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Rep. Jason Villalba to present at the North Texas chapter meeting on Aug. 29
AAA-CPA
The next meeting of the North Texas chapter will be held on Thursday, Aug. 29, at 5:30 p.m. Rep. Jason Villalba, R-Texas, will speak on the highlights of the most recent legislative session of the Texas House of Representatives. Admission to this chapter event is free for members and nonmembers and will be held at the office of Bernstein Global Wealth Management in Dallas. Click here or call 888-ATTY-CPA, ext. 2, to register for this event.
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MEMBER NEWS


Federal tax update — July
By David S. De Jong, Esq., CPA, Stein Sperling
In Nye v. Commissioner, the tax court denied an alimony deduction where the agreement was silent as to whether payments would cease if the recipient died before payment and applicable state law (Florida) would not terminate the obligation.
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INDUSTRY NEWS


Banks test US IRS anti-tax shelter weapon in STARS wars
Reuters
A sharp tool in the U.S. government's fight against corporate tax shelters will be put to the test in the months ahead as the Internal Revenue Service grapples with four major banks over structured transactions done a decade ago with Barclays Plc. The IRS contends the transactions, known as STARS deals, were designed purely to facilitate tax dodging.
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Regulators limit Obamacare break as critics predict fraud
Bloomberg
Regulators moved to limit a potential loophole that critics say could have been used for fraud in the new state insurance systems set up by the president's health care law. Centers for Medicare and Medicaid Services rules would have allowed some people to bypass income-verification requirements when applying for federal subsidies to help them purchase health coverage, Bloomberg BNA reported.
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Payroll audits proliferating on multinational relocations
Bloomberg
Governments are getting more tax-savvy about international relocations, and that's making it tougher for companies to be compliant everywhere. As multinational corporations seek a mobile workforce across developed and developing markets, many are coping with more audits in more countries — and the enforcement actions are increasingly targeting employers, not just individuals, Bloomberg BNA reported.
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Looking for similar articles? Search here, keyword AUDITS.


FEATURED ARTICLE
TRENDING ARTICLE
MOST POPULAR ARTICLE
Study: Tweaking tax on Social Security benefits could boost economy, jobs
The Hill
The Tax Foundation, a free-market oriented group, claimed in findings that eliminating that tax break as part of a tax reform effort, and taxing all Social Security benefits, could add $19.5 billion to government coffers and create about 12,000 full-time jobs. And if the funds obtained from eliminating that tax expenditure were pumped into lower overall tax rates by 1.9 percent, the economy could grow by $30 billion and add roughly 180,000 jobs.

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Taxes: IRS rules covering recession are music to accountant ears
Bloomberg
For some companies that got a temporary reprieve from the Internal Revenue Service in the height of the recession, the payback isn't going to be as bad as they expected. Congress let some firms that are organized as partnerships defer income from forgiven debts in 2009 and 2010, and the final rules just came out for paying those taxes starting next year, Bloomberg BNA reported.

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Twice burned: Paying taxes on stolen money
CNBC via NBC News
Bernice Tingle was always an overachiever when it came to saving money. She accumulated more than $1 million by the time she retired at age 45 in 1991. By 2003, she had her 94-year-old mother move in with her as she was her mother's chief caretaker. Being her mother's "long-term care plan," Tingle was concerned about rising health care costs and was looking for a way to make more money.

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Americans giving up passports jump sixfold as tougher tax rules loom
Bloomberg via Accounting Today
Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules. Expatriates giving up their nationality at U.S. embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, according to Federal Register figures.
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Real estate benefits could be cut as part of tax reform measures
Los Angeles Times
Since Congress has taken off on its annual summer recess, you might assume that nothing is happening on Capitol Hill that could affect the taxes you pay on your home. Quite the reverse. Staff members of the House and Senate tax-writing committees are busy putting together legislative drafts that may determine the fate of real estate's most prized tax benefits — first and second home-mortgage interest deductions, property tax write-offs, capital gains exclusions and others.
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Study: Ending charitable tax break could shrink economy, cost jobs
The Hill
Scrapping the deduction for charitable contributions could eliminate roughly 130,000 jobs and shrink the economy by $40 billion, according to a new study. The findings from the Tax Foundation, a free-market oriented group, indicated that the losses from eliminating that dearly held tax break could be mitigated if the increased revenue were then used to drive an across-the-board cut to the income tax.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Twice burned: Paying taxes on stolen money (CNBC via NBC News)
Obama reopens the fiscal cliff tax debate for small businesses (The Washington Post)
IRS wants to tax stateless income (Forbes)
US Senate confirms Obama's Tax Court judges without a fight (Reuters)
AAA-CPA debuts new home page (AAA-CPA)

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


CALENDAR
Aug. 29
North Texas Chapter Meeting

Sept. 10
Members Only Study Group: Partnership Tax Update

Sept. 12
PA/DE Chapter Meeting
Members Only Study Group: S Corporation Quarterly Update

Sept. 18
What Every Attorney-CPA Must Know About Self-Directed IRAs

Sept. 19
Members Only Study Group: Choice of Entity

Oct. 1
Analytics in Law, Politics and the University

Oct. 15
Georgia Chapter Meeting

Oct. 24
Trial Court to the Supreme Court: My Three and a Half Year Journey to the Highest Court in the Land

Nov. 6
AAA-CPA Fall Meeting and Education Conference

Nov. 4, 2014
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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