Jay Foonberg to present at the AAA-CPA Pre-Annual Meeting — June 29
Past President Jay Foonberg will be presenting two educational sessions during the AAA-CPA Pre-Annual Meeting on June 29 at the Beverly Hills Bar Association. You won't want to miss these education sessions: How to Ethically Make Money and Stay Out of Trouble (ethics, office management, general nontechnical CLE) and How to Protect Your Clients' Trust Accounts and Your Bank Accounts from Theft, Embezzlement and Fraud (ethics, fraud A&A). Both of these programs are part of the Jay Foonberg 50 Shades of Jay series. Attendees will receive two CLE and two CPE education credits. This is a free event for members! Not a member? Join the AAA-CPA today to attend these education programs for free! For more information on all the preannual events, click here or contact Kimmy Livingston at email@example.com or 888-ATTY-CPA, ext. 2.
AAA-CPA 50th Anniversary Celebration — Seeking testimonials: Last chance to get in on the drawing!
Our AAA-CPA 50th Anniversary Celebrations will be taking place later this summer and fall, and we want you to be a part of it! We are looking for members to submit testimonials both in writing and via video. We want to hear from you about why you joined the AAA-CPA. What is your best memory of the association, and what is the best benefit? We will be using these on several of our marketing campaigns throughout the year. Video clips can be short and sweet and done on your handheld smartphone or tablet! Email your quotes and videos to firstname.lastname@example.org.
Silvia Ibanez, Esq., to present "Reflections on Ibanez" to the Colorado Chapter — June 13
AAA-CPA member Silvia Ibanez will be speaking to the Colorado Chapter on her dual rights triumph in the United States Supreme Court. On this 20 year anniversary, Ibanez will be discussing the underlying challenges by the Florida Board of Accountancy, the decision to seek certiorari and life after winning in the United States Supreme Court. For more information on this chapter meeting, please click here.
What's missing from Camp's tax reform proposal?
by Annette Nellen, Esq., CPA, via American Institute of CPAs
This article provides a brief overview to his discussion draft on tax reform and suggests 18 more changes that would better enable the reformed system to meet the goals of simplicity and equity.
There's no such thing as a free tax cut
The New York Times
It's a recurring problem for conservatives: If you propose a tax plan, and it cuts taxes on somebody, it has to raise taxes on somebody else or raise the deficit. Since conservatives have long been focused on cutting the top marginal tax rate on income without raising the deficit, their tax plans usually involve cutting taxes on the rich — and therefore raising taxes on some nonrich group.
Government goes back to the drawing board on regulating controversial tax-exempt groups
The Internal Revenue Service and Department of the Treasury are starting over and will draw up new regulations regarding the controversial advocacy groups and how much politics they should be allowed to do and still keep their tax-exempt status.
After the government last November proposed new regulations for these groups, known by their tax status as 501c4s, the IRS received over 150,000 comments — the most ever received on a possible tax regulation change officials said.
Congressional employees owe $8.6 million in back taxes
More than 700 congressional employees are delinquent on their taxes for a total of $8.6 million, according to Internal Revenue Service statistics, giving Congress a tax delinquency rate above average for federal employees.
The rate of delinquency for the House of Representatives is 4.87 percent, as of the end of the 2013 fiscal year. In the Senate, it's 3.24 percent.
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IRS eyes new ways to tax miles of frequent fliers
The New York Sun
The Internal Revenue Service is getting ready to toughen the tax treatment on frequent flyer miles and hotel loyalty reward programs.
The IRS announced in 2002 that it wouldn't try to go after individuals for income taxes on frequent flyer miles or hotel loyalty points earned on company-paid business trips.
Who pays the most income taxes?
The average American pays more in tax and social security than Canadians, Australians, the Japanese and the British.
But when you compare the American tax burden to other developed nations, the numbers don't look so bad.
How women can make estate planning easier
The Wall Street Journal's Market Watch
It's not that there are different estate-planning tools for each sex. But women are likelier to live longer, they're likelier to be custodial parents and, speaking generally, women often approach the topic differently than men.
Benefits uncertain of tax break for US citizens working abroad
The economic benefits of the income exclusion for U.S. citizens working abroad are uncertain, according to a new government report.
The report, from the Government Accountability Office, found that for tax year 2011 (the most recent data available), an estimated 445,000 tax returns claimed the foreign earned income exclusion, which is 0.3 percent of all individual tax returns filed.
Madoff fraud victim's estate can seek refund in tax court
Bernard Madoff's fraud might have been detected with enough due diligence in mid-2006, more than two years before the Ponzi scheme collapsed, a U.S. tax court judge ruled.
That means it's possible, Judge Diane Kroupa said, that the estate of a New York man who died that year is entitled to a $1.9 million refund for death taxes paid on his $4.8 million Madoff account — an account revealed to be worthless after the fraud was uncovered.
Corporations shouldn't be able to dodge taxes
Corporations should not be able to dodge taxes by moving oversees, Rep. Sander Levin, D-Michigan, told CNBC's "Closing Bell," a day after legislation to combat the issue was introduced in both houses of Congress.
"They can't just easily just renounce their citizenship, keep major activities here and essentially pay very low taxes in same tax haven," said Levin, a co-sponsor of the House bill.
Missed last week's issue? See which articles your colleagues read most.
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