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Please note the AAA-CPA offices will be closed on Monday, Oct. 14, in observance of Columbus Day. We will resume normal office hours on Tuesday, Oct. 15.


Go behind the scenes of the gaming industry with free tour and course at Gaming Laboratories International — A rare experience
While in Las Vegas, we will be offering some fabulous opportunities for education credit. Join us for a complimentary tour of Gaming Laboratories International, where testing and evaluations of all types of gaming technology takes place. This event will provide one hour of CPE credit for those who join us and is open to all attendees and guests. Click here to sign up!

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AAA-CPA files amicus brief to US Supreme Court in Amazon/Overstock case
On Sept. 23, the AAA-CPA filed an amicus brief in the Inc. and Inc. v. New York Department of Revenue and Taxation and Finance writ of certiorari before the U.S. Supreme Court. The case involves whether the state can impose a use tax collection obligation on Overstock/Amazon and other retailers under the "click-through nexus" statute as similarly enacted in 11 other states, even though petitioners have no physical presence in the state.

AAA-CPA members, with both accounting and law backgrounds, have unique perspectives on business and the courts. As such, the AAA-CPA believes that the New York statute violates the Commerce Clause of the U.S. Constitution. The brief urges the court to take jurisdiction to review the decision of the New York Court of Appeals. The New York court expanded the concept of in-state nexus (which would subject the retailer to New York's tax jurisdiction) by deeming an advertisement on the website of a New York-based business to create a fatal agency relationship under Commerce Clause jurisprudence.

The AAA-CPA amicus brief recognizes that the tax imposed on a New York state resident's purchase from an out-of-state retailer is a use tax. "The brief points out that use tax collection obligations imposed on remote sellers are one of the most onerous burdens on interstate commerce within the state and local tax arena," says James H Sutton Jr., CPA, Esq., as counsel of record for the amicus brief. New York has full jurisdiction over New York purchasers of goods and services from remote sellers.

AAA-CPA's brief suggests the court remind Congress of its obligation under the Commerce Clause to place the least amount of burdens on interstate commerce as possible to achieve goals that are for the good of the country as a whole. The AAA-CPA suggests that a reporting statute like the one enacted in Colorado is a much less burdensome way of allowing New York to collect use tax from New York citizens without overburdening interstate commerce. A congressional committee is now considering such a proposal, and the AAA-CPA is contemplating filing a comment with Congress on such a proposal.

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Trial court to the US Supreme Court: My 3-and-a-half year journey to the highest court in the land
AAA-CPA member and SMOLENPLEVY Principal Daniel H. Ruttenberg will discuss his recent U.S. Supreme Court case involving the failure of a decedent to change his beneficiary, resulting in proceeds going to his ex-wife instead of current wife. It is the doomsday scenario that all trust and estate attorneys fear.

Join the Capital Area chapter by Oct. 24 by registering here. Not an AAA-CPA member or affiliate? Join now to attend this meeting for free!

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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!


September federal tax update
David De Jong, Esq., CPA, Stein Sperling
Final and proposed regulations under code section 168 in 303 pages generally follow the earlier 2011 proposed regulations on depreciation, including the capitalization/repair distinctions. However, the "de minimis" amount for classification as supplies is increased from $100 to $200.

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For low taxes, it all depends on the business
The Texas Tribune via The New York Times
When he is roaming other states trying to get their businesses to move to Texas, Gov. Rick Perry likes to tell their executives that the tax burden in Texas is lower than other states. Here, for instance, is the top of the governor's script for a radio ad Texas ran in Maryland: "When you grow tired of Maryland taxes squeezing every dime out of your business, think Texas, where we've created more jobs than all the other states combined."
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Shutdown slows US bilateral talks to fight offshore tax dodgers
The federal government shutdown has interrupted U.S. efforts to negotiate agreements with other countries on implementing an anti-tax evasion law that is to take effect next year, tax lawyers said. The Foreign Account Tax Compliance Act, enacted in 2010, is to take effect next July. It will require foreign financial institutions to tell the U.S. Internal Revenue Service about Americans' offshore accounts worth more than $50,000.
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Corporate to individual rate cuts rely on best economies
To give the U.S. tax code a fresh look, Congress may rely on an old friend: budget gimmicks that include assumptions about economic growth that will help offset the effects of lowered rates. That's the assessment of lobbyists and policy analysts who specialize in the Internal Revenue Code and who are waiting for the House Committee on Ways and Means to release a comprehensive tax plan before the year's end, Bloomberg BNA reported.
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The SEC gives Apple's tax loopholes a passing grade
Fortune via CNNMoney
In June, Apple received a fax from the Securities Exchange Commission. The SEC's staff had taken a close look at Apple's Form 10-K for fiscal year 2012, and it had several questions.

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IRS to get stricter on preparer penalties
Accounting Today
In response to a recent government report, the Internal Revenue Service will be improving its procedure for determining and enforcing penalties on paid tax preparers. The report from the Treasury Inspector General for Tax Administration was requested by the IRS Oversight Board to determine how effective the IRS is in using the existing requirements and penalty regime that applies to unenrolled paid tax return preparers.

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Carried interest tax break risks being undercut by court
A federal court ruling that's captured the attention of the private equity world and U.S. government officials has the potential to undercut the legal tax foundation of the buyout industry. The ruling, in a pension-law case involving Sun Capital Partners Inc., determined that private-equity funds were engaged in a "trade or business" and weren't merely passive investors who could back out of pension-funding liabilities.

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Data crash looming for companies processing for Obamacare
The initial computer breakdown during the debut of the health-insurance exchanges that make up Obamacare shows how difficult it will be for corporate employers trying to get their own technology running in time. While companies received a one-year reprieve on reporting requirements and tax penalties for failure to offer affordable health coverage to employees, many still have a lot of work left to do to get systems in place to meet Internal Revenue Service rules, Bloomberg BNA reported.
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Looking for similar articles? Search here, keyword OBAMACARE.

Former IRS commissioner concerned about IRS shutdown
Accounting Today
Mortimer Caplin, who served as commissioner of the Internal Revenue Service in the Kennedy administration and the early months of the Johnson administration, sees problems ahead for taxpayers and practitioners from the government shutdown. The IRS announced plans for cutting back all but essential functions during the shutdown, including stopping tax refunds and closing the tax court, but will still require the payment of taxes.
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The ripple effects of corporate tax changes
Subscribers to chaos theory often refer to the butterfly effect when describing the potentially huge impacts that come from seemingly small variations in the status quo. The analogy suggests that the flapping of a distant butterfly's wings could create a hurricane weeks later.
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Missed last week's issue? See which articles your colleagues read most.

    Carried interest tax break risks being undercut by court (Bloomberg)
Report: Tax reform could impact child tax provisions (The Hill)
In debt limit fight, GOP may further muddy the waters with tax reform demand (Forbes)
Tax executives growing concerned over transfer pricing (Accounting Today)

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

Oct. 15
What Practitioners Need to Know From a Corporate Client's Perspective

Oct. 17
Members Only Study Group: Partnerships in Estate Planning

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

Oct. 25
Negotiating Tax Provisions of Acquisition (Disposition) Agreements

Nov. 6
AAA-CPA Fall Meeting and Education Conference

Nov. 14
Members Only Study Group: Choice of Entity

Nov. 19
Members Only Study Group: Challenges to IRS Regulation of Tax Return Preparers

Dec. 11
ABA's 30th National Institute on Criminal Tax Fraud and Tax Controversy

Jan. 14, 2014
AAA-CPA Luncheon in Conjunction With the Heckerling Institute on Estate Planning

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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