IRS, AAA-CPA Offer Help Selecting a Tax Preparer
With the filing season approaching, the Internal Revenue Service has joined with national tax organizations to provide people with new options to get information and tips on selecting tax professionals and avoiding unscrupulous preparers. On Dec. 18, Mike Breslin, chair of the AAA-CPA IRS Liaison Committee, joined IRS Commissioner John Koskinen at a press conference to unveil the new gateway page. Click here to read the full press release.
Attorney-CPAs Honor World War II Medal of Honor Recipient
Walter Ehlers of California was the last surviving World War II Medal of Honor recipient for his heroism at Normandy on D-Day, June 6, 1944. He was a friend of Jay Foonberg, who arranged the California association's laying a wreath on the Tomb of the Unknown Soldier as a tribute. Other attorney-CPA's joined the California association's tribute Nov. 4. Joining Jay Foonberg are David Berger of Los Angeles, Walter Youngman of Walnut Creek, California, Rosemary Larry of Arlington, Virginia, and Jo Ann Koontz of Sarasota, Florida.
AAA-CPA South Texas (Houston) Chapter
On Dec. 19, the AAA-CPA South Texas Chapter met at the FCA Corp office in Houston for a presentation, Federal Tax Updates for Individuals and Small Businesses, presented by E. Rhett Buck. The next meeting will be held Jan. 16 with a presentation titled Overview of the New Tangible Property Regulations by Robert L. Erwin. All meetings are held the third Friday of the month at 8:30 a.m. at FCA Corp, 791 Town & Country Blvd., Suite 250, Houston, TX, and provides a complimentary breakfast and education credit (1.0 Texas MCLE, 1.0 CPE). The South Texas Chapter graciously thanks FCA Corp for their assistance in sponsoring these meetings. To register for the Jan. 16 meeting, please click here.
AAA-CPA Colorado Chapter to Hold Joint Meeting With the BCBA Business Section
Please join us Jan. 20 at 12 p.m. for the AAA-CPA Colorado Chapter joint meeting with the BCBA Business Section titled Selected Partnership & LLC Tax Issues. Justin Dodge, tax partner at EKS&H, will address selected partnership and LLC tax topics, including substantial economic effect rules; the merits of using entity debt to partners versus preferred equity; target capital accounts; and the contribution of appreciated property. For more information and to register for this event, please email Laura@boulder-bar.org.
Stop by the AAA-CPA Booth at Heckerling!
The AAA-CPA will be exhibiting at the Heckerling Institute on Estate Planning, Jan. 12-16 at booth number 207. Stop by and enter your business card for a chance to win a $100 Amazon gift card! Also, join your fellow attorney-CPAs for a free luncheon Jan. 13. This event is open to members and affiliates of the AAA-CPA and nonmembers who qualify to become a member or affiliate. For more information and to register, go to our Calendar of Events section on our website or click here to download a registration form.
Federal Tax Update — December 2014
By David S. De Jong, Esq., CPA, Stein Sperling
Public Law 113-295 Division A, the Tax Increase Prevention Act of 2014, extends through 2014 numerous tax benefits, including deductions for mortgage insurance premiums as interest, sales tax as an alternative to income tax and the above-the-line treatment of certain education expenses and certain educator expenses; the exclusion of employer transit and vanpool benefits and the cancellation of acquisition indebtedness on a principal residence; and the nonbusiness energy property credit.
North Dakota Will Consider Slashing Income Taxes to 0
The Washington Post
Republicans in North Dakota will consider whether to slash income tax rates to zero, even as lower oil prices threaten to undermine the state's otherwise healthy economic outlook.
State House Majority Leader Al Carlson said he will introduce a measure when the legislature returns to cut both the personal and corporate tax rates completely.
Practitioners Expect a Better Tax Season
Tax professionals are looking forward to a better tax season this year, according to a recent survey — or at least one that's no worse.
Almost half of tax professionals and accountants in a survey by Accounting Today and Tax Pro Today said that they are expecting the 2015 tax season to be better than last year's, while a third are expecting it to be about the same.
Tax Reform: Could It Happen?
This much is true: Both President Barack Obama and top Republicans are saying the right things about tax reform right now.
Whether that means that the two sides will make the progress in 2015 necessary to overhaul the tax code before Obama leaves office is another question entirely.
Miss an issue of The AAA-CPA Weekly Update? Click here to visit The AAA-CPA Weekly Update archive page.
New Tax Forms to Be Sent for Obamacare
As we shift into the new year, we're gearing up for an onslaught of new paperwork that is essential for filing your 2014 tax return.
One brand new piece of paper: Form 1095-A, the Health Insurance Marketplace Statement.
Republicans to Push Ahead on New Math for US Taxes, Budget
As Republicans assume control of the entire U.S. Congress in the new year, they are expected to push a controversial change to use more macroeconomic projections in determining the impact of tax and budget legislation on the federal deficit. Critics say wider use of "dynamic scoring," as the Republican-favored approach is known, would introduce new uncertainties into fiscal policy and degrade the value of present analysis now done by Capitol Hill staff experts.
After-tax 401(k) Rollover to Roth IRA OK'd
Millions of employees have had the option to make after-tax contributions to their traditional 401(k) plans for many years — long before the Roth 401(k) came on the scene. Now, a recent Internal Revenue Service ruling makes it easier to do an after-tax 401(k) rollover to a Roth IRA.
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063