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July books of the month
AAA-CPA    Share    Share on FacebookTwitterShare on LinkedinE-mail article
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.

IRS releases guidance on tax treatment of tip income
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Internal Revenue Service has released new information on the difference between tips and service charges. Revenue Ruling 2012-18 provides question and answer guidance about Federal Insurance Contributions Act taxes imposed on tips. The purpose of the revenue ruling, published June 25, is to clarify and update guidelines concerning the taxes imposed on tips under the FICA and the notice and demand under Section 3121(q) of the Internal Revenue Code. More

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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.

Romney declaration on health mandate tax may boomerang
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Mitt Romney's assertion that President Barack Obama's mandate to buy health insurance amounts to a tax increase may boomerang by opening the presumptive Republican nominee to the same charge. As governor of Massachusetts, Romney championed a state health care plan with a similar mandate to buy insurance — one he says should be described as a penalty not a tax boost. More

SEC mulls raising trading increments for small caps
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
U.S. regulators are considering whether stocks of small companies should be priced in increments of more than a penny, a change that could affect more than two-thirds of listed companies. The Securities and Exchange Commission thought it settled this debate in 2001, when it ruled that stock prices should move in penny increments, ending a practice of quoting stocks in fractions. More

States, Congress rallying for an e-sales tax
The Washington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Online shopping in the Washington region is about to become more expensive. A wave of states, including Virginia, have passed laws that will require consumers to pay sales tax on all Internet purchases as soon as next year. Other states are pursuing similar measures. And in Maryland, Gov. Martin O'Malley wants to go further and levy a tax on songs and other digital products bought through popular sources such as iTunes. More

Tax-exempt groups shield political gifts of businesses
The New York Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
American Electric Power, one of the country's largest utilities, gave $1 million last November to the Founding Fund, a new tax-exempt group that intends to raise most of its money from corporations and push for limited government. The giant insurer Aetna directed more than $3 million last year to the American Action Network, a Republican-leaning nonprofit organization that has spent millions of dollars attacking lawmakers who voted for President Barack Obama's health care bill — even as Aetna's president publicly voiced support for the legislation. More

Obama to seek extension for some Bush tax cuts
Reuters and msnbc    Share    Share on FacebookTwitterShare on LinkedinE-mail article
President Barack Obama will call for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year, according to a White House official, seeking to spare the economy the impact of taxes going up on Jan. 1. Republicans in Congress, however, are unlikely to be swayed, as they have consistently argued that the Bush tax cuts should be extended for everyone. Obama has made what he calls "tax fairness" a key feature of his campaign for re-election on Nov. 6, repeatedly urging Congress to make the tax cuts permanent for families making less than $250,000 a year. More

Sept. 5
The Clock is Ticking ... Lifetime Gift Planning in 2012

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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