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AAA-CPA NEWS


Come join us at The Beatles LOVE by Cirque du Soleil — Only 11 tickets remain
AAA-CPA
If you would like to join us for The Beatles LOVE by Cirque du Soleil show at The Mirage Hotel and Casino, you must purchase your tickets no later than Oct. 16 (please note that this is different than the date previously mentioned). There are only 11 tickets left to purchase. The tickets are available on a first-come, first-served basis. Click here to purchase tickets. Any tickets that remain unsold will be given back to the theater on the Oct. 17. Act fast to join us!
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AAA-CPA is pleased to announce the following elected chapter leaders
AAA-CPA
Capital Area chapter: President (reelected): Eric J. Rollinger
Illinois chapter: President: Frances L. Wallace
New England chapter: President: Morris N. Robinson; Vice president: Thomas D. Millett
North Texas chapter: President (reelected): Dan R. Waller; Vice president: Jason B. Freeman

Click here to read the full announcement.

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Save the date: Southwest Regional Education Conference, Jan. 24-26
AAA-CPA
Join the AAA-CPA at the Southwest Regional Education Conference. Our education will be taking place at the Texas A&M School of Law in Fort Worth, Texas, beginning at 1 p.m. on Friday, Jan. 24, and ending on Sunday, Jan. 26. The host hotel will be the Sheraton Fort Worth Hotel and Spa. More details will be forthcoming.
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INDUSTRY NEWS


New corporate tax shelter: A merger abroad
The New York Times
Executives at a California chip maker Applied Materials highlighted a number of advantages in announcing a merger recently with a smaller Japanese rival, but an important one was barely mentioned: lower taxes. The merged company will save millions of dollars a year by moving — not to one side of the Pacific or the other, but by reincorporating in the Netherlands.
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Looking for similar articles? Search here, keyword CORPORATE TAX.


IRS releases details on PTIN holders
Accounting Today
The IRS Return Preparer Office has released details on the professional credentials of those who currently hold Preparer Tax Identification Numbers. Just over 690,000 people hold PTINs, which are required of all paid tax preparers. By far the largest professional group among them are CPAs, with 214,267 PTINs.
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Tax penalty for 2 Texans? Supreme Court weighs partner problem
Reuters
The U.S. Supreme Court grappled with a case about a steep penalty the Internal Revenue Service imposed on two Texas businessmen over a sham tax shelter, with legal arguments centered on whether their partnership shielded them or not. The case involves Billy Joe "Red" McCombs, a Texas billionaire and former owner of the Minnesota Vikings football team, and his business partner Gary Woods.
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FEATURED ARTICLE
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Obamacare penalty seen snaring last-minute applicants
Bloomberg
The U.S. health care law's tax penalty for not carrying medical coverage next year may catch millions of Americans off guard. While the open enrollment period for people to obtain health care through the Obamacare insurance exchanges runs until March 31, some people may face tax penalties for lack of coverage if they wait until the final days to sign up, Bloomberg BNA reported.

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AAA-CPA files amicus brief to US Supreme Court in Amazon/Overstock case
AAA-CPA
On Sept. 23, the AAA-CPA filed an amicus brief in the Overstock.com Inc. and Amazon.com Inc. v. New York Department of Revenue and Taxation and Finance writ of certiorari before the U.S. Supreme Court. The case involves whether the state can impose a use tax collection obligation on Overstock/Amazon and other retailers under the "click-through nexus" statute as similarly enacted in 11 other states, even though petitioners have no physical presence in the state.

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September federal tax update
David De Jong, Esq., CPA, Stein Sperling
Final and proposed regulations under code section 168 in 303 pages generally follow the earlier 2011 proposed regulations on depreciation, including the capitalization/repair distinctions. However, the "de minimis" amount for classification as supplies is increased from $100 to $200.

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Gillibrand defying code writers to push child-care break
Bloomberg
While congressional tax-writing committees are looking for ways to trim the code, Sen. Kirsten Gillibrand, D-N.Y., has one idea to add to it. Gillibrand proposed creating a new tax deduction of as much as $14,000 a year for child-care expenses, which families could take instead of the federal dependent and child-care tax credit — a program Gillibrand also proposed to expand, Bloomberg BNA reported.
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Some states asking same-sex married couples to file as singles
The Huffington Post
VideoBriefWhile the Internal Revenue Service plans to allow same-sex married couples to file joint federal tax returns, not every state will be following suit. Several states with constitutional prohibitions on same-sex marriage have implemented rules in the past several weeks saying that same-sex married couples in their states will have to file state taxes as individuals.
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Tax Foundation: Western US best for business
The Washington Post
For the third year in a row, Wyoming has fostered the nation's best business climate, thanks to low rates on corporate and personal income taxes made possible by a booming oil industry, according to a new report from the Tax Foundation. In fact, six of the top 10 states with the best business climate are Western states, bolstered at least in part by new revenues from energy production that allows them to reduce other types of taxes.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    September federal tax update (David De Jong, Esq., CPA, Stein Sperling)
For low taxes, it all depends on the business (The Texas Tribune via The New York Times)
Trial court to the US Supreme Court: My 3-and-a-half year journey to the highest court in the land (AAA-CPA)
AAA-CPA files amicus brief to US Supreme Court in Amazon/Overstock case (AAA-CPA)

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


CALENDAR
Oct. 17
Members Only Study Group: Partnerships in Estate Planning

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

Oct. 25
Negotiating Tax Provisions of Acquisition (Disposition) Agreements

Nov. 6
AAA-CPA Fall Meeting and Education Conference

Nov. 14
Members Only Study Group: Choice of Entity

Nov. 19
Members Only Study Group: Challenges to IRS Regulation of Tax Return Preparers

Dec. 11
ABA's 30th National Institute on Criminal Tax Fraud and Tax Controversy

Jan. 14, 2014
AAA-CPA Luncheon in Conjunction With the Heckerling Institute on Estate Planning

Jan. 24, 2014
Southwest Regional 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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