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Relax ... the AAA-CPA has you covered at the AAA-CPA Fall Meeting & Education Conference, Nov. 7-11
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All you have to do is make your hotel reservation to start.

The PGA National Resort & Spa in Palm Beach Gardens, Fla., offers world-renowned champion golf courses, a luxurious spa and great dining options for all guests. The AAA-CPA has secured our registrants a 10 percent discount on all spa and custom club fitting services and 20 percent discount at the pro shop for rentals and purchases. Thanks to our sponsor, MPI, you may have the chance to play golf during our opening reception or during our free time Saturday afternoon. Want to learn how to play? We have you covered there too — sign up for the golf clinic with your fellow AAA-CPA members.

Reservations can be made by contacting the hotel directly at 800-633-9150. Be sure to say you are with the AAA-CPA conference to receive the discounted group rate of $179 for your room. Act soon, this rate is only available until Oct. 19. Reservations made after this date will be accepted by the hotel on a space available basis. For those who wish to spend additional time at the hotel, our discounted rates will be honored four days before and two days after the conference.

Please note that we strongly encourage you to make a hotel reservation timely, even if you are not sure whether you will be able to attend. Click here to visit the hotel's website.

Click here for details about the conference and to register today.

AAA-CPA 2012-2013 membership dues — Payments were due by Oct. 1
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Dues payments may be paid online at by logging into the Members Only section. Checks may be mailed to our office at AAA-CPA, 3921 Old Lee Highway, Suite 71A, Fairfax, VA, 22030 or faxed to 703-352-8073.

Please contact the AAA-CPA national office at 888-ATTY-CPA or if you did not receive your renewal statement or have questions on our payment plans.

The AAA-CPA welcomes our new members from May-September
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Please click here to view the list of new members. Interested in joining the AAA-CPA? Visit us online at to apply for membership, or email for more information.

Risk management and lawyer trust account rules estimated to be among the hottest areas for CPAs and lawyers
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Based on 15 years of research and 25 years of experience, Jay Foonberg, Esq., CPA, discusses what every lawyer and CPA needs to know about client trust accounts at the AAA-CPA Fall Meeting & Education Conference, Nov. 7-11, at the PGA National Resort & Spa. You cannot run the risk of missing this program and the opportunities it presents. Beginning in Florida in 1980 and receiving recognition by the American Bar Association Resolutions in August of 2010, the world of client trust account ethics has been radically changed and continues to be changed on an almost daily basis. Changes are taking place because of the laws of electronic banking and the billions of dollars involved in Interest on Lawyers Trust Accounts. According to the California CPA Journal, citing Deloitte and Forbes, 90 percent of executives will have made risk management a priority by 2015. If interest rates on business checking accounts rise above current rates, IOLTA may be producing billions of dollars annually to use for charitable purposes, which will increase the activity of the disciplinary systems.

Click here for details about the conference and to register today.

Special Thought Leader Series Webcast.

Register now for this webinar featuring Stephen R. Akers, J.D. A once-in-a-lifetime opportunity exists through year end, and the stakes have never been higher. Join us for this Special Thought Leader Series webinar where you will gain the insight you need to motivate your clients to take action now.
Click here to register.

A practical application workshop for business owners dealing with the IRS
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The Internal Revenue Service knows small business owners are poorly prepared to deal with the minefield of an IRS inquiry. That's why your business is three times more likely to be audited today than just eight years ago, and why businesses with under $10 million in revenue face more audits than larger companies. Much of this problem relates to the prohibitive costs for cash-strapped business owners to retain a team of tax and legal professionals. A preferable alternative is the American Society of Attorney-CPAs, a unique organization comprised solely of dually-licensed professionals. Attorneys who are also CPAs represent a powerful combination of relevant knowledge and experience, enabling them to address critical issues from both the legal and financial perspectives. Join us for this seminar and walk away with practical tips to take back with you to your office. Click here for full details.

Shulman to finish his term as IRS commissioner on Nov. 9
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The Internal Revenue Service has announced that Doug Shulman, the 47th commissioner of the IRS, has decided to step down on Nov. 9, the last day of his term. Shulman indicated earlier this year that he planned to step down at the end of his term.

Shulman has served as IRS commissioner since March 24, 2008. Under the law, IRS commissioners are nominated by the president and confirmed by the Senate for a term of up to five years, with their terms ending on Nov. 12 of their final year (Nov. 9 is the last work day of Shulman's term because Nov. 12 is a federal holiday).

"The IRS team made remarkable progress in the last few years during a challenging period," Shulman said. "It has been an honor to serve the American people during this dynamic time."

Deputy Commissioner for Services and Enforcement Steven T. Miller, who is a 25-year veteran of the IRS, will serve as acting IRS commissioner when Shulman steps down.

