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AAA-CPA NEWS


What Are the New Planning Opportunities for Attorney-CPAs? Early Bird Deadline Extended
AAA-CPA
Influential practitioner Sidney Kess, LLM, CPA, reflects on the changes he has seen in the tax profession during his career and gives 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 during a luncheon sponsored by BNYMellon.

Click here for details about the conference and to register today.

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MEMBER ARTICLES


Federal Tax Update — September
By David De Jong, Esq., CPA, Stein Sperling
In Topsnik v. Commissioner, the tax court determined that a resident alien with a green card cannot informally abandon such status but may only do so by formal procedures involving completing a form for filing with United States Immigration and Naturalization Service or a consular officer.
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INDUSTRY NEWS


Obama's Tax Rules Claim 1st Casualty
The Hill
The Obama administration's efforts to crack down on offshore tax deals have claimed their first casualty — and tax experts say there will be more where that came from. Salix, a North Carolina-based pharmaceutical company, announced that it was backing away from a planned merger with the Italian drug maker Cosmo, after the Department of the Treasury unveiled new rules aimed at making so-called tax inversions less attractive.
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IRS Audit: Improper Procedures Lead to Billions in Lost Taxes
FierceGovernment
Billions of dollars in delinquent taxes are being lost because of improper research and procedures at the Internal Revenue Service, according to an internal investigation. In an audit dated Aug. 25, the Treasury Inspector General for Tax Administration found that cases involving $6.7 billion were closed after being labeled "currently not collectible" or "unable to contact or unable to locate."
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American Expatriates Living in Canada Fighting US Tax Law
WBFO-FM
VideoBriefThe Foreign Account Tax Compliance Act has been in effect for several months. The global tax law is aimed at rooting out Americans living outside of the United States who are not paying their U.S. taxes. But many expatriate Americans in Canada are fighting back. There are more than 1 million Americans, or those considered by U.S. tax authorities to be Americans, living in Canada.
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Poll: Voters Want Teamwork on Tax Reform
The Hill
Seven in 10 voters in several states with high-profile elections this year want President Barack Obama and Congress to work to overhaul the tax code, according to a new poll released by the U.S. Chamber of Commerce. Just a sliver of voters in five states — Alaska, Arkansas, Iowa, Louisiana and North Carolina — prefer the president take unilateral action on taxes, as the White House did last month to combat the recent influx in offshore tax deals known as "inversions."
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Corporations Use Legal Means to Lower Tax Bills, but Public Still Doesn't Like It
Deseret News via The Oklahoman
Domestic abuse isn't the only issue tarnishing the image of the National Football League. The NFL's critics have piled on by pointing out the billion-dollar enterprise's nonprofit status, which puts it in the league of charities and other groups that don't pay taxes.
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IRS Offers Guidance on Allocation of After-tax Amounts to Rollovers
Accounting Today
The Internal Revenue Service has released proposed regulations to address the tax treatment of distributions from designated Roth IRA accounts under tax-favored retirement plans. The proposed regulations would limit the applicability of the rule regarding the allocation of after-tax amounts when disbursements are made to multiple destinations so the allocation rule would apply only to distributions made before the earlier of Jan. 1 or a date chosen by the taxpayer on or after Sept. 19.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Corporate Inversions Mean Tax Hit for Shareholders (USA Today)
Why the NFL Probably Won't Lose Its Tax-exempt Status (USA Today)
Tax-evasion Crackdown Has 'Intense' Impact on Expatriates (The Wall Street Journal)
Crackdown Targets Inversions Designed to Limit US taxes (Bloomberg)

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


CALENDAR
Oct. 16
Members-only Study Group: How the 3.8 Percent Surtax on Net Investment Income affects Estates and Trusts
Tax and Business Issues Impacting the U.S. Economy

Oct. 20
National Estate Planning Awareness Week

Nov. 5
AAA-CPA Fall Meeting and Education Conference

Nov. 12
The Ethics of Estate Planning

Nov. 21
LLCs — What Law Schools Don't Teach You

Dec. 9
Members-only Study Group: S Corporations Quarterly Update

Dec. 10
31st Annual National Institute on Criminal Tax Fraud and 4th National Institute on Tax Controversy

Dec. 11
Estate Planning for Retirement Benefits

Jan. 13
AAA-CPA Luncheon in Conjunction With the Heckerling Institute on Estate Planning
 



The AAA-CPA Weekly Update

Colby Horton, Vice President of Publishing, 469.420.2601
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Katina Smallwood, Senior Editor, 469.420.2675   
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