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Have you heard? California workers' compensation insurance is going up
Attorneys and Accountants Association    Share    Share on FacebookTwitterShare on LinkedinE-mail article
California Insurance Commissioner Dave Jones approved a 8.26 percent increase in pure premium rates for California workers' compensation insurance as of July 1 policies. This increase is on top of a Jan. 1 increase. Most lawyers have seen their rates go up about 25 percent in since January 2011, and accountants have seen about a 20 percent increase.

You can do something to save money on your workers' compensation insurance now.

Consider the Attorneys and Accountants Association's new program with Preferred Employers Insurance Company — the costs per $100/payroll are 55 percent lower for attorneys and 48 percent lower for accountants than the California State Compensation Insurance Fund, which cancelled the Attorneys and Accountants Association's group program April 1. To date, 140 Attorneys and Accountants Association members have made this change — and are enjoying the value of the association-sponsored program.

Participation in the Attorneys and Accountants Association group program:
  • Program now offers even lower rates with better service for most members of the program
  • Continues to provide you safety materials to promote a safe work place for you and your employees via the program website and newsletters on office safety
  • Cost free Video/DVD Safety Lending Library provides you resources to meet your training obligations under California's safety laws, and good management practice
  • Help with safety questions — Ask your safety consultant any questions or seek advice about safety via email at Safety4Lawyers@gmail.com.
Click here for full details.






Senate Democrats drop estate-tax plank from middle-class tax bill
The Hill    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Senate Democrats have decided to strip an estate-tax provision from their broad tax proposal to extend Bush-era tax rates for the middle class, a leadership aide said recently. The aide said the decision would ensure that all of the proposals in the Democrats' plan, which is expected to get a vote soon, would help families making under $250,000 annually. "We think it's more appropriate to litigate the estate tax separately," the staffer said. More

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Global super-rich hide $21 trillion in tax havens
CNN    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The world's super-rich had between $21 trillion and $32 trillion of wealth hidden in tax havens by the end of 2010, a new study says. The size of these unreported financial assets is equivalent to, or even larger than, the combined gross domestic products of the United States and Japan, representing up to $280 billion in lost tax revenues. The study, titled "The Price of Offshore Revisited," was released by the advocacy group Tax Justice Network. More

IRS sends warnings on missing EITC checklists
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Internal Revenue Service is sending out warning letters to paid tax preparers who fail to submit Form 8867 checklists with tax returns that claim the Earned Income Tax Credit. In an email to tax professionals, the IRS noted in the subject line that "EITC due diligence requires paid preparers to submit Form 8867." The IRS added that penalties will be assessed for 2012 that lack Form 8867. The IRS is offering an online EITC Due Diligence Training Module to help avoid the penalties. More

Senators seek bigger firepower for securities regulator
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
U.S. senators are planning to introduce a bipartisan bill to give the country's securities regulator the authority to seek tougher fines for alleged Wall Street criminals. The bill, sponsored by Jack Reed, D-R.I., and Chuck Grassley, R-Iowa, would boost the penalties that the U.S. Securities and Exchange Commission can seek from firms and individuals accused of wrongdoing and triple the cap on funds the agency can seek from repeat offenders. More

US banks spawn 10,000 units worldwide to cut taxes
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The biggest U.S. banks created more than 10,000 subsidiaries in the past 22 years as they expanded, using legal structures to pay lower taxes and escape tighter regulation, according to a Federal Reserve study. JPMorgan Chase & Co., the largest U.S. lender, has the most units at 3,391, followed by Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. with more than 2,000 each, the study by the Federal Reserve Bank of New York shows. Citigroup Inc., the third-largest lender, has 1,645. More



Global super-rich hide $21 trillion in tax havens
CNN    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The world's super-rich had between $21 trillion and $32 trillion of wealth hidden in tax havens by the end of 2010, a new study says. The size of these unreported financial assets is equivalent to, or even larger than, the combined gross domestic products of the United States and Japan, representing up to $280 billion in lost tax revenues. The study, titled "The Price of Offshore Revisited," was released by the advocacy group Tax Justice Network. More

Sept. 5
The Clock is Ticking ... Lifetime Gift Planning in 2012

Sept. 20
Members Only Study Group: Financial Elder Abuse: Stockbrokers and Securities/Annuities Salesmen


 



The AAA-CPA Weekly Update

Colby Horton, Vice President of Publishing, 469.420.2601
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