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Federal tax update
by David S. De Jong, Stein Sperling Bennett De Jong Driscoll PC    Share    Share on FacebookTwitterShare on LinkedinE-mail article
In Pedersen v. Office of Personnel Management, a U.S. District Court for the District of Connecticut concurred with an earlier Second Circuit opinion that the Federal Defense of Marriage Act prohibiting tax returns between same sex couples is unconstitutional.

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AAA-CPA to co-sponsor the IRS and New York State Tax Collections Program
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The Internal Revenue Service and New York State Tax Collections Program will be taking place on Aug. 28 at Long Island University in Brookville, N.Y. For more information on this event and to register, please click here. More

Senate panel revives dozens of tax breaks as House slates symbolic vote on tax reform
The Associated Press via The Washington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Senate's tax-writing panel is moving to revive dozens of tax breaks for businesses like biodiesel and wind energy producers, even as the Republican-controlled House trumpets symbolic legislation to erase them and create a new tax code with lower rates and fewer special interest tax breaks. The $200 billion-plus package debated by the Senate Finance Committee is anchored by a two-year provision to protect middle- and upper-income taxpayers from being hit by the alternative minimum tax, shielding them from higher levies originally meant to prevent the rich from escaping taxes altogether. More

Congress makes bipartisan effort to exempt Olympians from taxes on winning medals
Fox News    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Congressional lawmakers are taking to their Capitol Hill podium to keep the federal government from taxing medal-winning U.S. Olympians, with the chairman of the Republican-led tax writing committee among the latest to join the bipartisan effort. The lawmakers are proposing legislation to stop the Internal Revenue Service from making the Olympians liable for the taxes, which would include one for honorariums for winning gold, silver or bronze. More

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Rockefeller: US states' Q2 tax revenue likely grew slowly
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Tax revenue of U.S. states likely kept growing, although slowly, in the second quarter of the year, the Rockefeller Institute of Government said. It estimated that total state tax revenue in April and May rose 5.8 percent compared with the same time frame in 2011. Preliminary data collected for April and May from 46 states "indicate that revenues in most states continued to grow, although the rate of growth is less than it was a year ago." More

Senate panel passes bipartisan tax extenders bill
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Senate Finance Committee approved legislation extending dozens of tax cuts known as tax extenders, including the alternative minimum tax patch, which have either expired or are scheduled to expire at the end of the year, while paring back approximately 25 percent of the traditional tax breaks in the name of tax reform. The legislation, known as the Family and Business Tax Cut Certainty Act of 2012, promises to provide more certainty to tax professionals and critical support for working families and businesses across the country. More

10 most profitable US corporations paid average tax rate of just 9 percent last year
The Huffington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
While some of America's biggest corporations may complain that they pay too much in taxes, a recent analysis shows that many are actually getting off pretty easy. According to the financial site NerdWallet, the 10 most profitable U.S. companies paid an average federal tax rate of just 9 percent last year. The group includes heavyweights Exxon Mobil, Apple, Microsoft, JPMorgan Chase and General Electric. More

Report: Billions in additional ID tax fraud
Wall Street Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Tax-related identity theft could be costing the U.S. government more than the Internal Revenue Service has reported, according to a new report by the Treasury Inspector General for Tax Administration. While the IRS identified about 1 million false returns and blocked about $6.5 billion in fraudulent refunds during 2011, the inspector general's report estimates that as many as 1.5 million additional returns claiming $5.2 billion in fraudulent refunds might have escaped detection. More

Aug. 11
South Texas (Houston) Chapter Summer Social

Aug. 28
IRS and New York State Tax Collections

Sept. 4
Missouri Chapter Meeting

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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