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This newsletter is sponsored by BNY Mellon Wealth Management
BNY Mellon Wealth Management
BNY Mellon Wealth Management is among the nation's leading wealth managers, with more than two centuries of experience in providing services to clients, who today include financially successful individuals and families, their family offices and business enterprises, charitable gift programs and endowments and foundations. BNY Mellon Wealth Management is a leading U.S. wealth manager, with more than $175 billion in private client assets and an extensive network of offices in the U.S. and internationally. BNY Mellon Wealth Management, which provides investment management, custody, wealth and estate planning and private banking services to clients, conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation. For more information, go to or follow us on Twitter @BNYMellonWealth.
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What's Las Vegas without a show?
Looking for something to do while in town for our fall meeting? Join us for a fabulous Cirque du Soleil show featuring the music of the legendary Beatles. Their songs are brought to electric, exuberant life by some of the best aerialists, acrobats and dancers in the world. We have reserved a block of tickets at a great group discount! The tickets are available on a first-come, first-served basis until Oct. 18. To purchase tickets, please click here.
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Wolters Kluwer provides AAA-CPA members with a 15 percent discount on S corporation titles by former President Sydney S. Traum
Wolters Kluwer
"S Corporation Answer Book," Seventh Edition, by Judith Rood Traum, Sydney S. Traum

This quick-reference manual lets you help clients take full advantage of their S corporation status and minimize their taxes. It leads you directly to authoritative information on every aspect of the S corporation, enabling you to do the following.
  • Arm the S corporation against the potential tax traps hidden in the Small Business Tax Protection Act
  • Maximize the tax benefits of S corporation status
  • Make a qualified subchapter S subsidiary election
  • Identify transactions that will trigger the built-in gains tax
  • Avoid added tax liability or loss of S corporation status from passive investment income
  • Capitalize on the permissible differences in stock rights to facilitate estate planning and ownership transfers
  • Determine allocation of income, losses and deductions in the termination year of the S corporation
Plus, there are citations to the controlling rules, regulations and court decisions that will save you hours of research.

"The S Corporation: Planning and Operation," by Sydney S. Traum, Michael Kosnitzky

Written by one of the nation's leading authorities on S corporation taxation, this 1,000-page volume has been the standard-bearer in its field for over 30 years. Professionals at every major accounting firm in America depend on this unmatched resource that includes the following.
  • Comprehensive coverage on how the Small Business Tax Protection Act affects S corporation taxation
  • Up-to-date coverage of all the subchapter S rules and regulations and how they affect the election, planning, operation and termination of today's S corporations
  • Hands-on analysis, practical guidance on how to make relevant rules and regulations work for your clients
  • Filled-in tax returns (1120S), sample forms and even step-by-step instructions on how to handle situations for which the Internal Revenue Service does not supply printed forms
  • Quarterly supplements that keep you posted on all relevant IRS, legislative and judicial activity
  • Quarterly issues of S Corporation Alert shipped with every supplement to keep you absolutely current with the latest breaking news
Please use the code AACPA at the e-store when ordering the books. Offers expire on Dec. 31.

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  BusinessDocx©: Engineered for Revenue Generation

BusinessDocx© is the nation’s most powerful business planning document assembly system. From WealthCounsel©, publishers of WealthDocx©, BusinessDocx was created in collaboration with nationally recognized business law experts to support attorneys of all experience levels, from solo practitioners to large firms. Learn more now!


Federal tax update — August
David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC
Final regulations under Code Section 5000A provide guidance on the individual mandate of the "shared responsibility payment," effective in 2014. They provide that the penalty does not apply for a "short coverage gap" of less than three full calendar months.

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Brian Yacker, Esq., CPA, presenting at YH Exempt Organization Educational Conference
YH Advisors
Brian Yacker, Esq., CPA, will be presenting with Lauren Haverlock, CPA, of YH Advisors on Oct. 17-18, 8 a.m.-5 p.m., at Parc 55 Wyndham in San Francisco. Registration is now open, and the cost is $899 for early registration. Group and nonprofit discounts are available. For more details, click here.
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Foreign retirement plans seen scrutinized in US effort
A U.S. tax crackdown is coming for foreign retirement plans. The U.S. has been pushing banks and individuals to report overseas assets, making it tougher to hide money abroad with new rules and penalties rolling out under the 2010 Foreign Account Tax Compliance Act. The next wave of scrutiny will cover retirement accounts, Bloomberg BNA reported.
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  CEO-tested. Accountant-approved.

