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AAA-CPA NEWS


Atlantic City, NJ, education session — Offers in Compromise
AAA-CPA
Join us in Atlantic City, N.J., for exceptional education programs, including a program titled Offers in Compromise, presented by E. Martin Davidoff, CPA, Esq. This comprehensive workshop takes participants on a hands-on journey through the entire Internal Revenue Service's offer in compromise process, including how to effectively complete the appropriate financial disclosure package for individuals (form 433-A(OIC)). Click here to register for the whole conference, and click here for the online brochure.
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Study groups rescheduled
AAA-CPA
Did you register to attend one of our study groups on Feb. 13 and Feb. 20? We have set reschedule dates for each of those programs. If you registered for one or both of these study groups, you do not need to register again. If you are unable to attend the reschedule date, please send us an email at studygroups@attorney-cpa.com.
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Members-only study group: Sales Tax Audit
AAA-CPA
This study group, presented by Judy Vorndran, CPA, J.D., will discuss what states and local jurisdictions are looking for, what the risks can be and how to handle an audit. This will also discuss some measures you can take in order to mitigate risk for your business when you are audited. Click here to join us on April 29 at 2 p.m. EDT.
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MEMBER ARTICLES


Federal tax update — February
by David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC
In Carrino v. Commissioner, TC Memo 2014-34, the tax court determined that a California taxpayer separated from her husband had to report community income although she knew nothing about the underlying venture, a hedge fund producing substantial income, until the divorce proceedings.

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INDUSTRY NEWS


IRS: More Americans filing taxes on their own
USA Today
More Americans are e-filing their taxes on their own this year, according to Internal Revenue Service data. As of March 7, nearly 27.4 million people had prepared their own taxes, a 5.8 percent increase over the same period last year, when 25.9 million had filed at home, the data show.
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Small businesses push Internet sales tax bill
The Hill
Hundreds of small business owners are pressing a House committee chairman to move quickly on online sales tax legislation, a day ahead of a crucial hearing on the matter. The small business owners told House Judiciary Chairman Bob Goodlatte, R-Va., that it's long past time for Congress to allow states to collect sales tax from out-of-state Internet retailers.
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Looking for similar articles? Search here, keyword SMALL BUSINESS.


Risks mount for retirees in tax-free energy partnerships
Bloomberg
"Blind luck" is how Jack Johns characterized his 16 percent profit on something he read about on the Internet called Master Limited Partnerships. Johns, a retired postal worker from Rincon, Ga., said he sold his MLP investments within a year because he realized he didn't really know what he'd bought.
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Swiss banker in US tax case says he was told, 'Don't get caught'
Reuters
A former Credit Suisse AG banker pleaded guilty to conspiring to help U.S. customers evade taxes by using Swiss accounts, and said he did so with the encouragement of his superiors, according to documents filed in court. Swiss citizen Andreas Bachmann entered the plea in federal court in Alexandria, Va., the documents show. U.S. District Judge Gerald Lee accepted the plea and scheduled a sentencing hearing for August.

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4 ways the rich will pay more this tax season
CNNMoney
Thanks to the fiscal cliff deal and the Affordable Care Act, the top 1 percent of taxpayers — and many in the top 3 percent as well — will have to pay a bigger tax bill come April 15. That's because those laws included four key tax measures that went into effect for tax year 2013.

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Tax reform proposal would cut many real estate deductions
Los Angeles Times
You may have seen reports about a major tax reform proposal floated recently by Rep. Dave Camp, R-Mich., the chairman of the House Ways and Means Committee. But you probably didn't see the grisly list of long-standing home real estate tax benefits that would be eliminated or sharply reduced under Camp's plan.

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US companies add offshore profits to avoid taxes
Business Record
The largest U.S.-based companies added $206 billion to their offshore profit stockpiles last year in order to put earnings in low-tax countries. Multinational companies accumulated $1.95 trillion outside the U.S., which was up 11.8 percent from a year earlier, according to securities filings from 307 corporations reviewed by Bloomberg.
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Exemptions pinch corporate income taxes in California
Bloomberg
California's corporate income taxes will provide about 8 percent of general-fund revenue this year, half as much as in the 1950s and 1960s, according to the state's nonpartisan Legislative Analyst's Office. Corporate taxes, the third-largest source of revenue for the most-populous state, have become both more volatile and less important as new laws carved out exemptions over the past three decades, analyst Mac Taylor said March 12 in a letter to Sen. Mark Leno, D-Calif.
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Personal dividend taxes are highest in blue states
The Washington Post
The U.S. taxes shareholder dividends at a higher rate than most other Western countries, and state tax rates add on, making taxes on dividends some of the most costly to investors across the board. The top federal rate on personal dividend income is 23.8 percent, according to a new study by The Tax Foundation.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Tax reform proposal would cut many real estate deductions (Los Angeles Times)
The most common tax surprises for same-sex couples (Today)
US Senate tax chief looks to tweak code, no reform yet (Reuters)
Americans abroad find citizenship too taxing to keep (USA Today)

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


CALENDAR
March 21
Negotiating Tax Provisions of Acquisition Agreements (Part 2)

March 27
Updates and Developments in New York State Residency Audits

April 1
National Financial Literacy Month
Members Only Study Group: Minimizing the Impact of the 3.8 Percent Medicare Surtax on Estates and Trusts

April 24
Status of Maryland Estate Tax Reform and Review of the Maryland Legislative Session

April 25
Business Valuations — A Legal Perspective

April 26
Florida Association Education Program in Conjunction With the Florida Section of the Florida Bar

April 29
Members Only Study Group: Sales Tax Audit

May 2
Northeast Regional Education Conference

May 16
Solving Problems Created by Tax Liens

May 20
Members Only Study Group: Recent Partnership Developments

July 2
AAA-CPA Annual Meeting and Education Conference

Oct. 20
National Estate Planning Awareness Week

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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