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A time to give
The Attorney-CPA Foundation
This is the most generous time of year for most Americans and that is especially true of attorney-CPAs. We are sending this to you by email rather than by traditional mail in the interest of efficiency and the spirit of conserving resources. It is, of course, easier to ignore an email request, so please give this your attention. The Attorney-CPA Foundation has curtailed much of its valuable work promoting the importance of dual credentials and educating the public and our own in areas about which we are uniquely qualified and hold a special expertise.
We ask that you consider a gift of $1,000 or more to the foundation. We would be preaching to the choir explaining why it is likely that your gift will yield better tax treatment through Dec. 31. The foundation needs the money now. The time is right for you to give. We promise to appreciate and respect your gift and to use the funds efficiently and effectively. We thank you in advance for your consideration and generosity.
Gifts can be made by mailing a check to the following:
The Attorney-CPA Foundation
8647 Richmond Highway, #639
Alexandria, VA 22309
You may also make a donation online by clicking here or on our logo above.
Register today for the 2013 Southwestern Regional Education Conference
Join us Jan. 25-27 at the Barton Creek Resort & Spa in Austin, Texas. This program will provide up to nine hours of CPE and CLE/MCLE on a 50-minute hour track and 7.5 hours of CLE/MCLE on a 60-minute hour track. Attorney-CPAs, both members and nonmembers, are encouraged to attend and bring their families.
The AAA-CPA has secured a block of rooms at the Barton Creek Resort for the evenings of Friday, Jan. 25, and Saturday, Jan. 26. Rates are $205.65 for a single/double room, including resort fee. Reservations can be made by calling the Barton Creek Resort directly at 800-604-6563. Reservations must be made by Friday, Jan. 4, in order to guarantee our group rate. This rate will be available three days before and after the conference for those who wish to extend their travel. When making reservations, please mention that you are with the AAA-CPA.
For more details about the conference and to register, click here.
Federal tax update for November 2012
by David S. De Jong, Esq., CPA, Stein Sperling
In Alioto v. Commissioner, the Sixth Circuit Court of Appeals agreed with the tax court that a taxpayer cannot deduct unreimbursed business expenses where he still maintains a claim for reimbursement against the employer. More
Learn why WealthDocx® (published by WealthCounsel®) is the nation’s leading drafting solution for estate planning attorneys. Discover how membership in WealthCounsel equips you with the software solutions, collegial community, continuing education, and other resources to help you build your practice as you change clients’ lives for the better. Click here.
Avoid the ghosts of past, present and future trust accounting risks
by Domenick R. Lioce, Esq., CPA, Nason, Yeager, Gerson, White & Lioce PA, FLMIC director
The story of the transformation
of Ebenezer Scrooge in Charles
Dickens' "A Christmas Carol"
is a reminder that our success
and happiness in present
and future situations can be
diminished by past practices
and beliefs. The lessons
taught by Ebenezer's Ghost
of Christmas Past, Ghost of
Christmas Present and Ghost
of Christmas Yet to Come can
remind and teach us about
how to best avoid past, present
and future risks related to trust
Favorite tax deductions of the rich
The wealthy could see their tax burden go up by an average of $14,000 if lawmakers limit itemized deductions as part of a fiscal cliff deal.
Taxpayers with adjusted gross incomes of $250,000 or more deducted an average of nearly $91,000 in 2010, according to a CNNMoney analysis of Internal Revenue Service data. If Congress limits deductions to $50,000, folks in this income bracket would be hit harder than others.
IRS: Tax filing delay looms if no fix for minimum tax
The top U.S. tax collector warned of a delayed start to 2013's tax season if Congress fails to reset the alternative minimum tax on high-income taxpayers so that it does not sweep in millions of middle-income people.
Without another adjustment by lawmakers soon to the alternative minimum tax, "many of us will see a delayed filing season," said Steven Miller, Internal Revenue Service acting commissioner.
Taxes may rise to avert fiscal cliff
Pennsylvania Gov. Tom Corbett, a first-term Republican, said federal taxes may rise if lawmakers in Washington head off automatic spending cuts.
"I don't think they can resolve it without an increase in some taxes, but they have to counterbalance it with entitlement reform and with fraud, abuse and waste reform," Corbett said on Bloomberg Television's "Market Makers" show with Stephanie Ruhle and Erik Schatzker.
Tax arithmetic shows top rate is just a starter
The New York Times
Despite hints in recent days that President Barack Obama and House Speaker John A. Boehner might compromise on the tax rate to be paid by top earners, a host of other knotty tax questions could still derail a deal to avert a fiscal crisis in January. The math shows why. Even if Republicans were to agree to Obama's core demand — that the top marginal income rates return to the Clinton-era levels of 36 percent and 39.6 percent after Dec. 31, rather than stay at the Bush-era rates of 33 percent and 35 percent — the additional revenue would be only about a quarter of the $1.6 trillion that Obama wants to collect over 10 years.
Charities fight possible changes on tax deductions
Most Americans who file income tax returns won't be affected by proposed changes in how charitable contributions are deducted because they don't itemize their deductions, federal income tax records show.
But that hasn't stopped charity officials and others from lobbying Congress to fight any change in deductions as part of the "fiscal cliff" negotiations. That's because they draw billions of dollars from donors who itemize, and a huge chunk of those donations come from taxpayers who earn more than $500,000.
Big business pushes to stop dividend tax hike
Hundreds of companies — especially utilities and telecom firms — are sharpening their lobbying efforts, with seven executives flying to Washington to tell lawmakers that dividend hikes will hit seniors hard. The tax rate on stock dividends, quarterly payments from companies to shareholders, is currently capped at 15 percent. If the nation tumbles over the fiscal cliff, and all the Bush-era tax cuts expire, dividends would be taxed as ordinary income — more than 40 percent, including the Medicare surcharge, for the wealthiest.
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