The AAA-CPA Weekly Update
Feb. 15, 2012

Registration to open this week
AAA-CPA
Make plans to join us after tax season for our Northeast Regional Education Conference at the Historic Inns of Annapolis Maryland House. We will be hosting a reception beginning on April 27, and then offer eight hours of education credit based on a 50-minute track on topics such as estate planning, 529 plans and more. We will also be offering a walking tour of both the U.S. Naval Academy and the Maryland State House on Saturday afternoon followed by dining at some of the local restaurants in Annapolis, Md.

Stroll down cobblestone streets to waterfront restaurants, quaint shops, lively pubs and historic tours as you explore the charm and elegance of the capital of Maryland. The Historic Inns of Annapolis's boutique hotels are right in the heart of it all. The beautifully restored Maryland inn offers a refreshing mix of Victorian charm, timeless hospitality and modern lifestyle luxuries.

The AAA-CPA has reserved a block of rooms at fantastic discount of only $179.00 for a single/double, plus applicable taxes. Annapolis in the spring is a very popular destination, so we don't want you to miss out in securing this great discount price on accommodations. Call now to reserve your room at 800-847-8882. Please mention that you are with the AAA-CPA to ensure you get the discounted room rate. Space is limited, so don't miss out.

Click here for more details about the conference hotel.More

In memoriam
AAA-CPA
The AAA-CPA was just informed of the passing of member Howard Kaplan, Esq., CPA, of Chicago last year. To read his obituary, please click here.More

Congress considers impact of accounting on tax reform
Accounting Today
The House Ways and Means Committee held a hearing on the interaction of tax and financial accounting rules on tax reform. "When companies report profits in their financial statements, the primary purpose is to convey information about a company's financial condition to investors and creditors," said House Ways and Means Committee Chairman Dave Camp, R-Mich., in his opening statement. "Conversely, the primary purpose of tax accounting is to measure income for levying the federal income tax. These two functions are not necessarily consistent, and in some cases, may even be at odds. For publicly traded companies focused on earnings per share in addition to cash flows, changes in tax policy might not produce intended results if the effect of tax policy on EPS is not well understood."More

5 nations join US in tax evasion crackdown
Forbes
If you thought the world was becoming a smaller place before, get ready. The U.S. Treasury — jointly with France, Germany, Italy, Spain and the U.K. — issued a statement expressing the intent to implement a government-to-government Foreign Account Tax Compliance Act framework. With nice timing, this notice was paired with the parallel release of massive proposed regulations to implement FATCA. More

Budget deficit totals $349 billion through 1st 4 months; on pace to pass $1 trillion for 4th straight year
The Associated Press via The Washington Post
The federal deficit was lower through the first four months of the budget year than the same period last year. Still, the deficit is expected to top $1 trillion for the fourth year in a row, putting more pressure on Congress and President Barack Obama in an election year. The deficit totaled $349 billion through January, the Treasury Department announced recently. That's $70 billion less than at the same point last year. January's monthly deficit was $27 billion, roughly half of the deficit in January 2011.More

SEC review of private equity said to focus on smaller firms
Bloomberg
The U.S. Securities and Exchange Commission's review of how private equity firms value assets and market their funds is so far looking at mainly smaller firms, omitting some of the industry's largest, publicly traded companies, said a person familiar with the inquiry. Blackstone Group LP, the biggest private equity firm, and KKR & Co. haven't received the SEC's December request for information, said the person, who asked not to be named because the information is private. The inquiry stems from a task force set up two years ago to look into practices ranging from asset valuation to conflicts of interest at private equity firms and hedge funds, said another person with knowledge of the matter.More

Brown University taxes: Providence, RI, takes on school in town-gown money clash
The Huffington Post
When Providence, R.I., Mayor Angel Taveras recently warned that Rhode Island's capital could run out of cash by June and face bankruptcy, he singled out the city's largest employer and one of its most prestigious institutions — Brown University — for what he called a failure to sacrifice. The Ivy League school, which as a nonprofit enjoys tax-exempt status, makes voluntary payments of a few million dollars a year to the city under an earlier agreement. But Taveras maintains the university should give more at a time when city taxes have gone up, services have been cut, schools have been closed — and he trimmed his own salary by 10 percent.More

IRS unveils new version of smartphone app
AccountingWEB
The IRS announced the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app, available on the Apple and Android platforms, adds a new YouTube feature, news feed and tax transcript service in addition to existing tools, such as checking on the status of a tax refund. "The new smartphone app provides an easy way for people to get helpful information about their taxes," said IRS Commissioner Doug Shulman. "IRS2Go reflects a wider commitment at the IRS to find innovative ways to serve taxpayers in a rapidly changing world."More