AAA-CPA to co-sponsor 12th Annual Northern New Jersey Working Together Conference — Jan. 7
Seton Hall University
The program continues to promote the positive ongoing relationship between the tax practitioner community and the Internal Revenue Service. The annual meeting, open to both IRS employees and the practitioner community, has become a "mark your calendar" event for many New Jersey tax professionals. The intent is to engage in ongoing, meaningful dialogue aimed at improving our dealings with one another, thereby improving service to our common customer — the taxpayer public. Click here for more information and to register for this event.
We need presenters!
The AAA-CPA needs presenters for our study groups.
Study groups are one-hour teleconferences (which means you don't even have to leave the comfort of your own office) on attorney-CPA-related topics. Here are some of the subjects that have been requested for future study groups.
Form 990 preparation
Cancellation of debt income
IRC Section 108
Current topics in subchapter S corporate tax
Dischargability of taxes through bankruptcy
Obamacare and its tax aspects
Whether you choose one of these topics or choose one of your own is up to you. As a presenter, you are eligible for up to three hours of CPE credit. If you are interested in presenting a topic, please fill out this form and return it to us at email@example.com.
Affiliate nexus litigation — Everyone loses
By Annette Nellen, Esq., CPA, via AICPA Corporate Taxation Insider
This article looks at recent affiliate litigation in New York and Illinois and the challenges that remain in collecting use tax in an e-commerce world. Click here for the full article.
Federal tax update
David De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC
Final regulations under Code Section 1411 generally follow earlier proposed regulations but state specifically that the Medicare tax exemption applies only to activities qualifying as an active business under Code Section 162 and only as to nonpassive interests therein.
US businesses alarmed by Senate plan on corporate taxes
The Washington Post
For years, American businesses have been clamoring for Congress to wipe out a profusion of special-interest tax breaks and use the proceeds to lower the 35 percent tax on corporate profits, now the highest in the developed world. The Senate's chief tax writer rolled out a series of proposals to do just that.
Americans blocked from dodging taxes in Caymans, Costa Rica
Starting in January, Americans will no longer be able to use the Cayman Islands and Costa Rica as tropical tax havens.
New agreements with the countries, announced by the Department of the Treasury, are designed to enforce the Foreign Account Tax Compliance Act.
Supreme Court declines case on making online retailers collect sales taxes
The Washington Post
The Supreme Court declined to get involved in state efforts to force online retailers such as Amazon.com to collect sales tax from customers even in places where the companies do not have a physical presence. The issue — ending what for many Americans is tax-free online shopping — is one of the most important in modern retailing.
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Atlantic City, NJ, casino tax refunds increase borrowing costs
Atlantic City's borrowing costs have risen as much as 21 percent since 2012 as the New Jersey gambling resort increases debt to refund property-tax bills appealed by casinos struggling with a seven-year business slump.
Investors in the $3.7 trillion municipal market are punishing Atlantic City as gambling revenue slides amid competition from nearby states.
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.
Lawsuits over higher taxes? They're no joke
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.
Do high state taxes chase out millionaires?
Media reports are filled with stories of wealthy New Yorkers and professional golfers in California threatening to move to escape high taxes.
Travis Brown, author of "How Money Walks," said there is a "mass exodus" of money from high tax to low tax states. He said New York is losing $7,100 a minute in income to Florida.
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Economists' propose tax break to ease the burden for struggling 2-worker families
The Washington Post
Put yourself, this holiday shopping season, in the shoes of a store clerk and his family. Say you earn $11 an hour, which is a bit less than the national average for retail salespeople. And say that's not enough to feed, clothe and house your spouse and kids to your satisfaction, so your wife decides to take a job in the same store, full time.
IRS moves to limit tax-exempt groups after targeting scandal
The Obama administration launched an attempt to limit the same class of politically active nonprofit groups the Internal Revenue Service was accused of targeting last summer.
Under the proposed new rules, organizations that fall under the tax-exempt 501(c)(4) umbrella would also be more clearly identified during campaigns.
Missed last week's issue? See which articles your colleagues read most.
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