The AAA-CPA Weekly Update
Jun. 11, 2014

Are you an attorney-CPA? Join the AAA-CPA today and attend our AAA-CPA Pre-Annual Meeting education and cocktail reception for free
AAA-CPA
Come network with this unique group of highly skilled professionals June 29 as attorney-CPAs throughout the country come together at the Beverly Hills Bar Association to celebrate 50 years. This is an excellent way to interact with individuals with similar interests while obtaining two MCLE/CPE education credits. You will also receive a $200 discount on full meeting registration to the AAA-CPA Annual Meeting & Education Conference in Huntington Beach, California. For more information on the AAA-CPA Pre-Annual Meeting events, please click here.More

Civil and Criminal Tax Controversy Updates for 2014 — Co-sponsored by the AAA-CPA
AAA-CPA
On Aug. 15, the AAA-CPA will be co-sponsoring the Civil and Criminal Tax Controversy Updates for 2014 Seminar at Long Island University. AAA-CPA members E. Martin Davidoff, Esq., CPA, and Karen Tenenbaum, Esq., CPA, LL.M., are scheduled to speak at this event. Please click here to register.More

The islands treasured by offshore tax avoiders
The New York Times
Did you know that U.S. companies earned $129 billion in 2010 in three small groups of islands? That is what companies told the Internal Revenue Service they earned in Bermuda, the Cayman Islands and the British Virgin Islands.More

Foreign tax exemption can disguise US multinational risks
Reuters
High levels of undistributed foreign earnings can flatter the post-tax earnings and credit metrics of U.S. multinationals, potentially leading investors to underestimate the financial risk of an issuer, Fitch Ratings says. Undistributed foreign earnings, the profits earned by foreign subsidiaries that have not been remitted back to the parent, are growing fast for many U.S. multinationals. More

CPA business executives optimistic about US economy
Accounting Today
The majority of CPA business executives are optimistic about prospects for the U.S. economy in the coming year, according to a new survey by the American Institute of CPAs. The second-quarter AICPA Economic Outlook Survey polled CEOs, chief financial officers, controllers and other CPAs in U.S. companies who hold executive and senior management accounting roles.More

Are you an attorney-CPA? Join the AAA-CPA today and attend our AAA-CPA Pre-Annual Meeting education and cocktail reception for free
AAA-CPA
Come network with this unique group of highly-skilled professionals June 29 as attorney-CPAs throughout the country come together at the Beverly Hills Bar Association to celebrate 50 years. This is an excellent way to interact with individuals with similar interests while obtaining two MCLE/CPE education credits. More

What's missing from Camp's tax reform proposal?
by Annette Nellen, Esq., CPA, via American Institute of CPAs
This article provides a brief overview to his discussion draft on tax reform and suggests 18 more changes that would better enable the reformed system to meet the goals of simplicity and equity. More

Supreme Court agrees to hear potentially groundbreaking Maryland tax case
The Washington Post
The Supreme Court announced that it will hear arguments in a Maryland case that could rewrite tax laws across the country and cost Montgomery County and other localities hundreds of millions in revenue if it decides for the plaintiffs. The issue in Maryland v. Wynne is the extent to which a state can tax income that residents earn in another state.More

Tax haven use widespread among Fortune 500 corporations
Reuters
Most Fortune 500 corporations have units in offshore tax havens that they use to avoid paying U.S. taxes through "accounting tricks," two left-leaning tax activist groups said. In a report that comes amid increased attention to corporate tax avoidance worldwide, the groups said U.S. multinationals each year avoid paying about $90 billion in federal income tax.More

Republicans back business warning on global tax talks
Bloomberg
The top Republican tax writers in Congress joined the biggest U.S.-based companies in warning that global negotiations to limit businesses from shifting profits to low-tax countries could harm Americans. Rep. Dave Camp, R-Michigan, and Sen. Orrin Hatch, R-Utah, said in a joint statement that other governments may be using the talks at the Organization for Economic Cooperation and Development as a way to "raid the American Treasury."More

Protecting confidentiality when information is exchanged between tax authorities
Forbes
Tax authorities receive a lot of confidential information from individuals and businesses. While the information is confidential, that doesn't mean it can't be disclosed. Tax agencies in the U.S. routinely exchange taxpayer information with each other at the federal and state levels.More