Northeastern Regional Education Conference comes to Annapolis, Md.
Join us April 27-29, 2012 in Annapolis, Md., for an exciting weekend with fellow AAA-CPA members and guests. While staying in beautifully restored Historic Inns of Annapolis Maryland Inn, you can earn up to eight hours of CPE and CLE/MCLE on a 50-minute hour track and six and a half hours of CLE/MCLE on a 60-minute hour track on subjects ranging from ethics of estate planning to hot topics in multistate taxation.
And don't miss our closing speaker, the Honorable Douglas F. Gansler, attorney general of Maryland, who will address the legal issues of same sex marriage. As the number of states permitting same sex marriage keeps growing, attorney-CPAs need to be prepared for the legal issues that some of their clients or prospective clients will face. Come hear a fresh prospective on Maryland's plan for the future from the attorney general of one of the latest states to pass the resolution.
Click here for the full session descriptions and registration details.
Past President William Nolen of Katy, Texas, was recently honored by the Texas State Board of Accountancy for having his license for 50 years. The Texas State Board report featured a photo and list of recipients on page four. Please click here to see more.
Federal tax update
by David S. De Jong, Esq., CPA Share
Click here to read about the latest federal tax updates.
IRS Notice CP 90: Final Notice of Intent to Levy
by Rehan Alimohammad, attorney-at-law and CPA Share
There is nothing more unsettling then the CP 90 or the Final Notice of Intent to Levy. This notice is usually the last of several notices which warn the taxpayer before the IRS levies a bank account, wages or other assets. The CP 91 serves as the final notice before levying social security benefits. The notice also states that the taxpayer has an option to file a Collection Due Process hearing. Click here to read more.
Cash hoard expands by $187 billion in untaxed offshore corporate accounts
U.S. companies led by General Electric Co. and Pfizer Inc. stockpiled an additional $187 billion in untaxed overseas profits over the past year, boosting their offshore holdings by 18.4 percent, according to data compiled by Bloomberg. The 70 U.S.-based companies studied hold $1.2 trillion in profits around the world. GE and Pfizer have built up the most money outside the U.S., with $102 billion and $63 billion respectively, according to securities filings. More
IRS probe of tax-exempt political groups questioned
Accounting Today Share
The Internal Revenue Service is facing renewed pressure over its reluctance to grant tax-exempt status to political fundraising and advocacy organizations, particularly Tea Party-affiliated groups. Several of the groups claim that the IRS has been asking them for detailed information on their contributors and operations before granting them tax-exempt status as a 501(c)3 or 501(c)4 organization, and they are receiving support from some Republican lawmakers who are crying foul. More
Canceled credit card debts come back to haunt taxpayers
USA Today Share
Billions of dollars in credit card debt that was charged off during the Great Recession — some of it decades old — is coming back to haunt borrowers in the form of unexpected tax bills. Debt that is canceled or forgiven is considered taxable income, something many borrowers don't realize until they receive a 1099-C tax form from their lender. The IRS projects that creditors will send taxpayers 6.4 million 1099-Cs in 2012, up from 3.9 million in 2010. More
Small business community: Obama corporate tax plan will only benefit a few
The Associated Press via The Washington Post Share
President Barack Obama recently released a proposal to lower the federal corporate tax rate — a move that on its face would seem to be good news for small businesses. But the president's pitch isn't getting rave reviews. Advocates for small business say the plan would benefit a relatively low number of small companies and leave many business owners with higher tax bills. More
Are tax breaks the right move for manufacturing?
The White House says restoring the U.S. manufacturing sector is an essential part of getting the economy back on track. GOP candidate Rick Santorum wants to see tax breaks for manufacturing companies, and the Obama administration proposed something similar recently. But economists say tax breaks may not be the best way to help manufacturers right now. More
Obama sets out trade policy agenda
President Barack Obama has presented Congress his trade policy agenda for 2012, which looks for a conclusion of negotiations for the extended Trans-Pacific Partnership regional trade agreement and enhanced trade enforcement efforts to investigate unfair trading practices in other countries. The trade policy agenda must be delivered to Congress by March 1 of each year. This year's agenda offers insight to how the administration "will continue to support American jobs through exports and two-way trade, through enforcement of U.S. rights in a strong, rules-based trading system and through bolstered international trade relationships." More