Register now for our Southwest Regional Education Conference
What better way to relax ahead of the busy tax season than a weekend getaway to Fort Worth, Texas? The AAA-CPA invites you to attend the 2014 Southwest Regional Education Conference, Jan. 24-26.
Don't miss out on the networking opportunities or education sessions. This program will provide up to nine hours of CPE and CLE/MCLE on a 50-minute hour track and 7.5 hours of CLE/MCLE on a 60-minute hour track.
Both members and nonmembers are encouraged to attend and bring their families. Click here to register.
Study group by fall meeting presenter Jere Doyle
Join us for a study group presented by fall meeting presenter Jere Doyle, senior vice president and estate planning strategist of BNY Mellon Wealth Management. He has been with the firm since 1981. Doyle provides wealthy individuals and families throughout the country with integrated wealth management advice on how to hold, manage and transfer their wealth in a tax-efficient manner. This study group will be held on Tuesday, Jan. 23, at 2 p.m. EST.
To register for this study group, please click here.
AAA-CPA New England chapter to hold free CPE program on Jan. 29
The New England chapter will be holding a free CPE program titled From Start-Up to Exit: Insight Into How a Business Lawyer Counsels Entrepreneurs, presented by Justin M. Nesbit of Gesmer Updegrove. The program is graciously being sponsored and hosted by Eaton Vance Investment Council. To sign up for this free education program, click here or call 888-ATTY-CPA, ext. 2.
AAA-CPA members receive 40 percent off select CCH titles from Jan. 1-31
"1040 Express Answers," 2014
Regular price: $58.95
In January: $35.37
"State Tax Handbook," 2014
Regular price: $99.95
In January: $59.97
"US Master™ Depreciation Guide," 2014
Regular price: $94.50
In January: $56.70
Click here to view all of the January specials and to place an order.
Tax shock ahead for wealthy
The wealthy may be in for a bit of a jolt this tax season.
That's because Democrats have pushed through several new taxes on the well-to-do — many coming online this year — making the top tax bite steeper than advertised. By how much is a matter of opinion, but some experts say the true top rate is about 45 percent — 5 percentage points higher than the usual sticker price or higher still depending on what's included in the mix
Taxes have Congress avoiding roads bill as money runs low
Congress's partisan divide over tax increases is jeopardizing action on a long-term highway bill backed by industry groups, raising the risk that the U.S. will run out of money to pay for projects next year. Groups led by the U.S. Chamber of Commerce, the biggest business lobby, want to prevent a repeat of 2012, when proposals to fund roads, bridges and mass transit for six years sputtered over bipartisan opposition to raising the U.S. gasoline tax.
The 2014 Obamacare tax wave
Tanning salons, colonoscopy scopes and prescription drugs like Xanax — they're all items hit by taxes in recent years to fund President Barack Obama's health care law.
Starting in 2014, the Obamacare tax man is coming for insurance companies — who contend a good chunk of these costs will be passed on to consumers in the form of higher premiums.
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Top 10 most litigated tax issues
What happens when a taxpayer disagrees with the Internal Revenue Service? Some people think that the matter ends there: the IRS always wins, right? Not necessarily.
Meet the people who've already paid their 2014 Social Security tax
Los Angeles Times
Call them the 900: The Americans who will meet their 2014 payroll tax obligations for Social Security as of Jan. 2.
They're an impressive group and very elite, bless their hearts: To have earned the maximum taxable wage for Social Security in 2014 ($117,000) in two days, one's annual income has to exceed about $21.3 million.
Tax court ruling clarifies IRA transactions
A recent ruling by the U.S. Tax Court holds a costly reminder about the consequences of making inappropriate transactions within a client's individual retirement account.
In a case that centered on two investors' relationship to a company held by their retirement accounts, the court ruled that two business partners' IRAs were disqualified under the prohibited transaction rules when they guaranteed loans to a company owned by their IRAs.
IRS cites a need for more funding in annual report to Congress
The New York Times
The Internal Revenue Service would do a better job with more money to bolster collection and customer service efforts, said the ombudswoman for the nation's tax collector in delivering its annual report to Congress.
Additional funding would help make tax collection less frustrating and more efficient, the report said.
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For some, mortgage relief will mean a big tax bill
The Boston Globe
There's a tax break for struggling homeowners that Congress should not have let expire just before the new year. If it's not extended, some people selling their homes could get big tax bills.
As the housing crisis in the middle of the last decade drove people into foreclosure, many borrowers were not aware that forgiven debt — including on mortgages — is considered income.
GOP to continue push on cutting off child tax credit for illegals
The Washington Times
Democrats ducked a debate about cutting off tax breaks to illegal immigrants, but Republicans vowed to keep raising the issue, saying that having the Internal Revenue Service pay out tax credits to those who shouldn't be in the country in the first place is a form of fraud. For the GOP, which has tried repeatedly to require taxpayers collecting the Additional Child Tax Credit to prove they are in the country legally, it's a good-government reform — and one that's backed by the IRS' own internal auditor.
Missed last week's issue? See which articles your colleagues read most.
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