The AAA-CPA Weekly Update
Apr. 11, 2012

CCH discounts for American Association of Attorney-CPAs
AAA-CPA
As an association member, you receive a special discount of up to 30 percent on CCH titles each and every month. Take advantage of this special discount, and take a closer look at these popular titles, which are available to you at 30 percent off.More

Federal tax update
by David S. De Jong, Esquire, CPA , Stein Sperling
In Neri v. Commissioner, TC Memo 2012-71, the tax court determined that damages awarded a complainant for failure of his employer to accommodate a disability are taxable when the physical disability was not worsened by the lack of accommodation.
More

In memoriam — Arthur Singer, Esquire, CPA
AAA-CPA
Arthur Singer, Esquire, CPA, past-president and board member from Nevada, has passed away. The AAA-CPA office was informed that he passed away on the March 30. At this time, there has not been a published obituary. He is survived by his wife and children. Singer would have been 89 in May. If you'd like to send condolences, the address to reach his wife is as follows: 3539 South Eastern Avenue, Las Vegas, NV 89109. If you would like to call, the number is 702-732-4501. Per our current policy, we will be sending a sympathy card and basket to the home on behalf of the association.More

A headwind for the US economy: Tax uncertainty
Seeking Alpha
When contemplating investment decisions, it's generally a good idea to consider the future tax implications of any moves you might make. Unfortunately, this is especially difficult to do today. The future of the U.S. tax code has never been more uncertain, harder to plan for, and there has never before been such a looming potential headwind hanging over the U.S. market. More

The tax debate cometh
msnbc
VideoBriefGiven that Americans across the country will be filing their tax returns, don't be surprised if the issue of taxes takes center stage in the political debate. Indeed, Democrats are emphasizing tax fairness and the so-called Buffett rule. The Obama campaign is holding a conference call demanding that Mitt Romney explain why he opposes wealthy Americans paying a lower effective tax rate (due to their investment income) than folks in the middle class.More

IRS may allow virtual face-to-face audits via videoconference
Accounting Today
The Taxpayer Advocate Service at the Internal Revenue Service is beginning to pilot test a way for taxpayers to engage in face-to-face teleconferences with case workers to help them deal with their tax problems, and the program may expand to audits as well. National Taxpayer Advocate Nina Olson recommended that the IRS set up the technology to conduct "virtual face-to-face audits" with taxpayers as way to overcome persistent problems with the IRS's correspondence examination process. More

Congress prodded to act on tax cuts
The Associated Press via The Buffalo News
IRS Commissioner Douglas Shulman warned recently of a disastrous tax filing season next year if Congress puts off dealing with tax cuts that are set to expire at the end of the year or have already expired. If Congress waits until the end of the year or acts retroactively on expired tax laws, "you could have a real disaster in the filing season where there is total confusion" about existing tax law, Shulman said at the National Press Club. He said one result could be that the tax agency would have to delay the opening of filing for some taxpayers. More

SEC probes exchanges' disclosure in broad inquiry
Reuters
Regulators are closely scrutinizing stock exchanges for failure to disclose material changes to their businesses, part of some 20 different areas of inquiry by the U.S. Securities and Exchange Commission into how the electronic marketplace works. The SEC is interested in everything from the type of orders that the exchanges have devised to allow their clients to execute trades, to whether they are properly self-policing their markets, according to people familiar with the matter. More

IRS confident courts will uphold effort to license tax preparers
The Hill
The IRS is confident that their initiatives to increase regulation of tax preparers will be found legal, despite challenges from opponents. With a libertarian group filing a lawsuit saying the agency is in the midst of a power grab, Doug Shulman, the IRS commissioner, said that new requirements would help smoke out unscrupulous preparers and were being implemented with care. More