AAA-CPA Celebrates 50 Years in Washington, DC
The AAA-CPA recently concluded the 50th anniversary festivities in Washington, D.C. Click here to view the photos from this meeting.
AAA-CPA to Co-sponsor the 31st Annual National Institute on Criminal Tax Fraud and 4th National Institute on Tax Controversy
The 31st Annual National Institute on Criminal Tax Fraud is the annual gathering of the criminal tax defense bar combined with the fourth Annual National Institute on Tax Controversy. This program brings together high-level government representatives, judges, corporate counsel and private practitioners engaged in all aspects of tax controversy, tax litigation and criminal tax defense. For more information, click here or contact Althea Billins at Althea.Billins@americanbar.org.
Federal Tax Update — October
By David S. De Jong, Esq., CPA, Stein Sperling
In Langert v. Commissioner, the tax court denied a business bad debt for amounts lent by a real estate investor to a counterpart, indicating that the taxpayer was not in the business of lending money, although he had made about six similar loans in the past.
To Be or Not to Be Compensatory
By Annette Nellen, Esq., CPA, via AICPA Corporate Taxation Insider
A recent case offers a new perspective on distinguishing between compensatory and punitive payments.
In Memoriam — Seymour (Sy) Trager
It is with great sadness that we inform you that Seymour (Sy) Trager has passed away. His funeral will be Wednesday, Nov. 12, at 10 a.m. at Sinai Chapels, 162-05 Horace Harding Expressway, Flushing, New York. The telephone number of the chapel is 718-445-0300. Shiva will be held at the house of Sy's son, Michael Trager, at 82-07 215 St., Hollis Hills, New York, from Wednesday to Monday. Mike's telephone number is 718-468-1866. Condolences may be sent to the mailing address we have on file: 15 Oakley Place, Great Neck, New York 11202. Special thanks to Victor Simon for notifying the AAA-CPA office.
The Least Tax-friendly States for Business
24/7 Wall St. via USA Today
Policymakers have the difficult task of generating adequate tax revenue without excessively hampering economic growth and employment. States can promote business in various ways, but the tax system is one of the key elements encouraging economic activity. According to the Tax Foundation, a think tank that advocates for lower taxes and a simpler tax code, some states remain much more tax friendly to business than others.
Supreme Court to Review ACA Tax Credits
The U.S. Supreme Court agreed to review a challenge to the tax subsidies allowed under the Affordable Care Act, a critical aspect of the law meant to help uninsured individuals better afford health care coverage.
The Supreme Court said it will hear a Republican-backed appeal of a July 22 decision of the U.S. District Court for the Eastern District of Virginia that upheld the validity of subsidies offered to individuals on the federal exchange.
Amazon, Pepsi and Other Household Brands Accused of Huge Tax Dodge
Hundreds of international companies, including IKEA, Amazon, Pepsi and FedEx, have been receiving secret deals from Luxembourg, enabling the corporations to cut their tax bill by billions of dollars, according to a report from the International Consortium of Investigative Journalists. The report, which stems from a review of almost 28,000 pages of confidential documents obtained by the ICIJ and journalists from 26 countries, found Luxembourg's tax authorities granted hundreds of secret tax rulings — known unofficially as comfort letters — that allowed various corporations to reduce their tax rate, often to less 1 percent.
Stock Losses Can Actually Be a Tax Benefit
Nobody wants to lose their shirt in the stock market, nor do they want to pay the government a ton because of capital gains, which is where tax loss harvesting comes in.
Used by all sorts of investors, tax loss harvesting is a strategy in which you offset gains in the stock market by realizing losses from other investments.
How the IRS and Congress Cripple the Marijuana Industry With an Obscure, Decades-old Law
The Washington Post
Perhaps the most potent sales pitch marijuana advocates have at their disposal is economics. Voting to legalize sales of marijuana, which Oregon did recently, would open up a powerful new industry, the thinking goes. And indeed, in many cases, it does. For Colorado, which along with Washington state legalized the sale of marijuana in 2012, the cash has rolled in.
Estate Tax Ruling a Boon for Art Collectors
Financial Advisor Magazine
Art collectors and investors won a victory in September when the Court of Appeals for the 5th Circuit reversed a tax court decision, increasing the discount for a decedent's fractional art interests and ordering a $14 million estate tax refund.
"It was a fantastic result for the estate," said Diana Wierbicki, a partner at Withers Bergman and a member of the firm's wealth planning practice group.
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