Leonard Weiner is elected national chairman of Synergy Summit
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Leonard Weiner, J.D., CPA, M.B.A., AEP®, was elected chairman of Synergy Summit, a national organization whose purpose is to educate and collaborate on tax, estate and financial planning issues including wealth accumulation and preservation. To read more, click here.

Roger A. Norman named winner of AICPA Outstanding CPA in Government Award
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Roger A. Norman, CPA, J.D., of Little Rock, Ark., is one of the 2012 recipients of the American Institute of Certified Public Accountants Outstanding CPA in Government Award. Roger Norman received the award for state government. Norman was previously the winner of the Arkansas Society of Certified Public Accountants Outstanding CPA in Government Award, and he was submitted as a nominee in consideration for the AICPA award in the same category. Click here to read the full article via

AAA-CPA featured in ASAE Associations Now September/October issue
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The AAA-CPA was recently featured in the September/October Association Now publication in a section entitled best benefit ever. E. Martin Davidoff, Esq., CPA, past president, commented on our dual insurance liability program with Hays Affinity. ASAE represents more than 21,000 association executives and industry partners representing 10,000 organizations. Members manage leading trade associations, individual membership societies and voluntary organizations across the United States and in nearly 50 countries around the world. To view the blurb, please click here.

Federal tax update — September
by David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC    Share    Share on FacebookTwitterShare on LinkedinE-mail article
In Moody v. Commissioner, TC Memo 2012-268, the tax court adhered to its position that the dependency allowance is not transferred to the noncustodial parent unless the custodial parent signs Form 8332, notwithstanding a court decree that the noncustodial parent was entitled to the exemptions for the children if he was current (as he was) on his child support payments.

US tax system favors foreign ownership
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The U.S. corporate tax system is one of the most burdensome in the world, creating a substantial economic benefit for foreign ownership — rather than U.S. ownership — of a multinational business. U.S. corporate earnings are subject to the highest tax rate of any industrialized country (approximately 40 percent). And unlike many other countries, profits earned overseas are subject to U.S. taxation (with a credit for foreign taxes) when repatriated or loaned to a U.S. affiliate. Since foreign profits are taxed at lower rates, cash is effectively locked offshore. More

Schumer shakes up deficit talks with call to raise taxes on the rich
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Sen. Charles E. Schumer of New York, the Senate's third-ranking Democrat, threw cold water on one emerging approach for striking a bipartisan deficit-reduction deal — an overhaul of the tax code that lowers top income tax rates but raises more revenue. Schumer's position complicates efforts to seal a deal before January, when the fiscal cliff of tax increases and automatic spending cuts goes into effect. More

Accounting option facilitates multinational earnings manipulation
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
An accounting construct known as permanently reinvested earnings is helping U.S.-based multinational corporations keep tens of billions of dollars in profits overseas, according to a new study. Not only does it greatly reduce earnings repatriation, but it appears to be used extensively to manipulate corporate earnings and thereby mislead investors. More

Report: Ending some tax breaks would allow 4 percent cut in rates
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Repealing most of the tax code's major itemized deductions — like those for mortgage interest and charitable donations — would allow for a 4 percent cut in income tax rates without adding to the federal deficit, according to congressional tax researchers. The analysis from the nonpartisan congressional Joint Committee on Taxation is timely ahead of the Nov. 6 presidential election. More

BlackRock's Fink says fiscal cliff threatens US with recession
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BlackRock Inc. Chief Executive Officer Laurence D. Fink said the U.S. economy may shrink at the start of 2013 as companies curb hiring ahead of spending cuts and tax increases from the so-called fiscal cliff. Business confidence is waning amid the federal gridlock on paring the deficit to avert more than $600 billion in automatic budget reductions and higher taxes on Jan. 1, Fink said at a Bloomberg Television roundtable on the U.S. debt. Congress also must act in February to raise the debt ceiling, he said. More

IRS whistleblowers should see new tone at the top
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The news that Steven Miller, deputy commissioner for services and enforcement at the Internal Revenue Service, will become acting IRS commissioner in November is likely to be a welcome development for tax whistleblowers. There will be a person in charge of the IRS who appears to be invested in its whistleblower program and knowledgeable about its potential. More

Oct. 19
Defending Against Coming Tax Increases — Roth IRA's & Other Ideas

Oct. 23
Recent Judicial Challenges to DOMA and Other Same-Sex Planning Ideas and Pitfalls

Oct. 24
New York Chapter Networking Event with the NYU-Stern

Oct. 30
Members Only Study Group: "Disregarded" Entities — Concepts & Issues

Nov. 1
18th Annual Working Together Symposium

Nov. 7
2012 AAA-CPA Fall Meeting & Education Conference

Jan. 15
AAA-CPA Luncheon in conjunction with the Heckerling Institute on Estate Planning


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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