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AAA-CPA NEWS


Looking for something to do in the city that is always on?
AAA-CPA
From New Jersey's tallest lighthouse to deep sea fishing and everything in between, you can always find fun things to do in New Jersey's entertainment capital. From the excitement of 24/7 gaming, the thrill of a royal flush or finding a new pair of shoes, the sand in between your toes on one of the top East Coast beaches or visiting one of the many attractions — whatever your pleasure, it is always more pleasurable in Atlantic City, N.J. Click here to learn more about all the exciting things to discover in Atlantic City while you are in town for our Northeast Regional Conference, May 2-4. Stay in one of the brand new luxury suites at the Revel Resort that offers complimentary parking to AAA-CPA members. Click here to reserve your room at Revel by April 18.
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MEMBER ARTICLES


Regulating all return preparers: Back to the drawing board
Annette Nellen, director, MST program at San Jose State University, via CPA2Biz
This article summarizes the recent decision in Loving v. Internal Revenue Service, the background on the IRS's program to regulate all return preparers and possible next steps for the IRS.
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INDUSTRY NEWS


IRS watchdog: Largest-ever US tax-fraud phone scam targets thousands
Reuters
Thousands of Americans nationwide have been targeted since August by a phone scam in which fraudsters claim to be from the U.S. Internal Revenue Service and demand money for unpaid taxes, said the IRS' watchdog. The Treasury Inspector General for Tax Administration said it has received more than 20,000 complaints from people, including recent immigrants, about the scam.
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Caterpillar and crazy tax avoidance contortions
Bloomberg
A U.S. Senate investigative panel is examining Caterpillar Inc. and whether the company improperly avoided U.S. taxes by moving profits outside the country, said three people familiar with the inquiry. The Senate's Permanent Subcommittee on Investigations will hold a hearing in early April, said two of the people. They spoke on condition of anonymity before an official announcement.
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For some who are married but filing taxes separately, another HealthCare.gov hurdle
The Washington Post
In May 2012, when the Internal Revenue Service proposed its rules for Americans to get government subsidies for health insurance, officials acknowledged that a legal quirk needed to be fixed: The Affordable Care Act was written in a way that inadvertently denied such help to some people who live apart from spouses who abuse them, are in prison or are on the cusp of a divorce.
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Big corporations dodge billions in state taxes
Accounting Today
Some of the largest and most profitable Fortune 500 companies are paying little or nothing in state income taxes, according to a new study. The study, by the advocacy groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy, examined 269 Fortune 500 companies that were profitable every year between 2008 and 2012.

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New tax embedded in Affordable Care Act affects homeowners
The Washington Post
A new controversial tax embedded in the Affordable Care Act affects homeowners who sell their homes for a substantial profit. Homeowners need to be aware of the new 3.8 percent net investment income tax. While this provision became effective Jan. 1, its effect is just now being felt by upper-bracket homeowners who have profitably sold their home in 2013.

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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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Outlook for renewal of key tax benefits is improving
Los Angeles Times
In December, Congress let some write-offs, including those for mortgage debt forgiveness and energy-saving upgrades, expire. But now there are signs they could be extended.
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Capital gains rose 60 percent in year before US tax increase
Bloomberg
U.S. taxpayers claimed 60.4 percent more in capital gains in 2012 than 2011, locking in lower tax rates before the 2013 tax increase took effect, according to Internal Revenue Service data. Qualified dividend payments rose 50.9 percent, according to the preliminary data.
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Looking for similar articles? Search here, keyword TAX INCREASE.


Top 10 states with the lowest taxes
USA Today
When it comes to money, it's not how much you make that matters, it's what you keep. There are many expenses affecting pocketbooks across the nation, but taxes are the largest financial burden on Americans, as the average family pays almost $7,000 in state and local taxes each year. However, taxes can vary significantly between states.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Risks mount for retirees in tax-free energy partnerships (Bloomberg)
Federal tax update — February (by David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC)
Small businesses push Internet sales tax bill (The Hill)
Atlantic City, NJ, education session — Offers in Compromise (AAA-CPA)

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


CALENDAR
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

Sept. 4
Members Only Study Group: S Corp Update

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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