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The AAA-CPA goes to court
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Just visiting, that is. Join the AAA-CPA during the Annual Meeting and Education Conference, June 29-July 5 in Seattle, on a field trip to the U.S. District Court for the Western District of Washington where you will learn how to take your tax case beyond the Internal Revenue Service to the next level — to the judicial level. Meet federal judges, U.S. magistrates, U.S. attorneys, defense counsel and court personnel, all of whom will address your questions and concerns to assist you in bringing your tax case to federal court with confidence and with a degree of proficiency. This presentation will demystify the federal court experience and can serve as a primer for those attorney-CPAs who wish to represent their clients at the next level.

For more details on conference sessions, optional events and to register, click here.






Martin Shenkman, Esquire, CPA recipient of the AICPA Sidney Kess Award
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The American Institute of CPAs honored Martin Shenkman, principal at Martin Shenkman PC, Paramus, N.J., with the Sidney Kess Award for Excellence in Continuing Education at its Conference on Tax Strategies for the High-Income Individual in Las Vegas on May 1. The award, created in 2010 in honor of Kess (a member of the AAA-CPA), a nationally renowned tax expert, recognizes individual certified public accountants who have made significant and outstanding contributions in tax and financial planning, and whose public service exemplifies the CPA profession's values and ethics. Click here to read the full announcement.

Tax audits: You live where? and more ...
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Member Karen Tenenbaum recently appeared on the cable television show "Something to Talk About," where she discussed New York state tax audit pitfalls and financial literacy for children. "Something to Talk About" is produced and hosted by Bonnie D. Graham. Watch on Great Neck/North Shore PATV-TV channel 20 and Verizon FIOS 37 (Tuesday at 8 p.m., Friday at 10 p.m., Monday at 5:30 p.m.); Nassau/W. Suffolk channel 20 (Mon. at 7:30 p.m.); or click here to watch the video now.



Firms urge delay in IRS offshore tax dodger rules
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Financial institutions from around the world called for delay and changes to soften proposed U.S. rules to combat offshore tax evasion at a recent Internal Revenue Service hearing. Government tax officials gave no indication about how they would respond to the businesses' requests and said the final rules were on track to be ready within three to four months. With just months to go before implementation of the Foreign Account Tax Compliance Act, representatives from a range of businesses complained that FATCA's rules would cause confusion and reporting errors that could destabilize markets. More

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FDIC watchdog asked to take over troubled SEC office
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Federal Deposit Insurance Corp. inspector general Jon Rymer is in final discussions to temporarily take over the Securities and Exchange Commission's internal watchdog office as it grapples with allegations of possible misconduct by its own employees, according to people with knowledge of the talks. Rymer would take over the post on an interim basis as the SEC looks to fill the inspector general job that was left vacant when H. David Kotz stepped down in January, said the people, who declined to be identified because the decision hasn't been made public. The move isn't yet final, the people said. More

House Republicans call for overhaul of tax code in 2013
The Washington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
As part of a year-end budget deal, House Republicans are urging adoption of fast-track procedures to force lawmakers to complete a sweeping overhaul of the U.S. tax code in 2013. House Ways and Means Committee chairman Dave Camp, R-Mich., said that he has two goals with respect to the tax code: "One, block massive, job-killing tax increases" at the end of the year, when the George W. Bush-era tax cuts are set to expire. "And two, enact — not just pass — comprehensive tax reform." More



IRS asked to provide guidance on foreign retirement accounts
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The New York State Society of CPAs has written to the Internal Revenue Service asking for a simplified method of electing deferral of U.S. taxation on Canadian Registered Retirement Savings Plans. The NYSSCPA is also requesting additional guidance on the taxation of foreign retirement and pension plans due to consumer confusion over the filing procedures required by such programs. As noted in a comment letter sent to the IRS on May 3, the IRS must consider mechanisms and policies for addressing potential inequities associated with foreign retirement plans. More

SEC looking at hedge fund as part of CDO inquiry
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U.S. securities regulators are investigating the hedge fund Magnetar Capital for its role in putting together packages of consumer loans that big banks sold as bonds before the financial crisis, sources confirmed. The Wall Street Journal first reported Magnetar was "a target" of an Securities and Exchange Commission investigation. Magnetar has been involved in at least one previous investigation involving a large Wall Street bank and securitized loans. More



Boehner: New law to punish tax-dodgers for renouncing citizenship 'unnecessary'
The Hill    Share    Share on FacebookTwitterShare on LinkedinE-mail article
House Speaker John Boehner, R-Ohio, said he supported legislation to punish individuals who renounced their citizenship in order to avoid paying U.S. taxes, but said such measures were already law. "There's already a law in the books," Boehner told ABC's George Stephanopoulos in an interview on ABC's "This Week." "It's already against the law." More


May 24
IRS Statutes of Limitations (Assessment and Collection)

May 25
Annual Wealth Protection 2012: Creating Wealth Certainty in an Uncertain World

May 30
Today's Reality: The IRS as Regulator of Tax Practice Conduct

May 31
Members Only Study Group: What Your Clients Can Do in 2012 to Permanently Save

June 5
Understanding IRS Criminal Investigations

June 12
Members Only Study Group: S Corporation Quarterly Update

June 14
7th Annual South Jersey Working Together Conference

June 20
The Art of Tax and Valuation in the World of Art, Collections and Other Tangible Assets

June 22
Annual Income Tax Seminar — Golden Gate University, San Francisco
Annual Income Tax Seminar — University of San Diego, San Diego
Annual Income Tax Seminar — Whittier Law School, Costa Mesa, Calif.

June 30
Annual Meeting and Education Conference


 


The AAA-CPA Weekly Update

Colby Horton, Vice President of Publishing, 469.420.2601
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Katrina Smallwood, Content Editor, 469.420.2675   
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