|The AAA-CPA Weekly Update|
|Jan. 16, 2013|
This week's AAA-CPA Weekly Update is sponsored by our bronze partner Newkirk
Newkirk, a DST Company, is a leading national financial communications company that offers valuable marketing tools at cost-effective pricing. We can help enhance your professional reputation by providing meaningful and useful information to clients and prospects. You can personalize comprehensive brochures, newsletters and seminar presentations to help increase your name recognition. You can also subscribe to online content for electronic distribution. Get started by reviewing materials and/or placing your order online at www.npi-opus.com or contact us at 800-525-4237.More
New Educator Affiliate Status
Are you a professor at an accredited college or university and teach in either the law or accounting departments? With the new Educator Affiliate Status, we welcome you to affiliate with the AAA-CPA.
Educator Affiliate status gives individuals the opportunity to network with our dually-licensed members, along with other great benefits such as:
Last chance to join us at the Southwest Regional Education Conference, Jan. 25-26, in Austin, Texas
Register to join us today to network with your fellow attorney-CPAs and gain insight into the latest with our education sessions. Click here to register today. Featured programs and speakers include:
Paul Lee, Esq., LL.M., Bernstein Wealth Management Group — The Taxation of Exotic Investment Products
Investing has gone beyond stocks, bonds and mutual funds. Today, high-net-worth individuals are being offered an array of alternative asset classes and investments. From commodities, exchange-traded notes, to foreign sovereign and emerging-market debt, these investments often utilize complex financial instruments and derivatives, catching the taxpayer and tax professionals unaware. This presentation will discuss the taxation of these exotic investments, pointing out traps where the tax code is unclear and where tax advisers are likely to see change in the future.
William Hornberger, Esq., LL.M, CPA, and Steven Moore, Esq., Jackson Walker LLP — Texas Margin Tax
This Texas franchise tax presentation will provide a transactional approach to analyzing the Texas franchise (aka margin) tax including a review of common business structure issues, nexus, unitary and combined reporting issues. The presentation will also provide current information on legislation likely to be filed in the 2013 Texas legislative session.
Judge John C. Akard — What the Nonbankruptcy Lawyer Needs to Know About Bankruptcy
What should you do when your client gets that dreaded notice that one of its customers has filed for bankruptcy? Should your client participate in the bankruptcy process? How? Learn ways your client can get a greater return for creditors.
Sherri Anderson, Esq., CPA, MT, Anderson Law Firm PLLC, David Klasing, Esq., MS, CPA, and John Pramberg, Esq., Tax Law Office of David Klasing and John Pramberg — Representation in Connection With an IRS Audit
What happens when an Internal Revenue Service auditor requests your client's presence in the audit meeting but the client expects you to handle it? Can the auditor actually compel a taxpayer to appear when they are represented by counsel? Facilitated by John Akar Jr., fellow attorney-CPAs will share their experiences in this type of situation — Sherri Anderson as a tax professional, David Klasing as a criminal defense lawyer and John Pramberg as an accounting and legal professional.
Brian Yacker, Esq., CPA, YH Advisors — What Your Charity Board Must Know
With the substantial revision of the Internal Revenue Service Form 990 first effective for the 2008 tax year, it is obvious that the IRS desires to focus an immense amount of attention and scrutiny on the governance practices of exempt organizations, public charities in particular. Additionally, with the relatively recent issuance of the Governance Check Sheet, it is essential that all board members for exempt organizations understand the expectations of the IRS in the governance area. This presentation will summarize all the necessary policies, procedures and practices an exempt organization board member needs to know.
Loren Cook, Esq., CPA, Loren R. Cook and Associates Ltd. LLP (LRC) — Implementing Technology in Your Practice
They don't call it the World Wide Web for nothing. The plethora of technologies you can add to enhance your organization's practice is infinite. Where do you start? What is best? Hear from a fellow attorney-CPA that just went through the cycle of evaluation, selection and implementation to improve how he conducts business. Share your best practices so everyone can learn from one another.More
Commentary on the American Taxpayer Relief Act of 2012 — 2013 fiscal cliff and estate planning
by Martin M. Shenkman, Esq., CPA, Martin M. Shenkman PC
The post-American Taxpayer Relief Act estate planning environment appears to be dramatically different than any estate tax regime that has heretofore existed. For the first time in history, there is a permanent high-inflation adjusted and portable exemption amount that excludes all but the wealthiest of the wealthy from gift, estate and generation-skipping transfer tax. Even more significant is that the fear of the estate tax for the vast majority of clients is simply gone. While clients still require all the valuable nonfederal estate tax minimization planning professionals can provide, educating clients that the KISS principal and lowest cost solution is not preferable may be the greatest challenge many practitioners face.More
Call for contributors
In an effort to enhance the overall content of The AAA-CPA Weekly Update, we'd like to include peer-written articles in future editions. As a member of the AAA-CPA, your knowledge of the industry lends itself to unprecedented expertise. And we're hoping you'll share this expertise with your peers through well-written commentary. Because of the digital format, there's no word or graphical limit and our group of talented editors can help with final edits. If you're interested in participating, please contact Colby Horton to discuss logistics and payment.More
Smaller payday trims workers' splurges as US tax breaks expire
Phoenix high school teacher Kenny Williams said he's cutting back on his "family splurge fund" for movie and sports outings after the reinstated U.S. payroll tax lowered his first paycheck of the year by $30. The 46-year-old single dad of two was shopping at the 99 Cent Only store in Phoenix recently to save money on groceries and partly offset the $60-a-month cut he expects in his pay. Dinners out also will go, he said.More
Republican governors seek to reshape taxes
Republican governors are introducing bold proposals that would abolish income taxes, business taxes and other unpopular levies and often offset those cuts by boosting sales taxes. Many of the proposals wouldn't cut taxes overall. The governors say their plans aim to reshape tax systems to promote economic growth.More
IRS begins e-signatures on 25 million annual forms
If there's one organization that could make the most people's lives easier by accepting digital signatures, it would be the Internal Revenue Service. Sadly, the IRS is still a long way from letting all tax filers submit their annual returns via electronic signature. But recently, it got one step closer to that when it began accepting signatures on income verification forms via companies like DocuSign, Adobe, eSignSystems and others.More
The new (old) payroll tax is starting to hit hard
Shortly after Congress passed legislation to avoid the fiscal cliff, with headlines touting that rates had been raised only on those making more than $400,000 per year, some buzz-killing news for the less-wealthy emerged. Workers' share of the Social Security payroll tax, which had been temporarily cut from 6.2 percent to 4.2 percent for two years, was immediately snapping back to the higher level. More
Tax code hits nearly 4 million words, taxpayer advocate calls it too complicated
What could you do with six billion hours? Think hard. That's the equivalent of 8,758 lifetimes. Yes, lifetimes. It's also how much time taxpayers spend every year trying to comply with tax filing requirements. That number was stated in the 2012 annual report by National Taxpayer Advocate Nina E. Olson. The report was delivered this year, as it is every year, directly to the House Committee on Ways and Means and the Senate Committee on Finance.More
IRS warns against submitting incomplete tax returns
The Internal Revenue Service warned electronic filing providers that they must not submit tax returns electronically before receiving all W-2, W-2G and 1099-R forms from taxpayers. The IRS noted that it monitors authorized IRS e-file providers for compliance with this and other IRS e-file rules and requirements. More