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This edition of the Weekly Update is sponsored by MPI
Please join us in thanking MPI for sponsoring our golf events at the AAA-CPA Fall Meeting & Education Conference. MPI is a specialized financial services firm providing tax-based valuations, valuations for financial reporting purposes and transaction advisory services. Although MPI may be best known for their tax-based practice centered on gift and estate tax valuations, over the past decade, MPI has undertaken initiatives to expand their range of business services to include financial reporting valuations and transaction advisory. On the tax-based side of their practice, they bring decades of experience in their tireless determination and defense of fair market value conclusions. For financial reporting clients, they provide a rigorous analysis justifying their fair value conclusions for both private and public companies. Their transaction advisory professionals provide objective advice based on solid business, economic and financial analysis.

Portability, currently a temporary provision in the estate and gift tax regime, will likely become mainstay
AAA-CPA    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Department of Treasury recently issued very favorable, temporary and proposed regulations that are taxpayer friendly. Understanding portability and how it may change the way to plan will be important to your practice. Lester Law, Esq., CPA, managing director, U.S. Trust, Bank of America Private Wealth Management, will explore whether portability is a pain, the panacea or simply a placebo for your clients' planning needs at the AAA-CPA Fall Meeting & Education Conference, Nov. 7-11 at the PGA National Resort & Spa in Palm Beach, Fla.

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

AAA-CPA Washington chapter co-sponsoring the 18th Annual Working Together Symposium
The 18th Annual Working Together Symposium is being held on Thursday, Nov. 1, at the Seattle Center Fisher Pavilion in Seattle. The symposium features Internal Revenue Service speakers on a variety of procedural and policy topics. Register online at, or click here for more information.

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.

Bundle up with new AAA-CPA fall items
New items have been added to the AAA-CPA StoreFront just in time for fall. To view the featured fall items, please click here. All orders may be placed online at our StoreFront by clicking here.

Tips on recruiting members to win
Chances are you probably already know professionals who are attorney-CPAs that are not AAA-CPA members. They may be partners or associates in your firm or practice or acquaintances in other professional organizations you belong to, such as the local bar association or state accounting society. So, take a look around. Look through your business cards and contact lists and help the AAA-CPA rake in new members. Click here for tips on recruiting new members to be eligible for the grand prize drawing on Nov. 5.

Rob Scharar and John Akard, past presidents of the AAA-CPA, attend the Texas Africa Business Summit, Sept. 27-28 at Rice University
From left to right:
Dennis Bonnen — Chairman of the Board of Heritage Bank and Texas state representative
Rodney Ellis — Texas state senator
Robert W Scharar — President of FCA Corp. and the Commonwealth Africa Fund
Geoffrey S. Connor — Former Texas secretary of state
John Akard — Past president of AAA-CPA

IRS announces 2013 inflation adjustments
The Wall Street Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Internal Revenue Service has announced various inflation adjustments for 2013, including ones for tax-favored retirement plans, gift taxes and long-term care. The contribution limit for employees who participate in 401(k), 403(b) and some other plans will increase to $17,500 from $17,000. The catch-up contribution limit for workers age 50 and above remains unchanged, at $5,500. More

Taxes go up in 2013 for 163 million workers
The Associated Press via USA Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
President Barack Obama isn't talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election. A temporary reduction in Social Security payroll taxes expires at the end of 2012, and hardly anyone in Washington is pushing to extend it. Neither Obama nor Romney has proposed an extension, and it probably wouldn't get through Congress anyway, with lawmakers in both parties down on the idea. More

Corporate taxes a hidden danger lost in deficit debate
Forbes    Share    Share on FacebookTwitterShare on LinkedinE-mail article
In the presidential debates, both candidates promised three things: many jobs will be created, taxes paid by the middle class will not rise and the fiscal deficit will shrink. All worthy goals, but the hidden danger in the tax and deficit promises is the prospect of substantially higher taxes on business, especially corporate taxes on big business. And higher taxes on big business will squarely contradict the first promise — more jobs for American workers. More

Older Americans against payroll tax cut extension    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Barry Rand, chief executive officer of the American Association of Retired Persons, has sent a letter to both Congress and the White House opposing any further extension of the Social Security payroll tax holiday when it expires at the end of 2012. The 2 percent payroll tax cut was introduced in 2011 and extended in February to the end of 2012. In his letter, Rand said that, "when Congress and the president originally enacted and then extended the temporary payroll tax holiday, the AARP recognized and appreciated that economic conditions had been devastating for millions of Americans and that there was a need for short-term action." More

Analysis: Some investors open to higher tax to trim deficit
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Nobody likes taxes, and much of Wall Street has poured money into Mitt Romney campaign coffers to avoid paying higher ones. Yet a surprising number of top money managers say they are willing to pay modestly higher rates. They reason that revenue-raising measures are an essential complement to the spending cuts they say are needed to curb the massive U.S. budget deficit. More

IRS never told taxpayers they could get penalty relief
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Approximately 1.45 million taxpayers who qualified for relief from tax penalties totaling close to $181 million never heard from the Internal Revenue Service that they were entitled to it and never received it, according to a new government report. The report, from the Treasury Inspector General for Tax Administration, noted that the tax code imposes penalties on taxpayers with a filing requirement who fail to file a tax return or fail to timely pay the full tax shown on any tax return. More

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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