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Please note that the AAA-CPA offices will be closed on Thursday, July 4, in observance of the Fourth of July. We will reopen on the Friday, July 5, at 8:30 a.m. EDT. Have a wonderful Fourth of July!

This issue features some of the most clicked on articles over the past six months. Regular publication will resume Wednesday, July 10.


AAA-CPA NEWS


Study group audio now available for purchase
AAA-CPA
Missed one of our exciting study groups? Now is your chance to listen and still receive CPE/CLE credit. Here are some of our most popular programs.
  • IRS Criminal Investigations
  • "Disregarded" Entities — Concepts and Issues
  • American Taxpayer Relief Act Review
  • IRA Investments in Real Estate and Other Nonpublicly Traded Investments
Click here to visit our online store to view all the programs we have to offer and make a purchase. Questions? Contact our study group staff at studygroups@attorney-cpa.com or 703-352-8064, ext. 3.

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Question for upcoming study group
AAA-CPA
As a dual practitioner, what would you like to ask a state bar disciplinary board counsel but have always been afraid to ask? Please direct your responses via email to either info@attorney-cpa.com or esllawprof@gmail.com. These questions will be used in a future study group, and answers to them will be given.
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MEMBER ARTICLES


Federal tax update — June
By David De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC
In Daly v. Commissioner, a civilian worker in Afghanistan and Iraq failed to convince the tax court that he was a bona fide foreign resident. Aside from the fact that he spent time during the years in question in other countries and back in the United States, he was not even allowed to leave the military bases in Afghanistan and Iraq.

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PRODUCT SHOWCASE
  Don't Miss Our Most Popular Annual Event

Join us in Denver, July 24-26, for The 2013 Planning for the Generations Symposium. This unique event is your source for quality education, interdisciplinary networking, and the secrets to growing your practice through the “Continuum of Care” approach. It’s a must-attend for estate planning professionals!
 


INDUSTRY NEWS


Future retirees could face big drop in standard of living
Accounting Today
From the Jan. 23 issue: Many members of the next generation of retirees are expected to face a large decline in their standard of living when they retire, according to a new report. The report, from the Society of Actuaries, found that making retirement decisions based on averages increases the risk of running out of money. Moderate and higher income households can successfully retire with 20 percent less savings if they are willing to cut their discretionary budgets by 15 percent, according to the report.
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Looking beyond income, to a tax on wealth
The New York Times
From the Feb. 13 issue: Income tax rates have recently been raised slightly for some affluent people, and there is pressure for additional increases. But some economists say raising marginal income tax rates on high earners may miss the mark. One reason is that the truly wealthy employ all kinds of legal means to minimize their tax liability, including shifting income around the world, deferring gains on their assets and many other sophisticated strategies.
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IRS has $917 million in unclaimed 2009 tax refunds
CNNMoney
From the March 20 issue: Taxpayers who haven't filed 2009 tax returns are missing out on federal tax refunds totaling $917 million, the Internal Revenue Service announced. About 984,400 taxpayers haven't submitted returns for 2009, the agency said. Some people may not have filed because their income was low enough that they weren't required to, but they could still qualify for refunds if taxes were withheld from their paychecks.
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FEATURED ARTICLE
TRENDING ARTICLE
MOST POPULAR ARTICLE
Tax bite curbs US growth along with consumer spending
Bloomberg
Growth in the world's largest economy was less than originally estimated in the first quarter as an increase in the U.S. payroll tax took a bigger bite out of consumer spending than previously calculated. Gross domestic product grew at a 1.8 percent annualized rate from January through March, down from a prior reading of 2.4 percent, Department of Commerce data showed.

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Study: Income inequality rising because of tax code
Moneynews
Changes to the tax code in recent decades has helped increase inequality, argues a study by the Economic Policy Institute. The top 1 percent of earners, it says, is pulling away from the rest of the population. Between 1979 and 2007, real income for the top 1 percent rose a cumulative 240.5 percent when including government transfers and employer-provided benefits.

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Tax breaks every small business needs to know about
FoxBusiness
Small businesses often get touted as the backbone of our economy — they create jobs, spur growth and lead to innovation. When the financial crisis hit in 2007 and led to the Great Recession, small businesses took a hit — consumer spending dropped and they stopped hiring. Many small businesses were forced to shutter.

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Why tax refund fraud could get worse
CNBC
From the April 10 issue: VideoBrief When suburban Atlanta accountant Priscilla Diggs-Costen met the police at her office after the alarm company called in December, she thought it might have been a false alarm. "When I first got here, it looked like there was no robbery. And then I looked at my desk."
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Estate planning remains a moving target under the new tax law
The New York Times
From the May 1 issue: With the federal tax on estates now kicking in at $5.25 million — or $10.5 million for a couple — it may seem that only the very wealthy need to worry about paying the tax. But that doesn't mean that everyone else can forget about an estate plan.
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Looking for similar articles? Search here, keyword ESTATE PLANNING.


Federal tax update — May
By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC
From the June 12 issue: In Shenk v. Commissioner, the tax court held that a release of the dependency allowance by the parent with primary custody executed after the Internal Revenue Service could no longer adjust her return was invalid to give the dependency exemption to the noncustodial parent.

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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Tax breaks every small business needs to know about (FoxBusiness)
The Section 501(c)(4) story: Program notes (By Annette Nellen, Esq., CPA, director, MST program at San Jose State University)
Study: Income inequality rising because of tax code (Moneynews)
Cisco CEO: US tax system is broken (CNBC)
Swiss scramble to get banks off US tax hook (Reuters)
Internet sales tax bill faces House showdown (The Washington Times)

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


CALENDAR
July 3
AAA-CPA Annual Meeting and Education Conference

July 5
Florida Association Meeting in conjunction with the Tax Section of the Florida Tax Bar

July 11
PA/DE Chapter Meeting

July 16
Members Only Study Group: Where the Lawyer Ends and the CPA Begins

July 25
Tax Jurisdiction and Tax Practice in the United States Court of Federal Claims

Aug. 8
PA/DE Chapter Meeting

Sept. 12
PA/DE Chapter Meeting

Oct. 15
Georgia Chapter Meeting

Nov. 6
AAA-CPA Fall Meeting & Education Conference

Nov. 4, 2014
AAA-CPA Fall Meeting & 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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