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The AAA-CPA welcomes our new members from February-April
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Please click here to view the list of new members. Interested in joining the AAA-CPA? Visit us online at to apply for membership or email for more information.

Attention AAA-CPA Florida members
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The AAA-CPA is heading to the Sunshine State. The Fall Meeting and Education Conference is scheduled for Nov. 7-11 at The PGA National Resort and Spa in Palm Beach, Fla. To kick off this exciting event, the Florida chapter of the AAA-CPA will be holding an informal happy hour on May 11 from 5 p.m.-6:30 p.m. in the lobby bar (iBar) at The PGA National Resort and Spa. Join us for light hors d'oeuvres and cocktails and meet our executive director, Nicole E. Ratner, and hear all about the meeting in Palm Beach. Come join us at this meet and greet to learn all about the Fall Meeting and Education Conference and sign up to become a part of the host committee to assist us in securing speakers and sponsors for this event. Special thanks to Alpern Rosenthal for sponsoring this event. Click here to register today.

AAA-CPA knows what you should be doing this summer ...
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Join us for the Annual Meeting and Education Conference, June 29-July 5 in Seattle. Gain 20 hours of CPE and 17 hours of CLE/MCLE, including two hours of accounting and auditing and three hours of ethics, while networking with fellow attorney-CPAs at the gorgeous Fairmont Olympic Hotel.

The AAA-CPA has negotiated a rate of $215 for a single/double, $235 for an executive suite and $265 for a deluxe executive suite during our meeting dates. The hotel will only guarantee our room rate until June 16. Reservations made after this date will be accepted by the hotel at a space and rate availability basis only. To make a reservation, call the hotel directly at 1-206-621-1700, ext. 3131, and identify yourself as being with the American Association of Attorney-CPAs to get the discounted room rates. For those who wish to spend additional time at the hotel, our discounted rates will be honored three days pre- and post-meeting based on space and rate availability. We strongly encourage you to make a timely hotel reservation to ensure you get the discounted room rate, even if you are not sure whether you will be able to attend.

For more details on conference sessions, optional events and to register, click here.

Do you have an outstanding medical bill of $400 or more?
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Contact Health Proponent for help in negotiating a discount on your medical bills. Call 866-939-3435 or visit today.

April federal tax update
by David S. De Jong, Esqurie, CPA, Stein Sperling Bennett De Jong Driscoll PC, Rockville, Md.    Share    Share on FacebookTwitterShare on LinkedinE-mail article
In Bailey v. Commissioner, TC Memo 2012-96, the tax court determined that an attorney was not subject to tax on borrowings collateralized by trust assets which were not his own.

Pay almost no business or personal income tax legally
by Richard M. Colombik, JD, CPA, Richard M. Colombik & Associates, PC, Itasca, Ill.    Share    Share on FacebookTwitterShare on LinkedinE-mail article
"'Of course, it must be too good to be true!' 'My accountant said it is illegal and will increase my audit risk and I may go to jail!' 'If it existed everyone would know about it!' I have heard every variation of reasons not to fully realize the benefits available in the Internal Revenue Code. However, my 37 years of taxation experience allows me to understand that no one, not myself, not your CPA and not even your tax attorney, knows everything." More

IRS delays cost-basis reporting for bonds and options
The Wall Street Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
On May 2, the Internal Revenue Service announced that it will postpone the effective date for cost-basis reporting for debt and options. Instead of taking effect on Jan. 1, the rules will take effect on Jan. 1, 2014. Experts welcomed the news. "Considering the trouble we're having with rules already in effect on the cost basis for stocks, it makes sense to delay the rules on debt and option reporting," says Darren Neuschwander of Green NFH in Robertsdale, Ala., who has a nationwide practice for active investors. More

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Climate change ahead for seasonal investment flows
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Followers of the slightly tired but remarkably prescient old stock market adage "sell in May and stay away" are justifiably confident that history is on their side. Then again, rules are there to be broken, and there's just a hint of a change in seasonal investment climate this year. Going against what have become identified as negative seasonal money flows is never terribly attractive for investors, and there are no shortage of potential pitfalls looming over the coming summer. More

Report spotlights growing inequality of tax code
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The tax code has contributed to rising income inequality in recent decades as middle- and lower-income Americans have seen their incomes stagnate while the wealthiest have experienced staggering income growth, according to a new report. The report, from the Brookings Institution's Hamilton Project, argues that deficit-financed tax cuts do not spur economic growth. Those who have received the largest income gains in the past three decades have also seen the largest tax cuts. More

Bond-disclosure rules backed by SEC to protect states from banks
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The U.S. Securities and Exchange Commission in August will begin enforcing regulations that require banks to warn state and local governments about the risks and conflicts of interest in bond deals they arrange. The rules were proposed by the Municipal Securities Rulemaking Board last year and are aimed at preventing Wall Street underwriters from steering public officials toward complicated debt financing without disclosing the risks. They were approved May 4 by the SEC, which will enforce them. More

Buffett defends his tax view
The Wall Street Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Warren Buffett defended his proposal to raise taxes on high earners, saying at Berkshire Hathaway Inc.'s annual meeting that those with large incomes should pay more in the name of fairness. The billionaire investor also said the cash-rich company recently came close to landing a mega-acquisition. He fielded a host of questions about how Berkshire might boost its shares, which have largely sat out the stock rally of the past two years. More

Corporate tax rate and a busy lame duck session
The Huffington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Since Japan lowered its rate last April, the corporate tax rate in the U.S. has been the highest in the world. There is no disagreement in Washington, believe it or not, that a 35 percent rate is too high. What complicates things is that very few corporations actually pay that rate. In fact, there are some striking examples (including General Electric in 2010, on profits of $5.1 billion) of giant corporations paying little or no tax at all. The recent report about Apple using exotic tax strategies to keep its federal tax obligations low also raised more than a few eyebrows. More

May 8
Income Tax Planning for Chronic Illness
Michigan Chapter Meeting

May 11
Florida Meet and Greet Social

May 18
Preserving the $5,120,000 Exemption and Other Estate Planning Ideas — South Texas Chapter

May 24
IRS Statutes of Limitations (Assessment and Collection)

May 25
Annual Wealth Protection 2012: Creating Wealth Certainty in an Uncertain World

May 30
Today's Reality: The IRS as Regulator of Tax Practice Conduct

June 5
Understanding IRS Criminal Investigations

June 14
7th Annual South Jersey Working Together Conference

June 22
Annual Income Tax Seminar — Golden Gate University, San Francisco
Annual Income Tax Seminar — University of San Diego, San Diego
Annual Income Tax Seminar — Whittier Law School, Costa Mesa, Calif.

June 30
Annual Meeting and Education Conference


The AAA-CPA Weekly Update

Colby Horton, Vice President of Publishing, 469.420.2601
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Katrina Smallwood, Content Editor, 469.420.2675   
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