“ The fulfilling part of being a family office accountant is … presenting an individual ’ s or family ’ s cash flows to them in a way that empowers them to make more informed decisions .”

8 Family Office Accounting

The collaboration between the niche family accounting office practice area and tax planning can help clients achieve significant cost savings and peace of mind .

3 It ’ s Material : Well , Well , Well

Coming out of the busy holidays and with many CPAs facing the upcoming busy season , it ’ s key that you invest in your well-being — and the well-being of your team members . DENISE LEDUC FROEMMING , CPA , CAE , MBA

11 Indemnification Clauses

At first glance , indemnification provisions may seem benign , but hidden in what a client may define as “ standard ” terms can be language that shifts unreasonable risk to a CPA firm . SUZANNE M . HOLL , CPA

15 COT Liaison

The recent CalCPA Committee on Taxation and FTB liaison meeting provided timely updates and answers on trending topics , including passthrough entity tax , FTB notices and Sec . 1031 Exchanges . DAVID FLAMER , CPA

19 Where Did the TAM Go ?

The FTB has removed Technical Advice Memorandums from its website in reaction to a court decision that invalidated one of FTB ’ s TAMs as being an unlawful “ underground ” regulation . ERIC J . COFFILL

California

magazine . calcpa . org Volume 93 , No . 7 , Jan / Feb 2025

California Society of Certified Public Accountants

Associate Director , Communications Aldo Maragoni aldo . maragoni @ calcpa . org

Art Direction & Design Lynn LaRocca lynnlarocca @ gmail . com

Office 500 Capitol Mall , Suite 1760 Sacramento , CA 95814 ( 800 ) 922-5272

www . calcpa . org

California CPA ( ISSN 1530-4035 ) is published monthly except for February and April by the California Society of Certified Public Accountants , 500 Capital Mall , Suite 1760 ; Sacramento , CA 95814 . Periodicals Postage Paid at Sacramento , CA . Members receive California CPA regularly . Nonmember subscription rate : $ 75 per year , or $ 8.50 per issue ; foreign rate : $ 110 per year . Remit U . S . funds only .

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All correspondence pertaining to advertising or nonmember subscriptions should be addressed to the Advertising Department ; POSTMASTER : Send address changes to : California CPA ; Customer Services ; California Society of CPAs ; 500 Capitol Mall , Suite 1760 ; Sacramento , CA 95814 . Publication of an advertisement in California CPA does not constitute endorsement of the product or service by California CPA or the California Society of Certified Public Accountants . Items published in California CPA , unless otherwise specified , represent the views of the authors and individuals quoted .

2 CALIFORNIA CPA JANUARY / FEBRUARY 2025 www . calcpa . org