The AAA-CPA Weekly Update
May. 21, 2014

3 options to attend our 50th anniversary events in Southern California this summer
AAA-CPA
Come celebrate with the AAA-CPA with what best fits your schedule:

  1. CA Association Pre-Conference in Beverly Hills, California, with two hours of education, kick-off reception, dine-around, sightseeing and more. June 29 to July 1 with bus transportation from Los Angeles to Huntington Beach. Click here for more details.

  2. 50th Annual Meeting and Education Conference offering 19 hours of education and multiple events, July 2-6, in Huntington Beach, California.

  3. Come to both!
Click here for details.More

Tax professionals and the IRS: Successfully Working Together Conference — June 18, 2014
AAA-CPA
The AAA-CPA Michigan Chapter is a proud sponsor of the Tax Professionals and the IRS: Successfully Working Together Conference taking place in Livonia, MI on June 18. The keynotes bring you important information including SB/SE updates, the latest from the Michigan Unemployment Insurance Agency, IRS collection process updates and a comprehensive walk-through of Form 1041. Please download the program flyer for more information and registration details or visit www.micpa.org/irsc.More

CCH Book of the Month
AAA-CPA
From May 1 - 31, purchase the U.S. Master Tax Guide®, 2014 at 40 percent off:

Regular Price: $93.50
In May: $56.10

Click here to purchase at the discounted rate. More

Schools gripe about tax cap, but few tempt it in New York
WGRZ-TV
Just 3 percent of school districts in New York plan to seek an override of the property tax cap at the polls, even as educators warn that the cap is crushing programs and services. Implemented in 2011, the property tax cap has become increasingly difficult for schools to try to override. More

New corporate tax liability law could cost Michigan $280 million over 3 years
MLive
Michigan is expected to lose roughly $280 million in projected revenue over the next three years as the result of a new law limiting corporate officer personal liability for a company's unpaid taxes. The Senate Fiscal Agency, in an analysis released a month after the law took effect, indicated it "potentially will reduce state revenue" by an unknown amount.More

New advisor models threaten legacy members
Wealth Management
The growth of fee-based compensation and new portfolio construction methods among advisors threatens brand name money managers that many advisors have traditionally relied upon, according to a new Casey Quirk study. New advisor models will grow at the expense of the legacy manager selector model — in which advisors invest most of their clients' assets with a select group of fund families.More

Treasury official: US asset managers over reacting to risk panel review
Reuters
Under Secretary for Domestic Finance Mary Miller says she is surprised how hard the asset management industry has lobbied against efforts by regulators to explore where the sector poses systemic risks.More

US House backs permanent business research tax credit
Reuters
The U.S. House of Representatives voted 274-131 to approve making a tax credit for business research and development costs a permanent part of the federal tax code for the first time. The bill will face an uphill battle in the Democratic-controlled Senate amid criticism that its estimated $156 billion cost to U.S. taxpayers over 10 years is not offset by any new tax revenue.More

Wealthy paid 13 percent more tax on same income
MarketWatch
It's no secret that high-income households have historically paid more than their fair share of income tax relative to their numbers. For the 2013 filing season for 2012 individual income tax returns, as of July 25, 2013, the Internal Revenue Service processed 137 million returns with adjusted gross income totaling $7.6 trillion and income tax after credits totaling $894 billion.More

Who pays the most income taxes?
CNNMoney
The average American pays more in tax and social security than Canadians, Australians, the Japanese and the British. But when you compare the American tax burden to other developed nations, the numbers don't look so bad.More

Congress moves to turn back taxes over to debt collectors
The Washington Post
The Internal Revenue Service would be required to turn over millions of unpaid tax bills to private debt collectors under a measure before the Senate, reviving a program that has previously led to complaints of harassment and has not saved taxpayers money.More

Wealth management for baby boomers entering new phase
North Bay Business Journal
Business and financial advisers are pointing to the swelling ranks of baby boomers currently in retirement as an accelerating trend impacting the world of wealth management, seeing growing demand for ongoing guidance from an aging population that largely views that transition in the context of the recent recession.More

How women can make estate planning easier
The Wall Street Journal's Market Watch
It's not that there are different estate-planning tools for each sex. But women are likelier to live longer, they're likelier to be custodial parents and, speaking generally, women often approach the topic differently than men.More

Elder law: Trusts affect Texas homestead exemption
Houston Chronicle
For individuals who own a home, one of their main concerns is the preservation of the homestead exemption on the property. A homestead exemption helps save property taxes on an individual's home by removing a portion of the value of the property from taxation.More