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The AAA-CPA wishes all of our members and their families a happy Fourth of July. Please note the AAA-CPA offices will be closed on July 4 and will resume normal business hours on July 5.

July books of the month
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From July 1-31, purchase the following titles at 40 percent off:

Auditors Risk Management Guide: Integrating Auditing and ERM, 2011
Comprehensive how-to book on performing risk management-based audits. Covers the Enterprise Risk Management Integrated Framework issued by the Committee of Sponsoring Organizations.
Regular price: $255
Now only $153

U.S. Master Depreciation Guide, 2012
A one-stop resource for guidance in understanding and applying the complex depreciation rules to fixed assets. Includes several useful quick reference tables.
Regular price: $92
Now only $55

Click here to take advantage of these special offers.

No need for tax-exempt debt as colleges avoid IRS
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
So much for tax exemption. More than a decade after nonprofits fought to end a cap on their sale of tax-free bonds, institutions from Columbia University to the University of Notre Dame are finding they can get a better deal by selling taxable securities after all. While they pay more in interest, an increasing number of schools are finding it's worth it to avoid the Internal Revenue Service, which limits what can be done with facilities financed through tax-exempt borrowing. The IRS has been stepping up enforcement at the same time many institutions want more flexibility to make money from research and other ventures as they face reduced government support. More

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IRS: Offshore programs have raked in more than $5 billion
The Hill    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Internal Revenue Service said that its offshore disclosure programs have recovered more than $5 billion in back taxes, interest and penalties. Doug Shulman, the IRS commissioner, said that some 33,000 taxpayer disclosures have been made in recent years, as the agency has made offshore tax evasion a top priority. "We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not footing the bill for those hiding assets offshore," Shulman said in a statement. More

US corporate tax collections just hit a 4-year high
The Wall Street Examiner via Business Insider    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Global corporate profits are being hit by the European crisis. Maybe so, but second quarter corporate taxes in the U.S. hit a four-year record. Europe's debt crisis is putting pressure on corporate earnings globally with companies from Procter & Gamble Co. to Danone cutting forecasts and signaling profits will fall at more companies this year. More

Congress budget talks set to reach fever pitch over tax increases, spending cuts
The Associated Press via The Huffington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
A budget showdown for the ages could begin after this year's election and stretch well into 2013 — despite the threat that an impending half-trillion-dollar avalanche of tax increases and spending cuts might rekindle a national recession. The reason: an unprecedented collision of high-stakes fiscal decisions, coming at a time of intense partisanship, a teetering economy, record federal deficits and, possibly, a new president. Campaigning for the White House and Congress will make substantive action all but impossible before the elections. More

Payroll tax cut heads for lapse as lawmakers doubt policy
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Four months after reaching a bipartisan agreement to extend a payroll tax cut through 2012, U.S. lawmakers and President Barack Obama are showing little fervor for continuing the break, which puts about $1,000 a year in an average worker's pocket. House Republicans don't plan to include it in a bill they want to pass that would extend Bush-era income tax breaks expiring at the end of the year. In his speeches, Obama praises the payroll provision without proposing to keep it. More

Portman tax plan to cut interest, write-offs
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Sen. Rob Portman, a potential vice presidential pick by presumptive Republican nominee Mitt Romney, said his plan to revamp corporate taxes includes limits on investment write-offs and interest deductibility. "That includes a lot of controversial stuff," Portman said at the Reuters Washington Summit. "You have got to look at everything." Portman, a senator from Ohio, said the Obama administration has failed to lead on overhauling corporate taxes in the U.S., which has among the steepest corporate tax rates among its industrialized peers at 35 percent. More

June 30
Annual Meeting and Education Conference

Sept. 20
Members Only Study Group: Financial Elder Abuse: Stockbrokers and Securities/Annuities Salesmen


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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