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AAA-CPA NEWS


Save the date for our 2014 Northeast Regional Education Conference
AAA-CPA
Mark your calendars now to celebrate the end of tax season with a weekend getaway! AAA-CPA invites you to attend the 2014 Northeast Regional Education Conference, May 2-4, at REVEL Resort in Atlantic City, N.J.

Don't miss out on the networking opportunities or education sessions. This program will provide up to eight hours of CPE and CLE/MCLE on a 50-minute hour track and six hours of CLE/MCLE on a 60-minute hour track. Both members and nonmembers are encouraged to attend and bring their families. Click here for more information.

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Don't miss 2 exciting new study groups
AAA-CPA
Get your CPE/CLE credit by attending one of our one-hour teleconferences from the comfort of your own office. Next month we have two study groups with exciting topics. Recent Partnership Developments will be presented by Jim Lynch of Sobel & Co. LLC, and Minimizing the Impact of the 3.8 Percent Medicare Surtax on Estates and Trusts will be presented by Jere Doyle of BNY Mellon Wealth Management. To register for one of these study groups, click here.
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INDUSTRY NEWS


Some states are moving to loosen their estate taxes
The New York Times
For most of the United States, the estate tax is now something only the very wealthy have to plan for. The federal exemption for an individual this year is now $5.34 million, or $10.68 million for a married couple. And that amount is indexed to inflation, so it will continue to rise. The exception is in the 16 states, mostly in the North, where state estate taxes remain and ensnare middle- and upper-middle-class residents — the very people the high federal exemption was supposed to protect.
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Swiss banks seek tax amnesty as 3rd accept US offer
Bloomberg
One-third of Swiss banks offered amnesty by the U.S. for helping Americans evade taxes have applied for the program, a federal prosecutor stated at a Jan. 25 conference, according to three lawyers. The U.S. government gave more than 300 Swiss banks until Dec. 31 to seek nonprosecution agreements if they have "reason to believe" they violated tax laws.
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How is bitcoin taxed? The IRS doesn't know
National Journal
How do you tax bitcoins? Apparently, not even the Internal Revenue Service knows. Internet forums like Reddit and bitcointalk.org are exploding with questions about how users of the increasingly popular virtual currency should fill out their tax forms this year.
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FEATURED ARTICLE
TRENDING ARTICLE
MOST POPULAR ARTICLE
IRS proposes Obamacare penalties for noncoverage
Accounting Today
The Internal Revenue Service recently drafted Affordable Care Act regulations that offer some insight into what will be the associated monetary penalties for individuals who do not take up health care coverage. Under the proposed guidelines, which will be reviewed at a public hearing in May, IRS officials laid out guidelines for what will be deemed as "minimum essential coverage" under the ACA.

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Tax court ruling clarifies IRA transactions
Accounting Today
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.

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Obamacare tax subsidy challenge dismissed by US judge
Bloomberg
People who buy insurance on health exchanges run by the federal government are eligible for tax credits to reduce their premiums, a U.S. judge ruled, dismissing claims that only state-run exchanges can offer the subsidies. "The plain text of the statute, the statutory structure and the statutory purpose make clear that Congress intended to make premium credits available on both state-run and federally facilitated exchanges," U.S. District Judge Paul Friedman in Washington, D.C., said in a ruling dismissing a lawsuit.

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US global tax law unhurt by Republicans
Reuters
A senior U.S. Department of Treasury official said that Republican opposition to a new law meant to fight offshore tax dodging by Americans will not impede the Obama administration's efforts to implement it worldwide.
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Companies fleeing taxes pay CEOs extra as law backfires
Bloomberg
Ten years ago, Congress passed a law intended to penalize chief executive officers whose companies shift their legal addresses to tax havens. It hasn't worked out as planned. Companies have found ways around the law that create new rewards for executives.
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IRS wants to tighten its rule on social welfare groups
NPR
VideoBriefThe Internal Revenue Service is asking Americans to comment on how it should regulate social welfare groups. Under the tax code, they are known as 501(c)(4) groups. They are the new players in politics — heavily financed but done so anonymously.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Obamacare tax subsidy challenge dismissed by US judge (Bloomberg)
As legal fight plays out, same-sex couples get OK to file joint tax returns in Utah (CNN)
States try to raise some dough by taxing uncooked pizza-to-go (The Pew Charitable Trusts)
IMF funding, IRS guidelines collide in spending bill (Politico)

Don't be left behind. Click here to see what else you missed.


CALENDAR
Jan. 29
From Start-Up to Exit: What Every Professional Needs to Know

Feb. 13
Members Only Study Group: Recent Partnership Developments

Feb. 20
Members Only Study Group: Minimizing the Impact of the 3.8 Percent Medicare Surtax on Estates and Trusts

Feb. 25
Paying for College: Savings Vehicle Choices and Their Impact on Financial Aid

March 13
Electronic Discovery in Complex Corporate or Commercial Litigation

May 2
Northeast Regional Education Conference

July 2
AAA-CPA Annual Meeting and Education Conference

Nov. 4
AAA-CPA Fall Meeting and Education Conference


 



The AAA-CPA Weekly Update

Colby Horton, Vice President of Publishing, 469.420.2601
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Katina Smallwood, Content Editor, 469.420.2675   
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