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AAA-CPA NEWS


Are you an attorney-CPA? Join the AAA-CPA today and attend our AAA-CPA Pre-Annual Meeting education and cocktail reception for free
AAA-CPA
Come network with this unique group of highly skilled professionals June 29 as attorney-CPAs throughout the country come together at the Beverly Hills Bar Association to celebrate 50 years. This is an excellent way to interact with individuals with similar interests while obtaining two MCLE/CPE education credits. You will also receive a $200 discount on full meeting registration to the AAA-CPA Annual Meeting & Education Conference in Huntington Beach, California. For more information on the AAA-CPA Pre-Annual Meeting events, please click here.
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Civil and Criminal Tax Controversy Updates for 2014 — Co-sponsored by the AAA-CPA
AAA-CPA
On Aug. 15, the AAA-CPA will be co-sponsoring the Civil and Criminal Tax Controversy Updates for 2014 Seminar at Long Island University. AAA-CPA members E. Martin Davidoff, Esq., CPA, and Karen Tenenbaum, Esq., CPA, LL.M., are scheduled to speak at this event. Please click here to register.
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INDUSTRY NEWS


The islands treasured by offshore tax avoiders
The New York Times
Did you know that U.S. companies earned $129 billion in 2010 in three small groups of islands? That is what companies told the Internal Revenue Service they earned in Bermuda, the Cayman Islands and the British Virgin Islands.
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Foreign tax exemption can disguise US multinational risks
Reuters
High levels of undistributed foreign earnings can flatter the post-tax earnings and credit metrics of U.S. multinationals, potentially leading investors to underestimate the financial risk of an issuer, Fitch Ratings says. Undistributed foreign earnings, the profits earned by foreign subsidiaries that have not been remitted back to the parent, are growing fast for many U.S. multinationals.
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CPA business executives optimistic about US economy
Accounting Today
The majority of CPA business executives are optimistic about prospects for the U.S. economy in the coming year, according to a new survey by the American Institute of CPAs. The second-quarter AICPA Economic Outlook Survey polled CEOs, chief financial officers, controllers and other CPAs in U.S. companies who hold executive and senior management accounting roles.
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FEATURED ARTICLE
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Are you an attorney-CPA? Join the AAA-CPA today and attend our AAA-CPA Pre-Annual Meeting education and cocktail reception for free
AAA-CPA
Come network with this unique group of highly-skilled professionals June 29 as attorney-CPAs throughout the country come together at the Beverly Hills Bar Association to celebrate 50 years. This is an excellent way to interact with individuals with similar interests while obtaining two MCLE/CPE education credits.

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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.

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Supreme Court agrees to hear potentially groundbreaking Maryland tax case
The Washington Post
The Supreme Court announced that it will hear arguments in a Maryland case that could rewrite tax laws across the country and cost Montgomery County and other localities hundreds of millions in revenue if it decides for the plaintiffs. The issue in Maryland v. Wynne is the extent to which a state can tax income that residents earn in another state.

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Tax haven use widespread among Fortune 500 corporations
Reuters
Most Fortune 500 corporations have units in offshore tax havens that they use to avoid paying U.S. taxes through "accounting tricks," two left-leaning tax activist groups said. In a report that comes amid increased attention to corporate tax avoidance worldwide, the groups said U.S. multinationals each year avoid paying about $90 billion in federal income tax.
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Republicans back business warning on global tax talks
Bloomberg
The top Republican tax writers in Congress joined the biggest U.S.-based companies in warning that global negotiations to limit businesses from shifting profits to low-tax countries could harm Americans. Rep. Dave Camp, R-Michigan, and Sen. Orrin Hatch, R-Utah, said in a joint statement that other governments may be using the talks at the Organization for Economic Cooperation and Development as a way to "raid the American Treasury."
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Protecting confidentiality when information is exchanged between tax authorities
Forbes
Tax authorities receive a lot of confidential information from individuals and businesses. While the information is confidential, that doesn't mean it can't be disclosed. Tax agencies in the U.S. routinely exchange taxpayer information with each other at the federal and state levels.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Supreme Court agrees to hear potentially groundbreaking Maryland tax case (The Washington Post)
Federal tax update — May (By David S. De Jong, Esq., CPA, Stein Sperling)
Capital gains tax gets more complicated (Forbes)
Majority of US offshore profits claimed in 12 tax havens (Accounting Today)

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


CALENDAR
June 13
Dual Rights Triumph in the United States Supreme Court (20 Year Anniversary)

June 18
Tax Professionals and the IRS: Successfully Working Together Conference

June 20
Net Investment Income Tax

June 29
Pre-Annual Meeting Events

July 2
AAA-CPA Annual Meeting and Education Conference

July 10
Section 1031 Exchanges of Investment Properties

Aug. 15
Civil and Criminal Tax Controversy Updates for 2014

Sept. 4
Members Only Study Group: S Corp Update

Sept. 11
Tax Withholding/Reporting Requirements for U.S. Companies Hiring Foreign Vendors

Sept. 18
Members Only Study Group: 1031 Exchanges Are Back: Update on Trends in 2014

Sept. 19
Healthcare — Reform by the Numbers

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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