The AAA-CPA Weekly Update
Feb. 26, 2014

Register for our Northeast Regional Education Conference
Before tax season sucks you in, make sure you register for our Northeast Regional Education Conference, May 2-4! The price for members is $250, and the price for guests is $160. Printed materials can also be purchased prior to the conference for a fee of $50. Visit our website to view additional information regarding our sessions and speakers. We hope to see you in Atlantic City! More

Wishing our very own Director of Membership and Chapter Relations Kimmy Livingston a happy anniversary with the AAA-CPA
Livingston joined us five years ago this week, and we are so thankful for all she has contributed to the success of this organization. Please join us in thanking her for all she has done and wishing her a wonderful celebration.

Seeking accountant in Maryland area
A daughter of one of our longtime members has reached out to the AAA-CPA. Barbara Trager Katz, MA, ADC, is the life enrichment director at Maryland Masonic Homes in Cockeysville, Md. She has some residents who are in need of getting their tax returns filed. In the past, she went through AARP. An accountant would come to the community and assist the residents who were in need of assistance. This year, the person who had assisted them cannot do it. The AARP does have some outlets at senior centers, but some of the residents are not able to travel to those areas. She does not know how many private-paying residents are in need of getting their returns filed, but we do have residents who are receiving financial assistance who are in need of this service. Maryland Masonic Homes is located at 300 International Circle in Cockeysville. This may be a one to two day job. She is planning to put up a sign in order to find out who is interested. Anyone interested should contact Trager directly at 410-527-1111, ext. 3247, or via email to More

Have practice questions? Need advice or a referral?
As a member or affiliate of the AAA-CPA, you have the option of joining our proprietary listserv. Powered by Google Groups, it helps solve and identify problems for scores of members and affiliates daily, in addition to being a valuable business referral network. Don't waste precious time and money by searching for answers when your AAA-CPA colleagues are your best asset! If you would like to be added to the listserv, please send an email to Kimmy Livingston at to request to be added today!More

Why more Americans are renouncing US citizenship
VideoBriefA few times a year, the Department of the Treasury publishes a long list of names announcing all of the Americans who have lately abandoned their U.S. citizenship. According to the legal website, the number hovered around 500 a decade ago. Last year, it hit a record high of nearly 3,000.More

Surpluses in US states spur pushes for new spending, tax cuts
U.S. governors, many flush with surpluses after years of austerity, say they won't make the mistake of overspending as they face re-election in less than nine months. After emerging from an era of cuts, firings and tax increases that sparked clashes in state Capitols, Democrat and Republican leaders said at a conference in Washington, D.C., they're reluctant to make commitments that may hit them with deficits again if the economy stalls.More

Bank tax seen in plan coming from US Congress's top tax writer
A bank tax similar to one that President Barack Obama once proposed may be part of a broad tax reform package expected to be floated on by the top Republican tax writer in the U.S. Congress, lobbyists and analysts said. Rep. Dave Camp, R-Mich., chairman of the tax-writing House of Representatives Ways and Means Committee, was considering the bank tax in a draft plan for tax reform, they said.More

Treasury and IRS amend final FATCA regulations
Accounting Today
The Department of the Treasury and the Internal Revenue Service released a final package of regulations to implement the Foreign Account Tax Compliance Act and amend the regulations to align them with existing tax rules. FATCA was included as part of the HIRE Act of 2010, with the goal of combating offshore tax evasion by requiring foreign financial institutions to report on the holdings of U.S. taxpayers, or else face stiff penalties.More

Most tax-friendly states for retirees
When it comes to finding a state to which to retire, there are plenty of factors to consider. There's the weather, proximity to family and friends, access to health care, quality of life and the list goes on, according to CCH, Wolters Kluwer. More

Top 10 cities with the highest tax rates
24/7 Wall St. via USA Today
Although a little late this year, due largely to the federal government's 17-day shutdown in 2013, tax season is here. And, according to a new report, what you owe in taxes could be largely determined by where you live.More

US backs G20 crackdown on global tax loopholes
The U.S. threw its weight behind a push to make global taxation reform a key goal for the Group of 20 advanced and emerging economies, supporting moves to close loopholes used by major multinationals to avoid tax. U.S. Treasury Secretary Jack Lew backed the need for tax harmonization, saying that all nations should adopt the automatic exchange of information as a global standard.More

Obama plan: Cut tax breaks for richest retirement savers
President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports. Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28 percent of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report. More

4 ways the rich will pay more this tax season
Thanks to the fiscal cliff deal and the Affordable Care Act, the top 1 percent of taxpayers — and many in the top 3 percent as well — will have to pay a bigger tax bill come April 15. That's because those laws included four key tax measures that went into effect for tax year 2013. More