The AAA-CPA Weekly Update
Jan. 18, 2012

Last chance to register to attend our Western Regional Education Conference, Jan. 20 - 22, San Diego
AAA-CPA
It's not too late to register to attend the AAA-CPA Western Regional Education conference in sunny San Diego! Join us before tax season is officially in full swing and enjoy all that Rancho Bernardo Resort has to offer. While there, you will be able to partake in eight hours of CPE and six and a half hours of CLE. Speakers include Ed Brown, Jay Foonberg, Brian Yacker, Jeff Kahn and Mary Thomas. Topics will include:

For more details about the conference and to register, click here.More

Members: Receive a free consultation from Health Proponent!
AAA-CPA
Click here to learn how they can provide you with personalized assistance with a range of health care and insurance‐related issues. More

Watchdog: IRS' tight budget is hurting taxpayers
The Washington Post
The Internal Revenue Service's workload has intensified as Congress has cut its budget, resulting in slower refunds and service to taxpayers, an in-house watchdog said recently. The tax agency is resorting to shortcuts, relying excessively on automation that either fails to identify fraudulent claims or flags taxpayers for making mistakes when they haven't, National Taxpayer Advocate Nina E. Olson concluded in her annual report to Congress.More

Obama to propose 'insourcing' tax incentives
Accounting Today
President Barack Obama plans to include tax incentives in his fiscal 2013 budget to encourage more U.S.-based multinational companies to relocate jobs from foreign countries back home. At an event with business leaders to promote so-called "insourcing" of jobs, Obama described in general terms how he intended to propose such incentives. More

The SEC's new settlement language
CNBC via The Street
The Securities and Exchange Commission has changed the language it will use in settlement agreements, eliminating the familiar "neither admit nor deny" that has shielded many a firm from civil lawsuits. But the change will only apply to defendants whose guilt has already been established in a criminal proceeding, where a higher standard of proof is required than in civil courts. More

Estate tax lull may trap wealthy
InvestmentNews
Tax changes that President Barack Obama and Congress hammered out in the final days of 2010 discouraged clients from seeking estate-planning advice last year, even though estate lawyers argue there are many planning opportunities that shouldn't be missed. The legislation that set a $5 million estate tax exemption for 2011 and 2012 has all but eliminated "estate tax avoidance" as a motivating factor for clients, according to 32 percent of estate-planning lawyers and financial advisers surveyed recently by WealthCounsel LLC. More

States look to hike tax on millionaires
CNN Money
As the "tax the rich" debate rages in Washington, D.C., some states are turning to their wealthiest residents to bring in much-needed revenue. The governors of the two largest Democratic states want rich folks to help close budget gaps. And Democratic lawmakers elsewhere are preparing to do battle with Republican leaders to blunt budget cuts by instituting a millionaire tax. More

Facebook pushing Oregon lawmakers for fix after confusion over property tax bill
The Associated Press via The Republic
Facebook says it will push the Oregon legislature for a legal fix next month following confusion surrounding the company's property tax bill. The social media giant was surprised to learn last year that the Oregon Department of Revenue was classifying Facebook as a utility company.More