southern hemispheres are equally illuminated.
In the spirit of the equinox’s evenly balanced global illumination, CalCPA Education Foundation is bringing together a bumper crop of expert speakers and panelists to address this year’s most important regulatory, financial, economic, valuation and real estate issues facing your clients in farming and to present insights and advice to help you stay ahead of trends and changes in the agricultural industry. The Farmers Tax and Accounting Conference is designed for CPAs, CMAs and other financial professionals and attorneys working directly in farming and agribusiness. California is the leading producer of fruits, vegetables, wine and nuts in the United States, and dairy products contribute the largest single share of farm income in the state—as a consequence, your knowledge and experience serving the agricultural community can make a big difference in the business affairs of farmers. Among this year’s conference’s expert speakers is veteran speaker and long-time agricultural banking professional, Curt Covington, who will be presenting at 12:50 PM on the topic of “Tales from a Gray-Haired Ag Banker.”
Curt is Farmer Mac's senior vice president of agricultural finance, where he’s responsible for the company’s expansive Ag real estate portfolio, as well as its credit administration and underwriting functions. Curt’s passion for rural America developed at a young age on his family’s grape and tree nut farm, and developed into a career helping farmers and families like his own. Over the past three decades, Curt has established himself as a prominent figure in American Ag lending, and most recently served as the Managing Director of the Ag and Rural Banking Division at Bank of the West. He has also held various management roles within the Farm Credit System and at Rabobank. Curt is respected throughout the agricultural lending industry for his leadership and mentorship.
This year’s Farmers Tax and Accounting Conference will take place in Fresno, at the heart of California’s farmland. There’s still time to sign up for this event on September 21, or you can watch the live webcast from wherever you are. Join hundreds in the agricultural industry to get up-to-date information on the hottest topics currently affecting our field.
For a sneak peek of what’s to come in less than a week …
1) The Most Recent Update on Cash Method of Accounting and ValuationReturning speaker Craig Houghton will discuss the status of ongoing legislation he has been involved in regarding cash methods of accounting and valuation, and share his perspectives of what’s on the horizon.
2) Get the Newest Developments on Income Tax Issues Specific to AgricultureSelf-employment tax has been a particular point of interest, and moderator and participant David Pardes will lead discussions on how to save on self-employment tax, as well as touch on international tax issues, which have recently become a bigger aspect for many Ag taxpayers.
3) Practical Information on How an IC DISC Might Benefit Your BusinessWhile this topic has been explored at past FTAC conferences, this year panelists will be taking a more applied approach to determining the benefits of an IC DISC for individual businesses. The takeaways from this talk should provide attendees with actionable information for taxes and future filing processes.
4) The Latest Advice on Economic Trends You Didn’t Know to Ask AboutCurt Covington has been sharing his insights on economic trends and shifts in agricultural banking practices at our conference for the past 10 years. Always entertaining and informative, his talk is a way understand the current economic climate and to better anticipate what is ahead for Ag.
5) A Banker’s Perspective on What They Really Want In Your Financial StatementsThe first panel of its kind at this conference, five different experts in agricultural financing will host a discussion that explores what should really be showing up in your financial statements--and what they don’t want to see. They will be addressing the challenges of analytical analysis of Ag financial statements, and demystifying the details in an applicable way.
6) Up-To-Date Insights on the Ongoing Labor Law IssuesLabor laws are a huge issue right now, and have been for a while. This talk will feature experts who examine the pros and cons of labor contractors versus in-house labor, how to navigate California versus Federal Law, and provide the latest updates on labor laws as they pertain to agriculture.
7) New Information on How California Water Legislation Will Impact Land ValuesWater issues have been of primary importance ever since the beginning of California’s drought, with resulting water restrictions leading to land values shooting sky high. Stanley Xavier will give updates on how the newest water legislation and the ability to access groundwater will impact land values.
In collaboration with the Center for Corporate Reporting and Governance at California State University, Fullerton, the CalCPA Education Foundation will be webcasting the 15th Annual SEC “Hot Topics” Conference on September 16, 2016. Featuring comprehensive updates and standard setting speakers from the SEC, FASB, and PCAOB, this event will explore many of the “hot topics” that are affecting financial reporting at various corporations. Attend the event at the Irvine Marriott Hotel or take the opportunity to stream the broadcast live from the comfort of your own home or office.
Panel discussions on key legal and governance issues will be led by lawyers, board members, and auditors seeking to keep decision makers appraised of the most recent changes that will impact their businesses.
Beginning July 1, 2014, California CPAs who are retired from the profession and no longer actively practicing public accountancy may apply to have their California CPA license placed in a retired status with the California Board of Accountancy.
More students will be learning about financial literacy now that Gov. Brown has signed AB 2546 (Calderon), which incorporates age-appropriate financial literacy instruction in history-social science curricula when it’s revised after Jan. 1 for grades K-12.
AB 2546 provides California with an opportunity to develop an educational plan to teach financial literacy consistently throughout a child’s education. Studies have proven that students who are introduced to financial education courses early and more often have higher rates of savings and are less likely to rely on high-cost methods of borrowing.
Several years ago, my wife and I attended my high school reunion in Golden, Colorado (neath the shadow of Coors Brewery). We stayed at a Hampton Inn, which provided breakfast in the morning. When we entered the breakfast room, we found it crowded. A busload of Iowans on their way to Rocky Mountain National Park had slept the night at the hotel.
Gov. Brown has signed into law AB 1775 (Obernolte), which conforms the California tax due dates to the recently changed federal due dates for partnership and C corporation returns. For returns for taxable years beginning on or after Jan. 1, 2016, partnership returns will be due March 15, C corp returns will be due April 15 and S corp returns will continue to be due March 15.
These new due dates for federal and state returns are expected to alleviate timing pressures and provide a more logical flow of information for a smoother and more efficient tax preparation process with less estimates, extensions, and amended returns.
Discuss, analyze, reflect and build your leadership skills through this program, during which you’ll learn leadership fundamentals and identify personal leadership styles, as well as gain insight on strategic planning, goal setting and client management, among other topics.
Topics: CalCPA Buzz