What Are the New Planning Opportunities for Attorney-CPAs?
Come hear CPA Magazine's Most Influential Practitioner Sidney Kess, LL.M., CPA, reflect on the changes he has seen in the tax profession during his career and his suggestions for future prospects for attorney-CPAs and their clients. This nationally renowned speaker will present at the AAA-CPA Fall Meeting & Education Conference Nov. 7.
Click here for details about the conference and to register today.
Asset Preservation Inc. to Sponsor 1031 Exchanges Are Back: Update on Trends in 2014 Study Group Sept. 18
Exchange activity is surging. This study group presented by Scott R. Saunders of Asset Preservation Inc. will provide a concise and thorough overview of Internal Revenue Code Section 1031 tax-deferred exchanges. In addition to covering critical Internal Revenue Service time deadlines, "like-kind" requirements and other exchange-related issues, the class will provide a summary of current developments including reverse exchanges, partnership/LLC issues, applicable revenue rulings, private letter rulings and other IRS guidance on current issues related to exchanges. Click here for more information and to register for this members-only teleconference.
Businesses need both accountants and lawyers, and they need accountants and lawyers to work together effectively. Come learn about how they can do so, about the unique opportunities for those trained in both accounting and law and about how membership in the AAA-CPA can help your career. AAA-CPA's immediate former President and Florida State University alumnus Domenick Lioce, Esq., and professor Steve Johnson from the FSU College of Law will address these questions. You'll also hear about the AAA-CPA's new student member division. To register for this free program at the FSU College of Law Sept. 19, click here. For more information, please email Kimmy Livingston at email@example.com.
The Bright Side of the Tax Bill Caused by an 'Inversion' Deal
The Wall Street Journal
There's been plenty of grumbling about the growing trend of corporate "inversions" and the tax bills facing longtime investors in U.S. companies involved in these deals.
But some financial advisers say there is also a potential benefit: The move may force some investors to finally diversify their portfolios.
Tax-exempt Organizations Still Have to Pay Payroll Taxes ... and Owe at Least $875 Million
Receiving tax-exempt status from the Internal Revenue Service means a group avoids paying income taxes, but they still must pay payroll taxes.
This fact of the federal tax code has been lost on more than 64,000 organizations that collectively owed the government $875 million in back taxes as of 2012, according to the Treasury Inspector General for Tax Administration. The number of groups in arrears is "small," only 3.8 percent of such organizations, according to TIGTA.
US Tax Revenue to Rise if Obama Legalizes Some Immigrants
U.S. government tax collections would get a multibillion-dollar boost if President Barack Obama issued an executive order giving temporary legal status to millions of undocumented residents, the liberal-leaning Center for American Progress said in a report.
The group, which has close ties to the Obama administration, estimated $21.2 billion in additional payroll taxes would be collected over five years under one scenario available to Obama, who has made immigration reform a priority of his second term.
CBO: Federal Tax Revenues Will Rise Because of Higher Individual Income Taxes
A recent Congressional Budget Office fiscal update largely focused on the dangers of rising spending on health care, Social Security and interest on the debt. But it also projected a significant increase in federal revenues, almost entirely due to a big bump in individual income taxes. CBO projects that individual tax revenue will climb well above its long-term average over the next decade.
CVS CEO: Inversions threaten to 'erode' tax base
Citing the widespread uptick in corporate tax inversions, CVS Health CEO Larry Merlo told CNBC "we need comprehensive corporate tax reform." "We are concerned that these tax inversions left unchecked will further erode the corporate tax base and make comprehensive reform that much challenging," Merlo said on "Squawk on the Street."
IRS Plans to Process Complaints Against Tax Preparers Faster
The Internal Revenue Service intends to process complaints against tax preparers from their clients in a more timely way, in response to a new government report that found it had begun work on only about half the complaints it received since October 2012. The report, from the Treasury Inspector General for Tax Administration, reviewed 8,354 complaints against tax preparers received by the IRS between Oct. 1, 2012, and Sept. 11, 2013, and identified 3,953 (or 47 percent) for which work on the complaints had yet to be initiated.
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