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AAA-CPA NEWS


Registration now open: 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. Registration for nine hours of education is only $100. Time to act now. Register by clicking here.
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2013-2014 membership dues
AAA-CPA
Reminder: Membership dues and fees for 2013-2014 were due by Oct. 1. Members who have not yet renewed have received two paper statements and one email. In order to remain active with the association, please contact Kimmy Livingston at klivingston@attorney-cpa.com or 888-ATTY-CPA, ext. 2, if you did not receive your renewal statement. Payments may be made by logging into the AAA-CPA website, via fax at 703-352-8073 or by mail to our office: 8647 Richmond Highway, Suite 639, Alexandria, VA 22309. Payment plans are also available upon request.
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INDUSTRY NEWS


Who gets the most federal spending for their tax dollars?
CNNMoney
Figuring out how much you get for the taxes you pay is a tricky business. In a report, the Tax Foundation attempts to answer the question. It compares how different income groups benefit from federal spending — directly and indirectly — for every tax dollar they pay.
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US Treasury signs pact with France for anti-tax evasion law
Reuters
The United States has signed an anti-tax evasion agreement with France, the 10th country to join a U.S. global dragnet that goes into effect next July, the Department of the Treasury said. The Foreign Account Tax Compliance Act, enacted in 2010, will from then require financial institutions abroad to disclose Americans' offshore accounts worth more than $50,000 to the tax-collecting U.S. Internal Revenue Service.
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Looking for similar articles? Search here, keyword TAX EVASION.


New Jersey, 2 other states tax health savings accounts
Asbury Park Press via USA Today
New Jersey is living up to a reputation for overtaxing its residents by grabbing a share of money set aside in increasingly popular health savings accounts. The Garden State is one of only three states that tax worker contributions into health savings accounts, which are exempt from federal taxes. HSAs nationwide have racked up $18.1 billion in assets since being launched in 2004, according to Devenir, an investment service firm.
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Tax wizardry accomplished with an offbeat merger
The New York Times
It used to be easier to avoid paying corporate taxes. Back in the 1990s, many corporations used tax shelters that had little economic substance other than to dodge tax liability. Aggressive enforcement actions by the Internal Revenue Service, coupled with changes in accounting and reporting requirements, have combined to make these shelters unattractive to most companies.

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4th largest tax prep business in the country shut down by feds
Forbes
Instant Tax Service, the fourth-largest tax preparation business in the United States, has been ordered by a federal court judge to shut down its operations. U.S. District Judge Timothy S. Black found that ITS had a culture of "fraud and deception."

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Higher tax rates give top US earners year-end headaches
Bloomberg
The higher tax rates passed by Congress this year have some top U.S. earners seeking last-minute strategies to lower their tax bite as year-end calculations turn up unpleasant surprises. "There are many, many high-income taxpayers now who are finding themselves facing tax rates in excess of 50 percent," said Suzanne Shier, a tax strategist and director of wealth planning at Chicago-based Northern Trust Corp.

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IRS to take a closer look at small business filings
Entrepreneur
Speaking at the American Institute of CPAs, Internal Revenue Service Small Business/Self-Employed Chairman Faris Fink said the agency will be shifting its auditing focus from corporations to small-business partnerships, which have grown significantly in number over the last six years. From 2007 to 2011, the increase was more than 15 percent, according to the IRS.
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Federal solution sought for disputes over e-commerce law
Bloomberg
A thicket of state laws imposing sales taxes on electronic commerce is creating pressure for federal intervention to end the squabbles between states and online merchants, a lawyer monitoring the issue said. The federal action may come on two fronts — in the U.S. Supreme Court and from Congress, said Kelley C. Miller, an associate with Reed Smith LLP in Washington, D.C., Bloomberg BNA reported.
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IRS misinterpreted law penalizing erroneous tax claims
Accounting Today
By misinterpreting federal law, the Internal Revenue Service has sharply limited the number of erroneous tax refunds and improper tax credit claims on which it can assess penalties, according to a new study. The report, released publicly by the Treasury Inspector General for Tax Administration, focused on the IRS's incorrect interpretation of provisions in the Small Business and Work Opportunity Tax Act of 2007, which amended the tax code to enhance the IRS's ability to seek monetary penalties for the growing number of erroneous tax credit and refund claims.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Higher tax rates give top US earners year-end headaches (Bloomberg)
4th largest tax prep business in the country shut down by feds (Forbes)
Lawmakers want to outlaw tax deductions for government settlements (Los Angeles Times)
Worldwide identity thieves steal millions in tax refunds (USA Today)

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


CALENDAR
Nov. 21
How to Manage Criminal Cases When the C.I. Knocks on the Taxpayer's Door

Dec. 5
Avoiding Tax Return Preparer "Traps"

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

Dec. 20
Bankruptcy Tax Issues

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

Jan. 24, 2014
Southwest Regional Education Conference

May 2, 2014
Northeast Regional Education Conference

July 2, 2014
AAA-CPA Annual Meeting and 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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