Integrated with the CRM and ERP portions of the aACE Business Suite, aACE Accounting allows managers to track a sale from the lead to the balance sheet without duplicate data entry. Manage multiple entities, create budgets within a date range, and fully automate recurring entries. Streamline operations and increase profitability with aACE. Read our success stories to see what we can do for your accounting needs.

US, Switzerland strike bank deal over tax evasion
The United States and Switzerland have struck a deal to allow some Swiss banks to pay fines to avoid or defer prosecution over tax evasion by their U.S. customers, moving closer towards ending a long-running dispute. The deal will apply to about 100 second-tier Swiss banks, which could have to disclose some previously hidden information and face penalties of up to 50 percent of assets they managed on behalf of wealthy Americans.
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Corporate breaks at risk in US plans to cut tax rates
Billions of dollars in U.S. tax breaks prized by manufacturers, energy companies and other industries could be targeted for elimination when two powerful lawmakers are expected to introduce proposals to overhaul the United States' tax system. The plans could be introduced as early as September and face tough odds in a Congress where disputes over nearly every tax and spending issue threaten a crisis.
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Looking for similar articles? Search here, keyword TAX BREAK.

On tax reform, lawmakers target small business concerns — but will it matter?
The Washington Post
Congress's top tax writers have pledged to make small business concerns a priority as they craft legislation to overhaul the nation's tax code, though they remain tight-lipped on some of the specifics employers can expect in their proposals.

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Study: Companies sweating Obamacare tax — and acting on it
Mid- and large-sized companies overwhelmingly expect health care costs to increase under Obamacare — and most are eyeing possible changes to their health insurance offerings because of a looming excise tax for pricier plans under the health care reform law, a new survey of employers finds.

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Why future tax rates will be higher
Taxes are the fuel that keeps our government running. It's easy to grasp the concept that a larger government requires more taxes in order to operate.

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FASB releases proposed US GAAP taxonomy
Accounting Today
The Financial Accounting Standards Board has released the latest version of the U.S. GAAP Taxonomy using the data-tagging technology, XBRL, or Extensible Business Reporting Language, which the Securities and Exchange Commission now requires public companies to use with their financial statement filings.
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43 percent of Americans pay no federal income tax
The portion of Americans who don't have to pay federal income tax dropped to 43 percent this year, a new analysis shows. That is down from the notorious 47 percent figure from 2010, which was made famous by Mitt Romney during last year's presidential election, says Roberton Williams, an economist for the nonpartisan Tax Policy Center, which released the estimates recently.
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Gay spouses in all states now married under US tax law
Gay spouses in all U.S. states will be treated as married under federal tax law even if local authorities don't recognize their marriages, in what gay-rights advocates are calling a victory. The decision by the Department of the Treasury implements the U.S. Supreme Court's decision in June to overturn part of the federal Defense of Marriage Act, which had forbidden the Internal Revenue Service from letting married homosexual couples file joint tax returns.
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Missed last week's issue? See which articles your colleagues read most.

    Why future tax rates will be higher (Forbes)
Study: Companies sweating Obamacare tax — and acting on it (CNBC)
Real taxes in the virtual economy (Annette Nellen, Esq., CPA, director, MST program at San José State University via CPA2Biz)
IRS considers tax protesters 'constitutionally challenged' (Accounting Today)

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

Aug. 29
North Texas Chapter Meeting

Sept. 10
Members Only Study Group: Partnership Tax Update

Sept. 11
Treasury Circular 230 — Disciplinary Proceedings

Sept. 12
PA/DE Chapter Meeting
Members Only Study Group: S Corporation Quarterly Update

Sept. 17
Members Only Study Group: Aid and Attendance

Sept. 18
What Every Attorney-CPA Must Know About Self-Directed IRAs

Sept. 19
Members Only Study Group: Choice of Entity

Sept. 20
Identifying Potential Abuses and Protecting Yourself Against Potential Litigation

Sept. 28
Supreme Court DOMA and Proposition 8 Rulings — Understanding the Outcome and Impact

Oct. 1
Analytics in Law, Politics and the University

Oct. 15
Georgia Chapter Meeting

Oct. 24
Trial Court to the Supreme Court: My Three and a Half Year Journey to the Highest Court in the Land

Nov. 6
AAA-CPA Fall Meeting and Education Conference

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


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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