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AAA-CPA NEWS


AAA-CPA Pre-Annual Meeting Cocktail Reception
AAA-CPA
Come join your fellow attorney-CPAs at this kickoff cocktail party celebrating the 50th anniversary! Heavy hors d'oeuvres will be served. This is a great opportunity to mingle and network with attorney-CPAs from all over the country. This is a free event for AAA-CPA members and affiliates! Not a member? Join today to attend this cocktail reception for free! Click here for a full list of membership and affiliate categories. To register for the cocktail reception, click here.
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SEC Committee Seeks Members
AAA-CPA
Interested in serving on a committee of the AAA-CPA? The SEC Committee is currently seeking members. If you are interested, please go online to www.attorney-cpa.com and fill out the committee form, or email info@attorney-cpa.com with your desire to be a part of this group. You may also contact Committee Chair Dan Waller for further details at dan@secorewaller.com. Our committees assist in providing quarterly study groups, submitting articles and much more.
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Attention Texas Attorney-CPAs
AAA-CPA
Are you interested in having a AAA-CPA chapter in Austin, Texas? Click here and let us know!
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MEMBER NEWS


Karen J. Tenenbaum to Speak at June 26 AAA-CPA New York Chapter Meeting
AAA-CPA
AAA-CPA member Karen J. Tenenbaum will be giving a presentation June 26 titled "Updates and Developments in New York State Residency Audits." This chapter meeting will be taking place at The Palm Restaurant on W. 50th St. in New York City. Join the AAA-CPA before June 26 to attend this meeting for free! Click here for more information and to register for this chapter meeting.
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MEMBER ARTICLES


Bitcoin Taxation: Clarity and Mystery
By Annette Nellen, director of MST program at San Jose State University, via CPA2Biz
Bitcoin, a virtual currency created in 2009, has garnered a lot of attention from the government, investors, entrepreneurs, the media and others.
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INDUSTRY NEWS


Wyden warns on tapping 'imaginary savings' of tax break
Bloomberg
A tax break that would encourage companies to repatriate offshore earnings likely wouldn't yield enough money to fill the shortfall in the U.S. Highway Trust Fund, said the chairman of the Senate Finance Committee. Sen. Ron Wyden, D-Oregon, is trying to find a way to shore up the federal fund used to finance highway construction projects before it runs short of money as early as July. He said in a telephone interview that he hasn't settled on a plan.
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Study: Size of income tax drop surprises US states
Reuters
Most U.S. states were surprised by the size of the drop in their personal income tax collections this April, even though they had expected a decline, according to a report released by the Rockefeller Institute of Government. Personal income tax revenues in April were 15.8 percent, or $7.9 billion, below the same month in 2013, according to preliminary estimates from Rockefeller, a public policy research group at the State University of New York.
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GAO: IRS needs to manage its budget better
Accounting Today
Facing a series of budget cuts in recent years, the Internal Revenue Service is being urged to set a long-term strategy and use return-on-investment data to better manage budget uncertainty and set priorities at the agency. The report noted that since fiscal year 2010, the IRS budget has declined by about $900 million. As a result, funding is below fiscal year 2009 levels.
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AAA-CPA Pre-Annual Meeting Cocktail Reception
AAA-CPA
Come join your fellow attorney-CPAs at this kickoff cocktail party celebrating the 50th anniversary! Heavy hors d'oeuvres will be served. This is a great opportunity to mingle and network with attorney-CPAs from all over the country. This is a free event for AAA-CPA members and affiliates!

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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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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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House votes to give small business quicker tax write-offs
Bloomberg
Small businesses would be able to write off capital purchases more quickly under a $73.1 billion tax reduction passed by the U.S. House of Representatives. The House voted 272-144 to revive the provision that lapsed at the end of 2013. The new measure would have no expiration date.
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How Obama can increase taxes on carried interest
The New York Times
President Barack Obama could change the tax treatment of carried interest with a phone call to the Department of the Treasury. But the White House will need a precise understanding of the regulatory landscape to make a change that is fair, easy to administer and will hold up in court.
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Do the top 1 percent pay enough taxes? Too much?
CNN
The top 1 percent of households pay too little in taxes. That's the opinion of 55 percent of people surveyed in CNNMoney's American Dream poll. More women than men held that view.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    The islands treasured by offshore tax avoiders (The New York Times)
Foreign tax exemption can disguise US multinational risks (Reuters)
Tax haven use widespread among Fortune 500 corporations (Reuters)
Protecting confidentiality when information is exchanged between tax authorities (Forbes)

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


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

June 20
Net Investment Income Tax

June 26
Updates and Developments in New York State Residency Audits

June 29
Pre-Annual Meeting Events

July 2
AAA-CPA Annual Meeting and Education Conference

July 10
Section 1031 Exchanges of Investment Properties

Aug. 5
Members Only Study Group: Partnership Withholding for Nonresident Partners

Aug. 15
Civil and Criminal Tax Controversy Updates for 2014

Aug. 19
Members Only Study Group: Working With the Medicare Surtax on Net Investment Income — What Have We Seen?

Aug. 22
Estate Planning Legal Issues for an Aging Middle America

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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