The AAA-CPA Weekly Update
Sep. 11, 2013

Come see the Grand Canyon with us!
While in Las Vegas for our meeting, get out of the city with us. On Friday, Nov. 8, come experience the majestic wonders of the Grand Canyon West while standing on the glass bridge, the Grand Canyon Skywalk. The skywalk is a U-shaped glass bridge that extends 70 feet beyond the rim of the Grand Canyon, giving visitors a full view of the 3,200-foot drop to the Colorado River on the canyon floor. Take a tour of the Hoover Dam on the Arizona side. The tour will will also include a drive through the Joshua Tree Forest and a nutritional breakfast with juice or bottled water and a buffet lunch served by members of the Hualapai tribe. The tour is open to all attendees and guests. Click here to sign up!More

AAA-CPA urges IRS to maintain electronic authorization program
The AAA-CPA opposes the Internal Revenue Service's plan to eliminate the Disclosure Authorization electronic service used by CPAs, attorneys and enrolled agents to expedite data submission and resolve account issues. In a letter dated Aug. 2 to IRS Acting Commissioner Daniel Werfel, the AAA-CPA urged the IRS to maintain the service. AAA-CPA President Domenick Lioce says retiring the Disclosure Authorization option for e-services without a planned replacement will diminish IRS services to taxpayers and practitioners and increase the cost to all who benefit from the current system. To read the full press release, please click here.

On Aug. 26, Lioce received a letter from the IRS regarding this decision. To view the letter, please click here. More

2013-2014 membership dues
Reminder: Membership dues and fees for 2013-2014 are due by Oct. 1. Please contact Kimmy Livingston at or 888-ATTY-CPA, ext. 2, if you did not receive your renewal statement. Payments may be made by logging into the AAA-CPA website, via fax at 703-352-8073 or by mail to our office: 8647 Richmond Highway, Suite 639, Alexandria, VA 22309. Payment plans are also available upon request.More

Become an Affiliate of the AAA-CPA
Not an attorney-CPA but interested in networking with our dually-licensed members? Become an Affiliate for 50 percent off first-year fees and receive these benefits.

Now is your chance to belong to the only association in the nation whose members are comprised of professionals who are dually qualified as both attorneys and CPAs. Click here to join today, or call 888-ATTY-CPA with any questions. More

Affordable Care Act sees more employers embracing credits
Boutique accounting, medical and legal firms that resisted offering insurance to their employees under the new health care law may change their minds when the tax advantages go up next year. Companies with 10 full-time employees or less, making an average wage of $25,000 or less, may get a 50 percent tax credit for the amount of their contribution to cover premiums in 2014, Bloomberg BNA reported.More

US moves to expand business R&D tax break
Think you have a new way of making wine? There could be research tax breaks for that. The U.S. government has called for a wider array of business activities to be made eligible for research tax breaks, including more manufacturing process-oriented costs, giving a preliminary tax law win to manufacturers and food processors.More

Timing of profits spurs debate on accounting in IRS code
For companies concerned about changes to the U.S. tax code, the issue may not be how much money they make but when they make it. Two approaches to corporate accounting are squaring off in Congress's plans to change the Internal Revenue Code, and the outcome may have a big impact on some types of businesses, Bloomberg BNA reported.More

IRS pressed to explain audits of veterans' organizations
Accounting Today
The American Legion and other veterans' organizations are expressing concern over reports that the Internal Revenue Service is requiring them to maintain military service records for their members or face stiff penalties.More

Federal tax update — August
David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC
Final regulations under Code Section 5000A provide guidance on the individual mandate of the "shared responsibility payment," effective in 2014. They provide that the penalty does not apply for a "short coverage gap" of less than three full calendar months.

Corporate breaks at risk in US plans to cut tax rates
Billions of dollars in U.S. tax breaks prized by manufacturers, energy companies and other industries could be targeted for elimination when two powerful lawmakers are expected to introduce proposals to overhaul the United States' tax system. The plans could be introduced as early as September and face tough odds in a Congress where disputes over nearly every tax and spending issue threaten a crisis.More

Americans turn in passports as new tax law hits
The number of Americans choosing to give up their citizenship has spiked dramatically this year as the government works to implement a new disclosure law aimed at stamping out tax evasion. Some of the rush may be caused by Americans hoping to avoid the new disclosure requirements. Others living abroad say they are giving up their U.S. passport because they are tired of dealing with overly complicated tax filings. More

Secret Swiss accounts said no longer safe for tax dodging
Taxpayers who still believe they can hide secret Swiss bank accounts from the Internal Revenue Service are "beyond foolish," the top U.S. tax prosecutor said as a five-year crackdown expands to new offshore havens. The enforcement drive has forced a "remarkable" change in the ability of the U.S. to find secret accounts in Switzerland, the world's largest offshore financial center with about $2.2 trillion of assets, said Kathryn Keneally, assistant attorney general in the Department of Justice's tax division.More

How some high-income people avoid paying federal income tax
Most of the 43 percent of Americans who the Tax Policy Center projects will pay no federal income tax this year make very little money. Some are middle-income households that qualify for enough tax preferences to zero out their tax bills. But more than 70,000 households with income over $200,000 will pay no federal income tax in 2013. How will they do that? More