California's heroes: [when disaster strikes, CalCPA members are ready to help].As the fires raged through Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, in late October, a radio news reporter, interested in CalCPA members' offers to provide fire victims with pro bono Short for pro bono publico [Latin, For the public good]. The designation given to the free legal work done by an attorney for indigent clients and religious, charitable, and other nonprofit entities. tax and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , queried, "Have you ever seen such a response from CPAs before?" [ILLUSTRATION OMITTED] While the sensational answer would have been, "No, this is simply phenomenal!" The truth is that while members' response to CalCPA's call for volunteers was phenomenal, it wasn't surprising. "CalCPA members repeatedly have shown themselves to be dedicated to public service," says CalCPA CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Susan Waters. "We applaud the volunteers who have come forward to aid the victims of the devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. Southern California fires. We also take our hats off to those members who have been counseling their clients who suffered losses as a result of the fires." CalCPA Chair Steve Wimmers is just one of many members who have found themselves helping clients pick up the pieces. He tells how in the days following the most fierce fire devastation, a client of 20 years wandered into his office filled with sadness--and understandably depressed. "He was able to grab only a few pictures and the clothes on his back before the fire destroyed his home and everything he owned," recalls Wimmers. "His was an unbelievable story. I tried to console him, and then offered him some advice. I referred to the disaster recovery kit provided by CalCPA as I advised him on how he should make an inventory of everything he lost, how he should deal with his insurance company and how he should reconstruct some of his records." Wimmers, who lives and works in the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. area adds, "San Diego has suffered the worst disaster in its history, and it is impressive to see the number of CPAs who are willing to offer assistance to the victims of the fires." ANSWERING THE CALL CalCPA quickly issued a call for volunteers as the extent of the Southern California wildfires became apparent. CPAs from around the state volunteered their time to help victims in ways that fire-fighters and other local heroes couldn't--by providing expert financial disaster advice in the aftermath of the devastation. The fires claimed 20 lives, burned more than 745,000 acres and destroyed almost 3,400 homes in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , Ventura and San Diego counties. But the physical losses tell only part of the story. Disasters take a serious financial toll on their victims. Many families, and businesses, have lost everything--their homes, offices, personal belongings personal belongings npl → efectos mpl personales , vehicles, important tax and financial documents, and more. And while some consider themselves lucky--to have escaped with their lives, if nothing else--they face numerous challenges in the months ahead as they attempt to put their lives back together, piece by piece. Fortunately for them, CalCPA members have come to their rescue--offering pro bono financial disaster advice on everything from dealing with insurance companies to applying for government relief to managing property loss. Daniel D. Morris, a CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. from San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. was among the first CalCPA members to volunteer. "I remember the Loma Prieta earthquake The Loma Prieta earthquake was a major earthquake that struck the San Francisco Bay Area of California on October 17, 1989 at 5:04 p.m. The earthquake lasted approximately 15 seconds and measured 6.9 on the moment magnitude scale (surface-wave magnitude 7.1). ," reflects Morris, when asked why he chose to help those affected by fires hundreds of miles away. "I had a client at the epicenter of the Northridge quake, and another who lost everything but his house in the Canyon Fire of 2001--disasters are simply so disruptive to people that I feel it is our obligation as fellow citizens to help out." As the fires began to die down, Morris received his first call. It was from a minister, looking to help a member of his church. "I used [CalCPA's Volunteer Handbook] and reminded him to search for children, friends and relatives who might have pictures of family gatherings to help remember what they had ... that they must visualize each room and think about not only the big stuff, but the little stuff--from small tables, linens and knick-knacks--to outside items like tools and equipment. We reflected upon the importance of family and safety, and where these possessions fell in that pecking order pecking order Basic pattern of social organization within a flock of poultry in which each bird pecks another lower in the scale without fear of retaliation and submits to pecking by one of higher rank. For groups of mammals (e.g. ." Morris adds that during his brief call with the minister from San Bernardino they discussed the process of insurance reimbursements and paying of creditors. "I told him that casualty losses in presidentially declared disaster areas can be used to offset either the current year or prior year income. Should the loss exceed that year's total income, then they should consult their tax adviser regarding the availability of net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. and carrybacks," says Morris. "I gave