IRS Liaison Committee needs your help!
In order to better utilize the strengths and talents of our AAA-CPA members, we are seeking members to assist in the following areas and to become more active members of our IRS Liaison Committee.
A. Government Relations -- We want to establish and deepen our relationships with all national and local IRS offices and state tax departments. A deeper structure around the country will help us to recruit new active members. Regional coordinators are needed for the South, Central and West to help us meet our mission.
B. Regulatory and Procedural Advocacy -- We need members to work together to comment on proposed and existing regulations and IRS procedures and to advocate in writing the positions taken by our organization. Todd Reinstein will chair this subcommittee and we envision a monthly conference call and a projects to be shared by a dozen members.
C. Legislative Affairs -- Marty Davidoff (Past President) has been working with New York's Senator Schumer on new tax legislation for the past year. We need more members to step forward so we can interface with all of the key tax and financial legislators, enabling the AAA-CPA to be more successful in our efforts.
If you have an interest in any or all of the above, please let Co-Chair Mike Breslin know via e-mail, firstname.lastname@example.org, or phone to 212-867-0707. If you have already been representing our organization either locally or nationally, please let Mike know what you've been doing in 2010 and how the committee can do a better job utilizing your talents moving forward.
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AAA-CPA members are invited to attend the ABA RPTE eCLE teleconference
AAA-CPA members, as members of Synergy Summit, are invited to attend the ABA RPTE eCLE teleconference scheduled for November 30, titled "An Overview of Estate Administration: From Beginning to End," which is part of the Trust and Estate Practice Essentials Series. The program details page can be found on the ABA Real Property, Trust and Estate Law Section website. All AAA-CPA members are able to attend at the ABA member rate and to view the various programs please visit their main Section of the website.
IRS requiring tax preparers to register before filing returns
The Las Vegas Review-Journal Share
The Internal Revenue Service is asking an estimated 10,000 income tax preparers in Nevada, as well as their peers around the country, to register prior to submitting any returns next year. The IRS said the registration requirement is the start of a program to upgrade the competence and ethics of tax preparers who compile data for 60 percent of all tax returns. More
New legislation provides tax breaks for small businesses
On Sept. 27 President Obama signed into law the Small Business Jobs Act of 2010, which contains a number of tax breaks and incentives for small businesses designed to spur job growth. The Act seeks to encourage business investment by increasing and expanding the election to fully deduct the cost of certain depreciable business assets placed in service in 2010 and 2011 under IRC Section 179. Under prior law, a business could elect to fully deduct the cost of certain depreciable assets placed in service in 2010 up to a maximum of $250,000. More
No need for quitclaim deed to avoid gift tax
The Washington Post Share
Q: My husband's parents bought lake property 48 years ago for approximately $15,000. Today it is valued at about $600,000. His mother is still living but is in a nursing home and does not use the cottage. We have been told that a quitclaim deed signed by her today would give us the cottage with no tax consequences (gift or capital gains). Is this possible? More
SEC's Schapiro says new Congress won't slow reform
The top securities regulator said she doubts her agency's overhaul of the country's financial rules will be affected by the recent U.S. election, where pro-business Republicans seized control of the House of Representatives and made gains in the Senate. More
Talking with Depression-era parents about money
The New York Times blog Share
Many people who lived through the Great Depression tend to view money through a prism that's different from the rest of us. They may be less willing to openly talk about financial matters, experts say, or they may simply prefer to keep their affairs to themselves. More
Outlook for lame duck tax laws
Brace yourselves, America. Congress is going back to work next week. It's not necessarily a bad thing that the House and Senate will convene for a lame duck session on Nov. 15. And there's a chance representatives and senators will actually accomplish some things. More
FTC goes after credit repair companies
Credit Loan Share
The Federal Trade Commission works on behalf of consumers to protect them against various scams and wrongs, and the latest industry on its radar screen is credit repair companies. Prior to the economic downturn, many consumers were using their credit cards as if they were cash, which in the end landed many consumers in credit card debt up to their eyeballs. More
Experts warn seniors about scams
The San Antonio Express Share
The message at a seminar for seniors was straight to the point: Look out for scams targeting them and their neighbors. That was the topic elder law attorney Kelly M. Cross and Bexar County sheriff's Deputy Sandy Atherton offered to 52 seniors at a Bexar County, Texas meeting. More