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AAA-CPA NEWS


Missouri, Pennsylvania/Delaware Valley chapters elect new presidents
AAA-CPA
The AAA-CPA is pleased to announce the following newly-elected chapter presidents.

Missouri chapter president: Kevin P. Summers
Pennsylvania/Delaware Valley chapter president: Eric Andersen

Click here to read the full announcement.

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AAA-CPA luncheon in conjunction with the Heckerling Institute on Estate Planning — Jan. 14
AAA-CPA
Join your fellow attorney-CPAs for a free luncheon on Jan. 14 during the Heckerling Institute on Estate Planning. This event is open to members of the AAA-CPA and nonmembers who qualify to become a member or affiliate. You do not need to be currently practicing. For more information and to register, go to our Calendar of Events section on our website, or click here to download a registration form.
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Northeast Regional Education Conference Education Planning Session
AAA-CPA
If you are a member and are interested in participating in the planning for our Northeast Regional Education Conference in May 2014 at Revel Resort in Atlantic City, N.J., then please join us on Friday, Dec. 13, at 10:30 a.m. EST. We will have a 30 minute conference call to discuss presenters and sessions for this event. If you are interested in attending, please email Katie Cammer at kcammer@attorney-cpa.com for the dial in information.
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MEMBER ARTICLES


Daniel Ruttenberg listed in Top Lawyers for 2013
Northern Virginia Magazine
Northern Virginia Magazine has named SmolenPlevy principal, Daniel Ruttenberg, Esq., CPA, to its list of Top Lawyers for 2013. Area attorneys were invited to nominate their peers for the designation.
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INDUSTRY NEWS


US Supreme Court declines to hear online retailers tax case
Reuters
Amazon.com Inc. and other online retailers with no physical presence in New York state must go on collecting sales tax after the U.S. Supreme Court declined to hear a legal challenge to the law that requires it. The court order means the New York law remains intact, and the high court will not, at least for now, definitively rule on the heavily contested question of whether states have the power to pass such laws.
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US corporate debt seen hurt by Baucus repeal of tax law
Bloomberg
U.S. companies could encounter higher borrowing costs under a congressional tax plan that would reverse a 29-year-old policy making it easier for other countries' residents to invest in U.S. corporate debt. Senate Finance Committee Chairman Max Baucus has proposed ending what's known as the portfolio interest exemption. If the change were enacted, some non-U.S. investors would have to pay withholding taxes of as much as 30 percent when they receive interest from U.S. corporations.
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FASB admits problems with income tax accounting standard
Accounting Today
The Financial Accounting Standards Board acknowledged that a 1992 standard on accounting for income taxes did little to simplify the accounting. The admission came in response to a recent post-implementation review of the standard by FASB's parent organization, the Financial Accounting Foundation.
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Looking for similar articles? Search here, keyword FASB.


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Labor-funded group: Lower code rates don't add jobs
Bloomberg
Lower corporate tax rates don't spur companies to hire more workers, a group opposed to sharp cuts in corporate tax rates said in a study that joins the growing debate over revising the U.S. tax code. Corporations with some of the highest effective tax rates created almost 200,000 jobs between 2008 and 2012, while those that paid little or no income tax shed tens of thousands of jobs during the same period, according to the Center for Effective Government.

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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.

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Americans blocked from dodging taxes in Caymans, Costa Rica
CBS MoneyWatch
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.

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End of mortgage-fix break could mean big tax bills
CNNMoney
A tax break for struggling mortgage borrowers ends Jan. 1 and that could mean big tax bills — and financial hits for their neighbors. Say a family is behind on their mortgage and the bank cuts them a deal, maybe reducing the loan principal or forgiving the mortgage balance after a "short sale" in which the seller owes more than the final price. Under traditional Internal Revenue Service rules, the amount of that debt forgiveness would be taxable income.
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US IRS not fully ready for law against offshore tax evasion
Reuters
The Internal Revenue Service has spent 19 months and more than $8.6 million getting ready to enforce a new law against offshore tax evasion that takes effect next year, but the agency is still not prepared, a watchdog group said. More IRS computer and staff improvements are needed to administer the Foreign Account Tax Compliance Act, said the Treasury Inspector General for Tax Administration.
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Camp: No tax reform bill this year
The Hill
House Ways and Means Chairman Dave Camp conceded that he won't release a tax reform bill this year. "We're running out of time," Camp told reporters in the Capitol.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Americans blocked from dodging taxes in Caymans, Costa Rica (CBS MoneyWatch)
US businesses alarmed by Senate plan on corporate taxes (The Washington Post)
Federal tax update (David De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC)
Supreme Court declines case on making online retailers collect sales taxes (The Washington Post)

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


CALENDAR
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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