him phone numbers and help numbers from the book--I told him where the nearest FTB FTB Franchise Tax Board (California; they collect income and sales tax) FTB Family Tax Benefit (Australian welfare assistance) FTB First Time Buyer (housing) office was." TEAM EFFORT In addition to rallying volunteers, CalCPA issued press releases, public service announcements and fielded media inquiries. Given his expertise in the areas of disaster preparedness and recovery, Southern California CPA/PFS Mitchell Freedman freed·man n. A man who has been freed from slavery. freedman Noun pl -men History a man freed from slavery Noun 1. was interviewed by several media outlets. In fact, Freedman, along fellow CalCPA member and Ernst & Young partner Meloni Hallock, helped the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). , National Endowment for Financial Education and American Red Cross American Red Cross: see Red Cross. develop its Disaster Recovery Guide. "As the CalCPA CPA volunteer effort began to build," says Freedman, "it became apparent that some CPAs needed to learn more about property and casualty insurance to be of help to those in need. The AICPA was asked to help with some educational materials, and quickly offered free copies of its PFP PFP - Plastic Flat Package Library on CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). , as well as copies of its Disaster Recovery Guide." CalCPA worked with the Red Cross to develop a handout for fire victims as they made their way through service centers, letting them know the types of assistance CPAs could provide along with directions on how to access the pro bono CPA network. Every CalCPA member volunteer has received a comprehensive Volunteer Handbook to assist their efforts to help fire victims and volunteers are still busy handling call-in questions from fire victims and their families via CalCPA's hotline at (800) 922-5272, ext. 5115. "And we haven't forgotten our CPA members who may need help," says Waters, "CalCPA's Accounting & Auditing Answerline is available to those CPAs with disaster tax and financial questions at (800) 922-5272, Option 4. And the CalCPA MAP Disaster Recovery Guide is easily accessible from CalCPA's home page, www.calcpa.org. "It's tragic to see the devastation that these fires have left in their paths," says Waters. "But through this adversity, it has been revealed to us again the extent of our members' dedication to serving the public." RELATED ARTICLE: Before Disaster Strikes--Be Prepared Following a disaster, unaffected individuals often look for advice on how they can best prepare in case disaster strikes again. The AICPA, National Endowment for Financial Education and American Red Cross have compiled the following tips to help individuals minimize financial losses following a disaster. * Protect your property. Think about ways you can avoid or reduce property damage if a disaster were to strike again. A few ideas: Know where to turn off water, gas and electric lines; install smoke detectors smoke detector n. An alarm device that automatically detects the presence of smoke. Also called smoke alarm. ; and clear surrounding brush to protect your home against wildfires. If you're not sure where to start, contact your local fire department for recommendations. * Conduct a household inventory. Make a list of your possessions so you can estimate their value for insurance or tax purposes. Include model and serial numbers. Computer software programs are available to help with this task. If possible, take photos of your possessions or videotape them. Don't forget to photograph your property's exterior, your vehicles and contents of your garage, closets and attic. Save receipts for valuable items and get professional appraisals of jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. , collectibles and artwork. These expensive items need to be listed individually in your insurance policy. Store this list in a safe place away from your home, such as a safe deposit box A safe deposit box (sometimes incorrectly called a safety deposit box) is a type of safe usually located in groups inside a bank vault or in the back of a bank or post office. at a bank located away from disaster prone areas. Update your inventory annually. * Have adequate insurance. If necessary, seek special or additional coverage for floods, earthquakes or other losses not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by standard insurance. If you own a home, buy at a minimum, full replacement or replacement cost coverage. This means the structure can be replaced up to the limits specified in the policy. Even better protection, although not always available, is guaranteed replacement cost coverage. This means the policy will pay to rebuild your house at today's prices, regardless of the limits of the policy. However, you must make an effort to keep the policy coverage amount current. In addition, check to see if the policy covers building code changes, and look for a policy that covers the replacement cost of your possessions, not just the actual cash value. If you rent, buy renter's insurance, which pays for damaged, destroyed or stolen personal property. You also may need special insurance if you live in an area prone to floods or earth movement. Ask your insurance agent. Finally, don't overlook the importance of health, disability, long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. , umbrella liability and life insurance. You may need to draw on benefits from one or all of these policies if you are ever faced with another disaster. * Keep cash available. Stash stash Drug slang noun A place where illicit drugs are hidden a small amount of cash or traveler's checks at home in a place where