You just finished another tax season, what will you do? You should head to Maryland for the Northeastern Regional Education Conference! Last chance to register!
Join us April 27-29 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 6.5 hours of CLE/MCLE on a 60-minute hour track. Subjects ranging from ethics of estate planning to hot topics in multistate taxation will be covered. Click here for the full session descriptions and registration details.
Call today at 800-847-8882 to reserve your rooms at the fantastic discount of only $179.00 single/double, plus applicable taxes. Please mention that you are with the AAA-CPA to ensure you get the group room rate.
RV4TheCause hits the road for chronic illness speaking tour
RV4TheCause — a charity pioneered by AAA-CPA member Marty Shenkman and his wife Patti Shenkman — recently released their April-May chronic illness planning seminar tour dates. The RV4TheCause educational program features the Shenkmans and their 4-year-old Norfolk terrier, Elvis (a licensed therapy dog), who travel throughout America in a Airstream travel trailer, providing lectures to professional advisers about planning for chronic illness. Marty Shenkman will be speaking at two AAA-CPA chapter meetings: Colorado on May 4 and Missouri on May 8. Click here for more information and a full list of seminar tour dates.
IRS employee charged in tax refund scheme
Accounting Today Share
An Internal Revenue Service employee and her boyfriend have been charged with participating in a tax refund scam revolving around the Telephone Excise Tax Refund. Patricia Fountain and Larry Ishmael, both of Philadelphia, were charged in the case. Both were arrested. According to prosecutors, Fountain solicited taxpayers to file false tax returns claiming the Telephone Excise Tax Refund. More
Census: Tax collection up in all 50 states in 2011
Tax collection rose in all 50 states in fiscal 2011, and in nine states increased more than 10 percent, according to U.S. Census data that marked the end of a severe revenue collapse. "The nationwide increases in state government tax revenue are an indication of the stabilization of revenues for state governments," said Lisa Blumerman, chief of the Governments Division at the Census, in a statement. More
Report: IRS audits of super rich still few and far between
The Huffington Post Share
Despite the Internal Revenue Service's promise to bring new scrutiny to tax avoidance schemes used by the super rich, a new report finds that of the nearly 8,300 individuals recently reporting adjusted annual gross income of $10 million or more, as few as a dozen may have actually been audited by the special unit devoted to the task. The report from the Transactional Records Access Clearinghouse, a Syracuse University organization that monitors government performance, found that the IRS's Global High Wealth unit completed audits of only 36 super-high-income returns in its first two and a half years. More
Pentagon defends millions to contractor despite unpaid taxes
USA Today Share
The tax problems of the military's top propaganda contractor in Afghanistan would not have prevented the Pentagon from awarding it multimillion-dollar contracts, a top official said in a letter to U.S. senators. The owners of Leonie Industries, the contractor, owed at least $4 million in federal taxes when the contracts were awarded. Because the owners had entered into agreements to pay the overdue taxes with the Internal Revenue Service, they were not required to tell the Pentagon about their tax debt, acting Undersecretary of Defense Frank Kendall wrote in a letter to Sen. Tom Carper. More
Bank Of New York to face IRS in court over tax shelters
ProPublica via The Huffington Post Share
In November 2001, Bank of New York, a mid-tier U.S. bank, transferred nearly $8 billion of its own assets to a trust in the small, business-friendly state of Delaware through several layers of newly created companies. A mixture of home mortgages, shares and other securities, the transferred assets made up almost 10 percent of the bank's total assets at the time. Yet, the transaction was not discussed with BNY's regulators; nor was it noted in the bank's financial statements or annual report. More
IRS commissioner says he doesn't want 2nd term
Douglas Shulman, commissioner of the Internal Revenue Service, said he doesn't intend to stay in the job after his five-year term expires in November. "My plan is to leave at the end of my term," he said at the National Press Club in Washington, D.C. No IRS commissioner has served more than five years and one month since Guy Helvering, whose 10 years in the job ended in 1943. More