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We need moderators
The AAA-CPA is currently looking for moderators for our members-only study groups. Here are some topics of interest.
  • Self-employment tax and potential ways to avoid it
  • Investing in nonpublicly traded investments through IRAs
  • Rules concerning controlled corporation groups
  • Veterans affairs
These are just some of the topics our members have an interest in, and we are always looking for original ideas to present. Click here to download the interest form, and send it to us at if you are interested in moderating or have a topic of your own to share. We are booking for September and beyond.
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Finance committee asks senators to start tax reform process
The New York Times
The bipartisan leaders of the Senate Finance Committee began a legislative push to simplify the tax code, asking all senators to identify tax breaks, deductions and credits that they believe should be spared and giving them until July 26 to produce their pardon list. In effect, Sens. Max Baucus, D-Mont., the committee's chairman, and Orrin Hatch, R-Utah, the committee's ranking Republican, said they would start the process by clearing the tax code of all special breaks.
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Ruling hands married gay couples potential tax benefits
Legally married gay couples may want to take another look at tax returns filed since their weddings. Thanks to the Supreme Court, these couples may be eligible to amend their returns to file jointly and take other deductions previously only available to opposite-sex spouses, at least if they live in states that recognize gay marriage.
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  Don't Miss Our Most Popular Annual Event

Join us in Denver, July 24-26, for The 2013 Planning for the Generations Symposium. This unique event is your source for quality education, interdisciplinary networking, and the secrets to growing your practice through the “Continuum of Care” approach. It’s a must-attend for estate planning professionals!

Switzerland's rejection of US tax deal leaves taxpayers in suspense
Accounting Today
The Swiss parliament's recent rejection of a bill that would have provided a solution to Swiss banks' standoff with U.S. tax authorities leaves U.S. taxpayers with a lot of unanswered questions about what will happen next. The deal provided a mechanism for Swiss banks to bypass secrecy rules and hand over data on U.S. taxpayers, bank employees and external advisers required by U.S. tax authorities under the Foreign Account Tax Compliance Act rules.
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Tax all foreign income at fixed rate
Attention, Apple and other big U.S. multinationals: Former Treasury Secretary Larry Summers is suggesting a 15 percent taxation rate for all foreign income. In The Washington Post op-ed, Summers says that the U.S. should scrap the distinction between repatriated and unrepatriated foreign corporate profits.

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Why tax refund fraud could get worse
From the April 10 issue: When suburban Atlanta accountant Priscilla Diggs-Costen met the police at her office after the alarm company called in December, she thought it might have been a false alarm. "When I first got here, it looked like there was no robbery. And then I looked at my desk."

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Federal tax update — June
By David De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC
In Daly v. Commissioner, a civilian worker in Afghanistan and Iraq failed to convince the tax court that he was a bona fide foreign resident. Aside from the fact that he spent time during the years in question in other countries and back in the United States, he was not even allowed to leave the military bases in Afghanistan and Iraq.

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Married same-sex couples uncertain about their taxes
Los Angeles Times
Same-sex couples and their tax advisers are anxiously waiting for the Obama administration to answer a key regulatory question left unresolved by the Supreme Court when it struck down the federal Defense of Marriage Act. At issue is whether legally married same-sex couples will receive equal tax and Social Security benefits in all 50 states — or only in the 13 states where such marriages are legal.
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In 2 states, conservatives sought more tax exemptions
The Cincinnati Enquirer via USA Today
In Ohio and Kentucky, the Internal Revenue Service targeted conservative groups for excessive questions more than liberal groups because more of them sought tax-exempt status. Since 2009, shortly before the inappropriate screening began in the agency's offices here, 263 groups from Ohio were approved for 501(c)(4) nonprofit status, including fishing groups, bicycling clubs, garden associations and even an ultimate Frisbee league, according to an analysis of the IRS nonprofit database.
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Tax chairmen begin reform tour
The Hill
The top two tax writers in Congress headed to Minnesota recently to bolster the case for tax reform, the first in a series of visits planned for around the country. Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Dave Camp, R-Mich., dropped in at 3M, the Fortune 500 manufacturer located outside the Twin Cities.
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Missed last week's issue? See which articles your colleagues read most.

    Federal tax update — June (By David De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC)
Why tax refund fraud could get worse (CNBC)
Looking beyond income, to a tax on wealth (The New York Times)
Question for upcoming study group (AAA-CPA)
Future retirees could face big drop in standard of living (Accounting Today)
Estate planning remains a moving target under the new tax law (The New York Times)

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

July 11
PA/DE Chapter Meeting

July 16
Members Only Study Group: Where the Lawyer Ends and the CPA Begins

July 25
Tax Jurisdiction and Tax Practice in the United States Court of Federal Claims

Aug. 8
PA/DE Chapter Meeting

Sept. 12
PA/DE Chapter Meeting

Oct. 15
Georgia Chapter Meeting

Nov. 6
AAA-CPA Fall Meeting & Education Conference

Nov. 4, 2014
AAA-CPA Fall Meeting & Education Conference


The AAA-CPA Weekly Update

Colby Horton, Vice President of Publishing, 469.420.2601
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