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AAA-CPA NEWS


There is Still Time to Register for the Beverly Hills Bar Association Pre-Annual Meeting Events
AAA-CPA
The AAA-CPA will be kicking off the 50th anniversary celebrations by holding two events at the Beverly Hills Bar Association June 29. Former President Jay Foonberg will be presenting two education sessions starting at 3 p.m. A cocktail reception will follow at 5:30 p.m. These events are open to members and nonmembers. This is a great opportunity to mingle and network with attorney-CPAs from all over the country. Please register by clicking here or by contacting Kimmy Livingston at 888-ATTY-CPA, ext. 2 or klivingston@attorney-cpa.com.
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MEMBER NEWS


Jim Lynch to Present 'Partnership Withholding for Nonresident Partners' Study Group Aug. 5
AAA-CPA
AAA-CPA member Jim Lynch of Sobel & Co. will be presenting a study group on Aug. 5 at 2 p.m. This program will discuss federal rules for withholding partnerships for foreign partners. Both withholding in connection with effectively connected income and withholding for passive income will be discussed. Other points discussed will include identification of foreign partners; calculation of the amount of income on which tax is withheld; the calculation of the tax withheld; the effect of tax treaties; filings by foreign partners; transmittal of withholding to the government; and reporting of withholding to the partner. Study groups are complimentary for members and $15 for one CPE/(M)CLE credit. Please click here to register for this teleconference.
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INDUSTRY NEWS


Lawmakers push quick passage of ban on Web tax
The Hill
Members of both parties and both chambers are pushing congressional leaders to move swiftly on a bill to ban taxes on access to the Internet. The leaders of the Congressional Internet Caucus urged the heads of the House and Senate to take up the legislation before the August recess.
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Do subsidies and tax breaks really help create jobs?
CBS MoneyWatch
Subsidies, incentives and tax breaks have become common tools of states, counties and cities to create jobs. The result has been a competitive escalation, as regions try to outbid each other to woo corporations and the employment opportunities they can create.
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US taxes have changed a lot since 1929
Forbes
U.S. taxes today bear little resemblance to the taxes collected before World War II. Income and payroll taxes have replaced tariffs and excise taxes at the federal level, while property taxes have become less important for state and local governments. And while the federal government collected just one-third of all revenue before the war, they now claim two-thirds.
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There is Still Time to Register for the Beverly Hills Bar Association Pre-Annual Meeting Events
AAA-CPA
The AAA-CPA will be kicking off the 50th anniversary celebrations by holding two events at the Beverly Hills Bar Association June 29. Former President Jay Foonberg will be presenting two education sessions starting at 3 p.m. A cocktail reception will follow at 5:30 p.m. These events are open to members and nonmembers.

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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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Record numbers of Americans renouncing US citizenship over taxes
Newsmax
Americans living abroad are increasingly renouncing their citizenship to avoid potentially massive tax penalties for failing to comply with a little-known reporting requirement in the U.S. tax code. In the first three months of this year, 1,001 U.S. citizens and green card holders renounced their American allegiance, with the annual total already on track to be higher than last year's 2,999 renunciations.
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Corporate tax rate driving American companies overseas
Moneynews
The was a time when the U.S. was No. 1 in numerous economic categories. Unfortunately, we have traded our swagger in indicators that make us stronger for a tax code that makes us weaker: American companies face the highest statutory corporate income tax rate in the world — 39.1 percent.
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IRS eases offshore voluntary disclosure program for nonwillful tax evasion
Accounting Today
The Internal Revenue Service said it would make major changes in its offshore voluntary compliance programs to provide new options to help both taxpayers residing overseas and those residing in the U.S. The changes are expected to provide thousands of people a new way to come into compliance with U.S. tax obligations.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    House votes to give small business quicker tax write-offs (Bloomberg)
Supreme Court agrees to hear potentially groundbreaking Maryland tax case (The Washington Post)
Study: Size of income tax drop surprises US states (Reuters)
How Obama can increase taxes on carried interest (The New York Times)

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


CALENDAR
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

July 24
Planning for Long Term Care in New York

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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