you can get at the money quickly in case of a sudden evacuation, or if a disaster shuts down local ATMs and banks. Set aside extra money in an emergency fund in a bank savings account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: , and keep your credit cards paid off so you will have enough credit to get you through a disaster. * Use an evacuation box and safe deposit box. Put important papers in a box that you can grab in the event of an emergency. Some items to put in the box: traveler's checks, a few rolls of quarters, negatives of important personal photographs, a list of emergency contacts, copies of prescriptions and medical records, copies of insurance policies, backup disks A disk used to hold duplicate copies of important files. A variety of removable media are used for backup, including floppy, Zip and Jaz disks, CD-Rs, CD-RWs and DVD-RAMs. See backup. of critical computerized information, copies of other important family and financial records, and your safe deposit box key. Store original documents, property deeds and birth certificates in a bank safe deposit box. * Make an evacuation plan. Imagine that you could take only one suitcase or pack a single carload carload In commodities trading, a railroad car or truckload of grain that ranges from 1,400 to 2,500 bushels. in the event of a disaster. What would you take, how would you leave your home, where would you rejoin your family and who would you call if you became separated? RELATED ARTICLE: When the Smoke Clears--Dealing with Disaster Disaster Recovery: A Guide to Financial Issues was developed as a public service of the AICPA, AICPA Foundation, American Red Cross and National Endowment for Financial Education. Following are some tips from the guide: My records were destroyed in the disaster. How can I reconstruct them? Use the following suggestions to reconstruct lost or damaged records so you can file insurance claims, support tax deductions Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. or apply for government aid: * Look through catalogs or newspaper want ads to estimate the fair market value of damaged or destroyed items. * Consult a car dealer, search the Internet or go to your local library to determine the current value of vehicles. * Check with your county property tax assessor to determine the value of land versus building values. * Get a copy of the escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. papers for your home from your real estate agent, the title company, the escrow company or the bank that handled the purchase or refinance. * Contact lenders or contractors to determine the value of any home improvements you've made. * Check court records for the probate probate (prō`bāt), in law, the certification by a court that a will is valid. Probate, which is governed by various statutes in the several states of the United States, is required before the will can take effect. values of property you may have inherited. * File Form 4506, Request for Copy or Transcript of Tax Form, with the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. to obtain previous federal income tax returns. A small fee may be charged for this service. If someone else prepared your tax returns, contact that person to request copies. How can I get a quick, fair settlement from the insurance company? * Collect all policy numbers and insurance company phone numbers. Plan to file a claim even if your home or property is not covered for the type of disaster that occurred because consequential damages Injury or harm that does not ensue directly and immediately from the act of a party, but only from some of the results of such act, and that is compensable by a monetary award after a judgment has been rendered in a lawsuit. may be covered. * Find out how the company will process claims. If damage is widespread, the company may set up special procedures and send extra personnel and claims adjusters. * Make an accurate list of the damage. Ask your friends, neighbors and family members to assist you in preparing the list. Use the list when you file a claim to prove that a loss took place and to confirm the value of the loss. Start with a preliminary list of damaged property and the degree of damage to each item. If possible, photograph or videotape the damage. Check the list against any inventory you may have made before the disaster, or make a predisaster inventory from memory. To jog your memory for items you had before the disaster, walk the aisles of local stores, look at newspaper want ads or leaf through catalogs. Photographs or videotapes taken in and around your home also may help. If necessary, draw floor plans or sketches of your home's interior. Repeat the process in two or three weeks, because it's likely you will remember additional items. Important: Don't consider your first list to be the final one. Give yourself time to remember additional items later. * Collect all available receipts, canceled checks, credit card statements and invoices to prove the value of lost possessions, including big-ticket items big-ticket item Managed care A popular term for an expensive therapeutic or diagnostic procedure such as computers or jewelry. You also may request copies of monthly statements from your bank and credit card providers. * File claims as quickly as possible. As soon as you have a list of damaged or destroyed property, file the claim. Claims generally are settled in the order received, although the most severe cases may receive the highest priority. * Erect an identifying sign on your property if destruction is severe and widespread. If it will be difficult for a claims adjuster to identify your property, a sign with your name, street number, insurance company