The AAA-CPA Weekly Update
May. 20, 2015

AAA-CPA Co-sponsoring Annual NYU Tax Controversy Forum — June 5
The annual New York University School of Professional Studies Tax Controversy Forum features interactive presentations delivered by expert practitioners who cover a broad range of issues regarding tax audits and tax litigation at all levels. Content encompasses the timeline of controversy work — from planning for the examination of a return and audit and administrative appeals processes, to litigation techniques and strategies. Panelists representing both taxpayers and the government share views on the latest issues and perspectives on tax controversies. Attendees learn practical solutions and valuable insights from leading authorities from across the profession. The forum provides you with an ideal setting to share ideas, exchange views, learn what others are doing and obtain credit for continuing education. For more information and to register, please click here. More

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Jim Rigos to Present "A CPA's Higher Standards of Professional Fiduciary Duty" Study Group
Join AAA-CPA member and Ethics & Dual Rights Committee Chairman Jim Rigos June 2 for an informative study group to learn about the fiduciary duty 2015 application to a CPA. We will cover four areas of practice: legal roles like trustee, "responsible person" fiduciary liability, investment sales and guidance and directorships of corporations, both public and charitable. Members and nonmembers of the AAA-CPA are welcome to join. For more information and to register for this program, please click here.More

Majority of Businesses Taking Steps to Avoid Obamacare Tax
The Hill
Nearly two-thirds of companies facing a new Obamacare tax say they are changing their coverage to avoid the extra costs, according to a new survey. The so-called Cadillac tax, which applies to health care plans above a certain expense threshold, is one of the most pressing changes still to come under Obamacare, according to a survey of about 600 members of the International Foundation of Employee Benefit Plans.More

IRS Chief Counsel Memorandum Clarifies that Correction of Section 409A Failures in Year of Vesting Will Not Shield Income Inclusion Under 409A
The National Law Review
The Office of Chief Counsel of the Internal Revenue Service released a memorandum clarifying the impact of a correction of a Code Section 409A operational failure before the date of vesting of nonqualified deferred compensation but during the year of vesting. In the memorandum, the IRS clarified that such a correction, under such circumstances, would not avoid income inclusion under Code Section 409A. More

The US Corporate Tax Isn't That Weird
The New York Times
We wouldn't want to follow North Korea's lead on tax policy. But what about South Korea? In a speech given in New Hampshire, Chris Christie, New Jersey's governor and a possible presidential candidate, used a comparison to North Korea to attack the United States' system of worldwide corporate taxation. The federal government subjects American companies to American taxes (at least in theory) on their entire global profits.More

Why Tax Brackets Aren't the Key to Simplifying the Tax Code
In the TurboTax era, simplifying the tax code has almost nothing to do with the number of tax brackets. You wouldn't know that from listening to Republican presidential hopefuls, who are touting their plans based in part on how aggressively they tear up today's seven-bracket income tax structure for individuals.More

Judges for Higher Taxes, Not Pension Reform, in Illinois
The Illinois Supreme Court recently overturned a state law that would help fix the state's notorious pension crisis. The justices basically ruled that the pension arrangements are iron-clad, although these pensions are on a course to bankrupt the state and imperil public services that Illinois families depend on. The unions come first.More

FASB Proposes Tweaks to Revenue Recognition Guidance
Accounting Today
The Financial Accounting Standards Board has released a proposed accounting standards update to clarify the guidance on performance obligations and licensing contained in the new revenue recognition standard. The proposed accounting standards update includes targeted improvements based on input that FASB received from the Joint Transition Resource Group for Revenue Recognition and other stakeholders.More