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Home   Membership   Calendar   Foundation   Links   Job Board March 16, 2011


2010-2011 membership dues update
Please note that all members who have not paid their current year dues (these were invoiced in August 2010 and due by Oct. 1, 2011) have been removed as active members of the AAA-CPA. If you were an active member on our list serv or forwarding email, your email has been removed and you will not receive these messages. Please also note that your contact information will not be searchable on our Find an Attorney-CPA or Networking Referral Directory. Those who have signed up for a future study group have been canceled as well because these programs are available to members only. If you haven't paid your dues and would like to remain active, please send an email request to

Cruise brochure on its way
AAA-CPA    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Be on the lookout for the 2011 Annual Meeting brochure which is dropping to members later this week. We hope you will plan to cruise with us for the 48th Annual Meeting & Education Conference in June. Education sessions will include: Federal Tax Update; Showdown: S Corporation vs. LLC; Tax Issues in Investment Decision; 2011-2012 (and Beyond) Estate Planning Odyssey; Treatment of Tax Liabilities and Liens in Bankruptcy and Ethics for Attorney-CPAs! Make sure to click here to see all details of the Annual Meeting and book today. Cabins are selling out quickly! Don't miss out on our group savings of over $300+ per/cabin from regular rates. Cabins MUST BE BOOKED by April 8th! Members and Non-Members we encourage you to join us! Questions? E-mail More

8 hours of education available at our 2011 Northeast Regional Education Conference
AAA-CPA    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Mark your calendars NOW to celebrate the end of Tax Season with a weekend getaway! The AAA-CPA invites you to attend the 2011 Northeastern Regional Education Conference, April 29 - May 1, at Dolce Seaview Resort, Galloway, N.J. We encourage both members and non-members to attend. The Seaview Resort is the perfect place to enjoy a weekend retreat! The Seaview offers guests an idyllic resort vacation, world class golf and a luxurious Elizabeth Arden Red Door Spa experience! Don't miss out on the many networking opportunities or education sessions. We also encourage you to bring your families and guests and enjoy all that the Seaview and the surrounding area has to offer. There is something for everyone! Click here to register.

ESOP: A superb planning device
Diamond ESOP Advisors    Share    Share on
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Louis H. Diamond, Esq., CPA, Diamond ESOP Advisors PLLC Employee Stock Ownership Plans, presents the best planning opportunity for owners and managers of closely-held businesses available within our whole tax system. Congress has long favored employee ownership, and ESOP is the means it has chosen to induce companies to join in this movement. This article will first summarize these ESOP advantages, then dwell upon and explain them. More

Choice of business entity
Domenick R. Lioce, Esquire    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Editor's Note: Section II (C) Distributions vs. Compensation references the "Three Little Pigs" (page 30). This article appeared in last week's Weekly Update and can be accessed online in the archives by clicking here (please link to our archives) Domenick R. Lioce, Esq., CPA, Nason, Yeager, Gerson, White & Lioce, P.A. More

Obama estate tax budget proposals
Forbes    Share    Share on FacebookTwitterShare on LinkedinE-mail article
In February, the Treasury Department released its "General Explanations of the Administration's Fiscal Year 2012 Revenue Proposals," which tax lawyers generally refer to as the "Greenbook." The Greenbook makes several estate tax proposals, which planners and individuals should consider when engaging in estate planning during 2011 and 2012 because these proposals represent the Obama Administration's current thinking with respect to estate taxes. More

Credit card debt that outlives mom
The New York Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Following a recent post on the rising levels of credit card debt among the elderly, several readers raised an important question: What happens when borrowers die? Do they take their credit card balances to the grave, or are those left behind responsible for the debt? More

Labor department sues accounting firm over 401(k)
Accounting Today    Share    Share on
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The U.S. Labor Department has filed suit against Parnell & Co. LLC, alleging that the South Carolina accounting firm helped itself to at least $75,000 from the employee 401(k) plan. The lawsuit was filed against the Greenville, S.C.-based firm and its owner Christopher Parnell, according to the Associated Press. The suit seeks to recover over $75,000 in lost earnings and assets. More

Rewriting pension history
The Wall Street Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Some big companies are changing how they account for their pension plans in a way that could make their earnings look better in coming years. AT&T Inc., Verizon Communications Inc. and Honeywell International Inc. recently ended a longstanding practice in which they "smooth" large gains and losses generated by pension assets into their financial results over a period of years. From now on, these companies will count all such gains and losses in the same year they are incurred. More

IASB urges US to adopt new accounting rules
The Financial Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The chairman of the International Accounting Standards Board has reiterated his plea for the U.S. to adopt international accounting standards. Speaking in Washington, Sir David Tweedie sought to reassure the U.S. that it would not be ceding control of its accounting system to foreign politicians if it adopted the IASB's rules. More

Lehman auditor may bear the brunt
The Wall Street Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Federal investigators have conceded that Lehman Brothers executives won't likely face charges for an accounting tactic that obscured the Wall Street firm's true financial condition. Lehman's auditor, on the other hand, has already been hauled into court. Federal investigators have grown increasingly doubtful they can prove Lehman executives violated the law by using an accounting maneuver known as Repo 105, which obscured the amount of risk Lehman held, making the firm's finances look better than they were. (Subscriber Only.) More

SEC says accounting problems stem from technology
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
A lack of investment in crucial technology systems is to blame for material weaknesses identified last year in the U.S. Securities and Exchange Commission's financial statements, top SEC officials said in testimony prepared for delivery to lawmakers. The weaknesses, identified in a November 2010 report by the Government Accountability Office, were uncovered in the SEC's information systems and financial reporting and accounting process during an audit of the agency's fiscal 2010 and 2009 financial statements. More

Why the new 1099 rules aren't that bad for small businesses
The New York Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
There may be nobody in Washington who has anything good to say — publicly, at least — about the expanded 1099 reporting requirements that became law with the health care overhaul. Republicans and Democrats all want to repeal it. President Obama, in his State of the Union speech, described the provision as an "unnecessary bookkeeping burden." But now that Congress must reconcile two very different approaches to striking the provision, it may be a good time to risk pillory and wonder if perhaps the new law's supposed crippling effects on small business are exaggerated. More

March 18, 2011
Proving Insolvency for Bankruptcy and the Fraudulent Transfers Act - S. Texas Chapter Mtg.
March 29, 2011
IRS Representation Study Group
April 27, 2011
Leib Preis State Tax Seminar Meeting
April 28, 2011
33rd Annual Tax Section Meeting
April 29, 2011
Northeastern Regional Education Conference
April 30, 2011
Litigation, Claims and Assessment Issues for Accountants and Lawyers’ Letters
May 3, 2011
"The Best Laid Plans...": Estate Planning & Divorce - Missouri Chapter Meeting
May 11, 2011
Client Relationship Ethics for Tax Practitioners - Northern California Meeting
May 19, 2011
FICPA State Tax Conference
May 20, 2011
South Texas Chapter Meeting
June 7, 2011
Missouri Chapter Meeting
June 17, 2011
South Texas Chapter Meeting

The Attorney-CPA Weekly Update
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