and a way to reach you can speed up your claim. What should I keep in mind about settling claims? Don't feel pressured to settle a claim until you are satisfied with it. Here are some additional tips: * Use your list of damaged property and possessions to be sure the settlement offer is fair. * Appeal an adjuster's settlement offer to higher company management if you feel it's necessary, or try to settle through independent mediation or arbitration. * Don't accept settlement checks as "final." You may need to file additional claims later. Keep your right to future payments open until time limits set by your policy require a final settlement. Consider seeking legal advice before signing any waiver that addresses accidents or mishaps other than natural disasters. * Put your settlement funds in safe, short-term investments until you need them. Will I qualify for a tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. or deduction? You may be eligible for tax refunds, deductions or other benefits due to lost or damaged possessions or property. Here are a few things to keep in mind: * Rules regarding casualty losses are complex and can change. Seek expert advice from a CPA financial planner Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. or other financial adviser. * In general, losses are deductible if, in one year, they total more than $100 and more than 10 percent of your adjusted gross income. * Keep documentation to prove that a loss took place due to a specific disaster, the dollar amount of the loss and who owns or is liable for the property. Some costs of documenting your loss, such as appraisals or photographs, may be tax deductible. * You cannot deduct losses that are covered by insurance or emergency aid assistance. * Be aware that special casualty loss rules apply in a federally declared disaster area. For example, you can amend your previous year's tax return to report current losses instead of waiting to report the losses on your current year's return. This gives you a quick refund (generally within 45 days) of taxes you've already paid. Also, tax filing deadlines and payment schedules may be extended in a federal disaster area. RELATED ARTICLE: CalCPA Salutes Disaster Recovery Volunteers As soon as the extent of the Southern California wildfires was evident, CalCPA put out a call for volunteers to assist disaster victims who had tax and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against questions. Following is a list of just some of these heroes of the profession. Our admiration also extends to the hundreds of CPAs who have helped their clients begin the rebuilding process following the fires. Adler, Karen Aguer, Amy Akpovi, Mary O. Aleshire, Robert M. Alpert, Paul Amistad, Glenn R. Arne, Tony Ashcraft, Joan Atchley, Lynette Bader, Michael Baird, Sandra Barr, David W. Benson, Kathy Berkowitz, Art Bhasin, Angie Blake, Richard Blumenkratnz, Steve Bolton, Tracy Bonk, Jim Brister, Lee Cabral, Angelo Camacho, Carolina Castle, Robert Cespedes, Belinda Christiansen, Corina Chui, Colin Close, Dan Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Jonathan E. Cooke, Barbara Cox, Linda Y. DaCosta, Mel Davis, Peggy McAlister Davis, Terri Day, Michele Delucchi, George Dennis, Suzan C. DeRosa, Gina Dick, David Dixon, Jerry Dose, Pam Doty, Jeanne Eckley, Maurice "Mo" Edwards, Rochelle Eisenberg, Michael Ferro, Erica H. Fine, Linda Fox, Carolyn Fratello, Roberta Lee Freedman, Mitchell Friedman, Myron A. Friskopp, Annette Galdieri, Anna Maria George, David Gillespie, Debe Gold, Charles Goodfriend, Karen Grace, Mike Grodsky, Ed Gustin, Molly Hernandez, Linda Hollis A. Lanson, CPA Hornbeek, Mary Howard Loomis, CPA Hui, Elaine Jensen, Jan C. Jones, Emily Bologna Jones, Marsha Jones, Victoria Majors Kang, Steven Y.C. King, Robert W. Knowles, Katy Kostigen, Greg Krochman, Janet Lee Kuebler, Joseph J. Lee, Eric Levy, John Lint, Pamela S. Liu, Lydia Lorincz, Kerry Lucier, Peter F. Lund, Steven F. Martin, David Martin, Rita Mason, Teresa Matlen, H. Roy McLean, Donald D Donald D is a rapper originally from North Carolina. In New York, he started his career as a rapper, as part of The B-Boys, working with Afrika Islam and Grandmaster Flash. . Middleton, Dennis N. Morgan, Michelle Morris, Daniel D. Moshenko, Brian Neighbors, David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Nelson, Mark Ng, Iris Nightingale nightingale, common name for a migratory Old World bird of the family Turdidae (thrush family), celebrated for its vocal powers. The common nightingale of England and Western Europe, Luscinia megarhynchos, is about 6 1-2 in. (16. , Jerry Norris, Rick Noyes, Sidney W. O'Connor, Mary Ann Oberstein, Robert S. Ochoa, Adam R. Paule, Robin Pauley, Brad Plappert, Cheryl Pon, Lawrence Quiring, Karol Reardon, Walter F. Rebella, Monica Reed, Trudy N. Rieders, Milton H. Rizk, Samir Robinson, Edward Robinson, Edward (1794–1863) philologist, geographer, biblical scholar; born in Southington, Conn. He trained in Hebrew studies and geography at Hamilton College and in Germany. A. Rosenbaum, Gary H. Sadikoff, Preston Salt, Johanna Sweaney Schnur, Steve Schreiber, Jr., Charles F. Schulman, Howard M. Schwartz, Lester J. Scott, Tanya Lee Sfreddo, Marianne Shannon, Jeanne Shepherd, Steve Shi, Cindy Shields, Dan Shively, Douglas E. Skinner, Wendel S Wendel is the surname of:
Stringham, Bob Sullos, Jim Ta, Le Ann Tapp, John Tapp, Lynda Thompson, Dave Thompson, Kevin E. Thompson, Pamela Thornton, Melody Tomlinson, Richard Trapani, John Turski, Douglas Usui, Mark Watts, W. Elizabeth Walker, Tesson J. Weedman, Alicia West, William M. Williams, Linda Hernandez Wiseman, Cynthia A. Woodford, John R. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion