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AAA-CPA NEWS


Syd Traum to Present S Corporations Quarterly Update Study Group
AAA-CPA
AAA-CPA Past President Syd Traum will be presenting his S Corporations Quarterly Update Dec. 9 at 2 p.m. EST. This program will be a round table discussion of recent developments involving S corporations. Syd Traum will present recent cases, rulings, regulations and legislative developments. Participants will discuss their ideas and questions about the material presented and related issues. Members and nonmembers of the AAA-CPA are welcome to join. For more information and to register for this program, please click here.
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MEMBER NEWS


AAA-CPA Members Sworn into the United States Supreme Court
AAA-CPA
On Tuesday, Nov. 4, members of the AAA-CPA had the privilege of being sworn into the United States Supreme Court. There were six individuals admitted: Randolph Buchanan, Glenn Anderson, David Berger, Jim Rigos, Steve Scott and Mark McBride. Thank you to David De Jong for assisting our members with this special ceremony.
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Ibanez Ruling Set Precedent for Right of CPAs to Advertise Dual Credentials
via Journal of Accountancy October 8, 2014
This June marked the 20th anniversary of a U.S. Supreme Court ruling that remains of interest to the accounting profession. The litigants included a state board of accountancy and a dually credentialed attorney advertising that she was both a CPA and an attorney. In Ibanez v. Florida Board of Accountancy, 512 U.S. 136 (1994), the Supreme Court limited states' ability to regulate truthful commercial speech by professionals. Twenty years later, the decision's impact is a well-established precedent protecting the right of professionals to advertise their dual credentials.
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INDUSTRY NEWS


These Companies Could Run Out of Cash Without Tax Reform
Nasdaq
The wave of Republican victories in midterm elections blew past everyone's expectations and sparked a rally in the markets. Investors are hoping for a range of business-friendly changes in Washington, D.C., from a less intrusive energy policy to a partial repeal of some Obamacare regulations.
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Corporate Tax Professionals Favor Lower Tax Rate and Closing Loopholes
Accounting Today
Seventy percent of corporate tax professionals said they favor lowering the U.S. corporate tax rate, even if that means their companies would have to give up tax loopholes, according to a new study. The study gauged the opinions of corporate tax professionals — from analysts to CEOs — on issues such as U.S. corporate tax reform, tax inversions, recent tax credit expirations and transfer pricing practices.
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CBO: Tax Rates Are Finally on the Rise for the Top 1 Percent
The Washington Post
The rich are still getting richer, and income inequality is still on the rise. But President Obama appears to have achieved at least one of his goals for the nation's pocketbook: The very richest Americans are finally shelling out a bit more in federal taxes.
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Thousands Who Received Debt Relief Would Benefit if Congress Renews Expired Tax Law
The Washington Post
David Foster, who sold his condo in Chicago last month, isn't plugged in to Capitol Hill's political games. But he has banked the financial future of his family on Congress's accomplishing at least one thing during the post-election session: renewing the Mortgage Forgiveness Debt Relief Act so that he and his wife and three young children aren't crushed by unaffordable taxes next year on the $100,000 his lender agreed to cancel as part of a short sale.
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Last Chance for Retroactive Portability of Estate Tax Exemption
CPA Practice Advisor
The portability provision can literally save a family millions of federal estate tax dollars if a timely election is made. For some clients who missed the boat, there's still a little time left to sail off happily into the sunset, thanks to a special Internal Revenue Service ruling issued earlier in the year.
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GOP Leaders Set Sights on Tax Reform But Fret Over Newly Combative Obama
The Washington Post
Acrimony over immigration is dampening hopes for cooperation on more ambitious initiatives, with President Barack Obama and Republican lawmakers bracing not for compromise but for combat. White House officials insist that Obama remains interested in finding common ground when Republicans consolidate their hold on the Capitol in January, with an overhaul of federal tax laws at the top of everyone's agenda.
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Tax-saving Tips Up in Air as Congress Mulls Changes
The Arizona Republic via USA Today
Year-end tax planning could be tricky over the final weeks of 2014, even without any major federal income-tax laws enacted this year. That's part of the problem: Congress hasn't enacted anything major but still might. Several expired provisions could get revived, even after the calendar turns to 2015.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    The Least Tax-friendly States for Business (24/7 Wall St. via USA Today)
AAA-CPA Celebrates 50 Years in Washington, DC (AAA-CPA)
How the IRS and Congress Cripple the Marijuana Industry With an Obscure, Decades-old Law (The Washington Post)
Federal Tax Update — October (By David S. De Jong, Esq., CPA, Stein Sperling)

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


CALENDAR
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

Dec. 19
Federal Tax Update for Individuals and Small Businesses

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

Jan. 27
Study Group: Community Property for the Migrating Client
 



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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