Tram Lee to Present "Overview of Nexus" Study Group
AAA-CPA member Tram Lee, CPA, Esq, LL.M., will be presenting a study group titled "Overview of Nexus" Feb. 10 at 2 p.m. EST. This program will provide a basic overview of Nexus, an update on the current trends and a discussion on the variety of ways Nexus can be created for businesses. Members and nonmembers of the AAA-CPA are welcome to join. For more information and to register for this program, please click here.
Southern California Chapter — Save the Date
Save the date for the AAA-CPA Southern California Chapter Meeting May 17 from 11 a.m.-1 p.m. This meeting will provide one CPE/MCLE credit and is being held at Lido di Manhattan Ristorante & Bar in Manhattan Beach, California. The speaker and topic will be announced soon.
Jay Foonberg Attends 2015 USC Gould Tax Institute
Jay Foonberg, former AAA-CPA president and founder, attended the 2015 USC Gould Tax Institute to represent the AAA-CPA. The AAA-CPA was a co-sponsor of the institute.
Merging and Acquiring Professional Practices
By John Colucci, Esq., CPA, McLane Law Firm and Stephen Feron, CPA, Johnson O'Connor Feron & Carucci, LLP
The purchase or merger of a professional practice can either be a golden opportunity or an existence threatening disaster.
The demographics of nearly all professional service industries show a large population nearing retirement and the coming transfer of thousands of attorney, certified public accountant, physician and other professional practices within the next 10 years. Those transfers are happening now, and represent a good opportunity for professional service companies to grow and professionals to retire. The webinar explores both the pitfalls and the opportunities in transferring the professional practice. Whether it be the acquisition of a small practice by a larger one, a merger of equals or an employed professional buying into an existing practice, the webinar will help you think about ways to make the process successful.
With 1031 Exchanges, Art Investors Avoid Taxes
The Wall Street Journal
People who sell valuable works of art are increasingly avoiding capital-gains taxes by applying an Internal Revenue Service rule more commonly used by real estate investors.
Under the rule, sellers of certain kinds of property can postpone capital-gains taxes if a qualifying exchange structure is used and proceeds from the sale are used to purchase property of "like kind" within 180 days.
Obama Budget Would Fund Public Works Program With Tax on Overseas Profits
The Washington Post
President Obama will unveil a $4 trillion budget, featuring an ambitious public works program, a one-time tax on foreign profits kept overseas by corporations, tax credits for middle-class Americans and a 1.3 percent pay raise for federal employees and troops.
US Senators Propose Tax Holiday for Foreign Profits
Multinational corporations would get a tax holiday on hundreds of billions of dollars in foreign profits under a measure proposed by two U.S. senators.
Democrat Barbara Boxer of California and Republican Rand Paul of Kentucky called for allowing businesses to pay 6.5 percent corporate income tax on foreign profits brought into the country from overseas, instead of the current 35 percent rate, which they largely avoid.
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Social Security Recipients Can Get Tax Information Online
Baby boomers and others receiving Social Security payments now have a new option if they lose some tax paperwork.
The Social Security Administration is kicking off a service that allows recipients to instantly view a replacement SSA-1099 online.
White House Seeks to Limit Health Law's Tax Troubles
The New York Times
Obama administration officials and other supporters of the Affordable Care Act say they worry that the tax-filing season will generate new anger as uninsured consumers learn that they must pay tax penalties and as many people struggle with complex forms needed to justify tax credits they received in 2014 to pay for health insurance.
The White House has already granted some exemptions and is considering more to avoid a political firestorm.
Inheriting Grandma's House Comes With Tax Bill Under Obama Plan
Bloomberg via Accounting Today
The best-laid estate plans just got muddled. President Barack Obama is proposing a fundamental change in tax policy that would limit what many Americans can leave to their heirs. The change would affect billionaires — as well as people who aren't wealthy enough to pay estate taxes, if their assets have gained sharply enough in value.
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