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AAA-CPA NEWS


AAA-CPA urges IRS to maintain electronic authorization program
AAA-CPA
The AAA-CPA opposes the Internal Revenue Service's plan to eliminate the Disclosure Authorization electronic service used by CPAs, attorneys and enrolled agents to expedite data submission and resolve account issues. In a letter dated Aug. 2 to IRS Acting Commissioner Daniel Werfel, the AAA-CPA urged the IRS to maintain the service. AAA-CPA President Domenick Lioce says retiring the Disclosure Authorization option for e-services without a planned replacement will diminish IRS services to taxpayers and practitioners and increase the cost to all who benefit from the current system. To read the full press release, please click here.
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AAA-CPA members speak at upcoming LIU Civil and Criminal Tax Controversy Update Program on Aug. 29
LIU Post School of Professional Accountancy Tax and Accounting Institute
E. Martin Davidoff, Esq., CPA, and Karen Tenenbaum, Esq., CPA, LLM, will speak at the LIU Civil and Criminal Tax Controversy Update Program for 2013 on Thursday, Aug. 29, from 9 a.m.-5 p.m. The program offers eight New York CLE credits, New York and New Jersey CPE credits for $150 and four EA CE credits. One hour of ethics will be offered for all, and free tuition will be offered for government employees. This event is sponsored by the LIU Post School of Professional Accountancy Tax and Accounting Institute. Click here for full details and to register.
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ASA Interest Session, Sept. 3
AAA-CPA
The American Society of Attorney-CPAs is a subsidiary of the AAA-CPA that is devoted to public educational events. The organization provides an opportunity for members to speak on various topics to companies and community organizations, allowing these groups to receive invaluable information from a comprehensive perspective, one only a uniquely qualified attorney-CPA can provide. We recently sent a request for members who were interested in speaking and received a great response. Please note that on Sept. 3 at 12:30 p.m. EDT/11:30 a.m. CDT/10:30 a.m. MDT/9:30 a.m. PDT, Joe Cordell, Esq., CPA, will be holding an information/interest session on the ASA and how it integrates into the AAA-CPA. To register, please click here.
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Andrew D. Martin, PhD, to present Analytics in Law, Politics and the University
AAA-CPA
The next meeting of the Missouri chapter will be held on Oct. 1 and will feature a presentation by Andrew D. Martin, Ph.D. Martin will be speaking on some of his research on law and courts, how analytics are used by courts (and how lawyers can better communicate with experts) and about the analytical work being done at the Washington University School of Law to help students. This event is open to members and nonmembers. For more information and to register online, click here or call 888-ATTY-CPA, ext. 2.
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MEMBER NEWS


William H. Hornberger named chairman of 27,000-member Texas Society of CPAs
PRWeb via Virtual-Strategy Magazine
Dallas tax attorney and CPA William (Willie) H. Hornberger was recently elected chairman of the 27,000-member Texas Society of Certified Public Accountants. Hornberger will serve a one-year term as the society's volunteer leader and will chair the organization's board of directors, which sets policy, manages programs and oversees activities designed to serve Texas CPAs. Hornberger is a CPA and tax lawyer at Jackson Walker LLP in Dallas. His practice emphasizes transactional and international tax matters and tax controversy issues. Hornberger has held numerous leadership positions within TSCPA and the Dallas chapter. Hornberger received his undergraduate degree in accounting, with high honors, and his J.D. degree, with honors, from the University of Texas. He also has an LL.M. in taxation from New York University. Click here to read the full press release.
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MEMBER ARTICLES


IRS intensifies scrutiny of small business
AAA-CPA
On Aug. 10, The Wall Street Journal reported that the Internal Revenue Service is issuing 20,000 letters to businesses that accept credit cards and asking them "to explain why the portion of [their] gross receipts from noncard payments appears unusually low." According to The Wall Street Journal, the letters form part of a "broader initiative aimed at boosting federal tax receipts and insuring compliance." Businesses with accurate sets of accounting records have nothing to fear. However, businesses with inadequate sets of accounting records are vulnerable to large and sometimes catastrophic audit adjustments. Failure-to-pay penalties, substantial understatement-of-income-tax penalties and interest on these penalties can often add another 50 percent to already significant audit adjustments.
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INDUSTRY NEWS


The deduction for state and local taxes
The New York Times
The federal deduction for state and local taxes, in the tax world often called the salt deduction, is among the largest in the tax code, reducing federal revenues $77 billion this year: $25 billion for property taxes on owner-occupied homes and $52 billion for state income and other taxes. Conservatives have long had special enmity for this deduction, and it is one that Republicans are likely to include in their tax reform plans.
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Looking for similar articles? Search here, keyword STATE TAX.


Cardin: IRS needs to quickly address tax rules for same-sex couples
The Washington Post
Sen. Ben Cardin, D-Md., pressed for the Internal Revenue Service to clarify whether it will allow legally married same-sex couples to file joint tax returns, calling for action in letters to the heads of the IRS and Department of the Treasury. "American taxpayers need clarity and they need it quickly," Cardin said in a statement.
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IRS sets rules for disclosing tax return information under health care law
Accounting Today
The Internal Revenue Service has released the final regulations for how it will release tax return information to the Department of Health and Human Services to assess a taxpayer's eligibility for help in buying health insurance coverage under the Affordable Care Act.
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FEATURED ARTICLE
TRENDING ARTICLE
MOST POPULAR ARTICLE
Swiss lawyer pleads guilty, helps in US tax probe
Bloomberg
A Swiss lawyer pleaded guilty in a U.S. probe of offshore tax evasion and has been telling prosecutors how he helped American clients use secret accounts to hide assets from the Internal Revenue Service.

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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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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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Americans are having babies early to save on their taxes
The Washington Post
Thanks to medical advances like the cesarean section and induced labor, women finally have a small degree of control over when they give birth. And where there are humans making choices, there are public finance economists asking how tax incentives influence them.
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Import tax overhaul bill coming, would help US seaports
Reuters
A U.S. import tax collected only at shipping ports would be converted into a fee on goods brought into the United States by rail and highway from Canada and Mexico under legislation expected to be introduced in the U.S. Senate. The two senators said that they will offer the bill to repeal the harbor maintenance tax and impose a new road-and-rail import tax, a move that would benefit seaports such as Seattle and Tacoma in Washington.
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Cayman Islands, US reach pact to fight tax evasion
Reuters
The United States has cut a deal with the Cayman Islands that will smooth implementation in the Caribbean island nation of a new U.S. anti-tax evasion law, while pressuring other low-tax and no-tax countries to follow suit. Criticized by President Barack Obama and others as a tax haven, the Cayman Islands said it has agreed to cooperate with the Foreign Account Tax Compliance Act, enacted in 2010 and set to take effect in July 2014.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Federal tax update — July (By David S. De Jong, Esq., CPA, Stein Sperling)
Real estate benefits could be cut as part of tax reform measures (Los Angeles Times)
Study: Ending charitable tax break could shrink economy, cost jobs (The Hill)
Regulators limit Obamacare break as critics predict fraud (Bloomberg)

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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