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Please note that the AAA-CPA offices will be closed Thursday, Nov. 28, and Friday, Nov. 29, in observance of the Thanksgiving holiday. We wish all our members and their families a safe and happy Thanksgiving. Our offices will reopen on Monday, Dec. 2, at 8:30 a.m. EST.




AAA-CPA NEWS


Avoiding Tax Return Preparer 'Traps' — AAA-CPA New England chapter meeting
AAA-CPA
Sponsored by Eastern Bank and M. Robinson & Company

The AAA-CPA New England chapter will be holding a free breakfast CPE seminar on Dec. 5, hosted and sponsored by Eastern Bank. This timely refresher will remind experienced tax-return preparers of the commonsense and ethical rules they must follow to achieve a safe and profitable 2014 tax season. Registration is required by Monday, Dec. 2, and seating is limited to the first 50 registered guests. Click here for more information and to register for this event.

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Professional Conduct and Ethics for Attorney-CPAs — Presented by Joe Brotherton and Jim Rigos, Dec. 10
AAA-CPA
The AAA-CPA Washington chapter meeting will be holding its annual ethics course on Tuesday, Dec. 10, 12-5 p.m. PST. This five hour program will focus on the significant differences between the ethical rules of a lawyer and CPA in Washington. They will also discuss the possible conflicts of interest and breach of fiduciary duty. Some real and hypothetical ethical dilemmas may be explored. Click here for more information and to register online.
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INDUSTRY NEWS


Baucus proposes minimum US tax on foreign earnings
Bloomberg
U.S. companies would face a minimum tax on the income they earn around the world under a plan released by Senate Finance Chairman Max Baucus that marks his most significant proposal to revamp the tax code. Baucus's plan to restructure the international tax system would lower the corporate rate by an unspecified amount, end a rule that has encouraged companies to accumulate about $2 trillion in earnings in their foreign subsidiaries and impose a 20 percent tax on those stockpiled profits.
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CPAs worried over uncertainty in expiring tax provisions
Accounting Today
The on-again, off-again nature of the federal tax provisions traditionally known as tax extenders is leading to uncertainty and unnecessary complexity, according to tax policy experts at the American Institute of CPAs. With 2014 approaching, CPAs are busy meeting with clients to discuss year-end tax planning, and the uncertainty over what is happening with the tax extenders is making those consultations more difficult.
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Tax proposal for an economy no longer rooted in manufacturing
The New York Times
A tax proposal released by the chairman of the Senate Finance Committee, Max Baucus, addresses cost recovery. Cost recovery is a technical topic that may shape our economic future because it affects the calculations of every business manager making a decision about what projects to pursue and what assets to buy.
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TRENDING ARTICLE
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Tax code changes to close the widening income gap
Fox Business
As the gap between the rich and poor continues to widen in this country, there have been many proposals on how to change the tax code to bring about more income equality and avoid a bigger economic gap. The Hamilton Project, a policy initiative from the Brookings Institute, has taken billionaire investor Warren Buffett's complaint that he pays less taxes than his secretary — a common scenario for many low to middle income taxpayers — to heart.

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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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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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Lawsuits over higher taxes? They're no joke
Forbes
In many lawsuits, plaintiffs claim the defendant caused them to pay higher taxes. It makes sense, since taxes have an impact on just about everything. Even so, whether a plaintiff can actually collect damages for adverse tax consequences varies widely.
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The 18 states that cut taxes in 2013
The Washington Post
Governors and legislators in 18 states will be able to claim credit for cutting billions of dollars in taxes heading into an election year, according to a new report. The report, from the conservative American Legislative Exchange Council, catalogues the tax-cutting states, which stretch from Alaska to Florida.
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Looking for similar articles? Search here, keyword TAX CUT.


Wall Street could benefit from tax proposal
The New York Times
Changes to the tax code always create winners and losers. An ambitious plan to revise the system for taxing multinational corporations, released by the Senate Finance Committee Chairman Max Baucus, would hit technology companies and large pharmaceutical companies especially hard. Companies like Pfizer, Apple, Hewlett-Packard and Microsoft have become masters at reducing their tax liability in the United States by shifting income overseas.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    New Jersey, 2 other states tax health savings accounts (Asbury Park Press via USA Today)
Who gets the most federal spending for their tax dollars? (CNNMoney)
IRS to take a closer look at small business filings (Entrepreneur)
Tax wizardry accomplished with an offbeat merger (The New York Times)

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


CALENDAR
Dec. 5
Avoiding Tax Return Preparer "Traps"

Dec. 10
Professional Conduct and Ethics for Attorney-CPAs

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

Dec. 12
Impact of Obamacare on Filing Form 1040's for 2014 and Beyond

Dec. 20
Bankruptcy Tax Issues

Jan. 7
12th Annual Northern New Jersey Working Together Conference

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

Jan. 24
Southwest Regional Education Conference

Jan. 29
From Start-Up to Exit: What Every Professional Needs to Know

May 2
Northeast Regional Education Conference

July 2
AAA-CPA Annual Meeting and Education Conference

Nov. 4
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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