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A message on behalf of IRS Commissioner Doug Shulman
AAA-CPA
David Williams, director of the IRS Return Preparer Office, has decided to return to Capitol Hill. Carol Campbell, currently the IRS deputy chief of staff, will take over this critical position.

The leadership change, effective in September, takes place just over three years after the Internal Revenue Service started its ground-breaking effort to extend oversight of the return preparer industry, a critical part of the nation's tax system. The IRS has taken major steps to ensure standards for competency, continuing education and ethics apply to all paid tax-return preparers.

The return preparer initiative has made tremendous strides over the past three years, and key components of this effort are in place to help the nation's taxpayers. The IRS appreciates Shulman's strong leadership and hard work to help launch this important effort. In her new role, Campbell brings a strong set of skills and experience to lead the IRS Return Preparer Office and keep the program moving forward in the years ahead.

Please wish Shulman well as he continues his public service, and congratulate Campbell on this important new assignment.






Member named winner of women business owners competition
PRWeb via Count Me In for Women's Economic Independence    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Karen Tenenbaum, tax attorney, was named a Top 10 Pitch Winner by Count Me In/American Express OPEN in a competition for women business owners. She was recognized for her plans to promote financial literacy using her character Walter the Vault. To read the complete article, click here.



Study: Tax code slashes tax for hugely profitable companies
The Associated Press via USA Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Twenty-six big U.S. companies paid one person, their CEO, more last year than they paid the federal government in tax, according to a study released by a liberal-leaning think tank. The study, a 45-page attack on the corporate tax code, said deductions and credits are allowing companies to lavish big pay packages on executives so they can cut their tax bills while Washington gets less money in a time of trillion-plus deficits. More

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Most cash since 2009 chases tax-exempts still cheap
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Municipal securities remain cheap relative to U.S. Treasury Department debt, even with investors directing the most cash since 2009 to tax-exempt bonds in the $3.7 trillion market. Yields on tax-exempt debt due in 10 years were 100 percent of those on U.S. bonds with a similar maturity recently, the lowest since May 15, yet still exceed the 93.14 percent average for the past decade, data compiled by Bloomberg show. The ratio reached a three-year high of 126.4 percent on June 1. More

IRS offers tool to help students with financial aid
Forbes    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Students will soon be moving into dorm rooms across the country. The new school year is officially beginning. The first few days of college are often a blur of forms, registrations — and more forms. One of the most popular — and yet confusing — forms is the Free Application for Federal Student Aid. While the deadline for FAFSA submissions might have passed, it's not unusual for students to have to complete additional requests for information to supplement the FAFSA. More

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SEC shuts $600 million online pyramid/Ponzi scheme
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Securities and Exchange Commission leveled charges and an emergency asset freeze on the perpetrators of an alleged $600 million Ponzi scheme that was on the verge of collapse. In the SEC's third such case recently, the charges allege that online marketer Paul Burks of Lexington, N.C., and his company, Rex Venture Group, raised money from more than one million Internet customers nationwide and overseas through the website ZeekRewards.com. More

Study: States where people are less religious are more stingy with charitable giving
The Associated Press via The Washington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
A new study on the generosity of Americans suggests that states with the least religious residents are also the stingiest about giving money to charity. The study released by the Chronicle of Philanthropy found that residents in states where religious participation is higher than the rest of the nation, particularly in the South, gave the greatest percentage of their discretionary income to charity. The study was based on Internal Revenue Service records of people who itemized deductions in 2008, the most recent year statistics were available. More

Tax debate continues: Who do cuts hurt and help?
NPR    Share    Share on FacebookTwitterShare on LinkedinE-mail article
VideoBriefOnce again, taxes will be a major part of the battle for the 2012 election. Conservative ads out recently seek to savage what they call Obama's Tax Hike, a reference to letting the Bush tax cuts for wealthier families expire at the end of the year. More

Aug. 28
IRS and New York State Tax Collections

Sept. 4
Missouri Chapter Meeting

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

Sept. 6
Members Only Study Group: IRS Criminal Investigations

Sept. 19
Dealing with Amended Circular 230 and Preparer Registration

Sept. 20
Members Only Study Group: Financial Elder Abuse

Oct. 11
Members Only Study Group: S Corporation Quarterly Update


 



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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