AAA-CPA fall meeting kickoff social
The AAA-CPA is heading to the Sunshine State. The 2012 Fall Meeting and Education Conference is scheduled for Nov. 7-11 at The PGA National Resort and Spa in Palm Beach, Fla. To kickoff this exciting event, the Florida Association of the AAA-CPA will be holding an informal happy hour on May 11 from 5 p.m.-6:30 p.m. in the lobby bar (iBar) at The PGA National Resort and Spa, sponsored by Alpern Rosenthal. Join us for light hors d'oeuvres, cocktails and meet our Executive Director Nicole E. Ratner while hearing about the fall meeting in Palm Beach, Fla. Come join us at this meet and greet to learn all about the meeting, and sign up to become a part of the host committee to assist us in securing speakers and sponsors for this event. Register online by clicking here, or click here to download the registration form.
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Member receives award
Karen Tenenbaum, Esquire, CPA, has been selected as an Achievers' Award recipient by the Long Island Center for Business and Professional Women. She will be honored at the 33rd Annual Achievers' Awards Gala on May 8 at the Fox Hollow in Woodbury, N.Y.
State tax collections pass peak from recession's start
The New York Times Share
State tax collections, which during the recession experienced their steepest and longest drop since at least the Great Depression, have been climbing back for the last two years and finally surpassed their previous peaks as 2011 drew to a close, according to a recent report. The total amount of tax revenue collected by the states was 3 percent higher than it was during the last quarter of 2007, when the recession hit. But the recovery has been uneven: 17 states collected less in taxes in the last quarter of 2011 than they did four years earlier. More
Mortgage-tax break curbed by housing slump
The cost of one of the country's most expensive individual tax breaks is shrinking as the number of Americans who own homes declines and mortgage rates hover near historic lows. Federal tax filers claimed almost $71 billion less in mortgage interest deductions for 2009 than for 2007, a 14 percent drop, according to the Internal Revenue Service. That trend continued in 2010, the IRS said in a report last month, as preliminary data showed that lower interest rates, home ownership and home prices curbed use of the tax deduction by 7.2 percent. More
House approves tax-cut plan for small businesses
The Washington Post Share
The Republican-controlled House voted to extend new tax cuts to businesses with fewer than 500 employees, a vote designed to contrast with a Democratic push to impose higher taxes on those making more than $1 million a year. The measure was approved on a largely party-line vote of 235 to 173, with both parties contending that the GOP-backed measure is a perfect foil to Democrats' efforts to pass the "Buffett rule," which the Senate blocked. More
Connecticut bill would allow non-CPA partners in firms
Accounting Today Share
A bill introduced in the Connecticut legislature would allow CPA firms to have non-CPAs as partners. Most states around the country already permit non-CPA partners at firms, but Connecticut remains one of the few remaining holdouts. The bill has the support of the Connecticut Society of CPAs, along with the state Board of Accountancy and Secretary of State Denise Merrill, according to the Hartford Business Journal. More
Advocacy group Common Cause files IRS complaint against conservative legislative group ALEC
The Associated Press via The Washington Post Share
Open government advocates accused a conservative legislative group of falsely claiming tax-exempt status while doing widespread lobbying. Advocacy group Common Cause said it had filed an IRS complaint accusing ALEC of masquerading as a public charity. ALEC is formed as a nonprofit that brings together lawmakers and private sector organizations to develop legislation and policy. More
5 clues on how identities are stolen for tax refunds
Sun Sentinel via The Sacramento Bee Share
The arrest of a Florida woman, pulled over for speeding 115 miles per hour, provides five clues on how thieves use others' identities to get tax refunds. The 53-year-old was charged with eight counts of identity theft after a sheriff's deputy received permission from the woman to conduct a search in her 2006 Lexus. He found more than 100 potentially stolen IDs and fraudulent tax returns. More