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AAA-CPA offices will be closed for Thanksgiving
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Please note the AAA-CPA offices will be closed on Thursday, Nov. 22 and Friday, Nov. 23 in observance of the Thanksgiving Holiday. We wish you and your families a wonderful holiday, and for those traveling, safe travels.

8x8 Virtual Contact Center can help your business
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See how 8x8 Virtual Contact Center can help your business in our live demo on Thursday, Nov. 29. Click here to sign up for a live demonstration. For questions on switching to 8x8 please contact Kevin Ladewig at or 866-794-8223 and mention that you are a member of the AAA-CPA. The AAA-CPA is a customer and we recommend making the change to voice over Internet!

Obama opens fiscal cliff talks as Boehner open to revenue
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
House Speaker John Boehner said he offered a 'framework' including new revenue to reduce the U.S. budget deficit in his first face-to-face talks with President Barack Obama and top Congress leaders since the Nov. 6 election. As both sides expressed optimism that a deal is possible, U.S. equity markets rose. Boehner also said he is serious about including revenue in an agreement if accompanied by significant spending cuts. The framework is "consistent with the president's call for a fair and balanced approach," he said after what he called a 'constructive' meeting with the president and other congressional leaders in the Roosevelt Room at the White House. More

Tax-hike 'mandate' sparks partisan debate
CNN    Share    Share on FacebookTwitterShare on LinkedinE-mail article
As Congressional leaders and President Barack Obama met for talks about ways to avoid the fiscal cliff, party leaders redefined their hard lines on tax hikes for the wealthy. Rep. Chris Van Hollen of Maryland, a key member of the House Democratic team, said that President Obama's re-election leaves no doubt that Obama has a mandate to raise taxes on the rich. But top Republicans, including Illinois Rep. Peter Roskam, disagreed. "If the president had a mandate, Nancy Pelosi would be the next Speaker of the House, and that's not going to happen in January," he said. Both Van Hollen and Roskam spoke at a Washington forum sponsored by the Peterson Foundation. More

Splitting tax refunds may lead to fraud
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The option of allowing taxpayers to split up their tax refunds into different accounts has increased the risk of fraud, perhaps even among IRS employees, according to a new government report. The report, released by the Treasury Inspector General for Tax Administration, found that in calendar year 2011, more than 842,000 taxpayers took advantage of this 'split refund' option, which the Internal Revenue Service first offered in 2007. Taxpayers are able to split their tax refunds between two to three different checking or savings accounts using Form 8888, Allocation of Refund (Including Savings Bond Purchases). More

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New US exchange targets online trading of state tax credits
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
A new online exchange in New Orleans allows participants to trade transferable state tax credits, an estimated $5 billion annual market that has been generating more complaints about the costs of taxpayer-backed incentives that aim to attract targeted industries to states. Up and running for just four weeks, the Online Incentives Exchange (OIX) has traded more than $1 million in Louisiana tax credits. It hopes to offer credits from 45 states by the end of 2013, according to management. OIX Chief Executive Danny Bigel, a former Wall Street financier and film producer, said his market will popularize and enhance the value of transferable credits — an informal market historically dominated by small local brokers. More

Creating better climate policy: Linking carbon taxes to investments in clean energy
Forbes    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Nipping at the heels of Mayor Michael Bloomberg's climate-tinged presidential endorsement, Hurricane Sandy, and President Barack Obama's victory speech shout-out to climate change is a reinvigorated debate on carbon pricing. This week, the American Enterprise Institute, the Brookings Institution, the International Monetary Fund, and Resources for the Future co-hosted a daylong conference on designing a U.S. carbon tax. The Congressional Budget Office released a report discussing the socio-economic impact of different carbon tax structures. Years of climate silence has turned into a November of climate chatter. More

Obama, congressional leaders meet privately on taxes, spending
Los Angeles Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
President Barack Obama convened top congressional leaders at the White House as areas of possible compromise over the looming deadline to avert federal tax hikes and spending cuts begin to come into focus. Republicans and Democrats remain far from a deal, which is needed by year-end to avoid a fiscal contraction that economists warn could launch another recession. But the outlines of a compromise can be seen as House Speaker John A. Boehner has signaled Republicans are open to new tax revenue and Obama has softened his insistence that income tax rates must rise to the top 39.6 percent rate from the Clinton era. More

Nov. 30
Tax Update and Tax Planning Workshop

Dec. 11
Rescheduled Members Only Study Group: "Disregarded" Entities — Concepts & Issues

Dec. 13
PA/DE Chapter Meeting

Dec. 21
Bridges Between the CPA and Legal Professions

Jan. 8
11th Annual Northern New Jersey Working Together Conference

Jan. 10
PA/DE Chapter Meeting

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

Jan. 25
Southwestern Regional Education Conference

Feb. 14
PA/DE Chapter Meeting

March 14
PA/DE Chapter Meeting

April 11
PA/DE Chapter Meeting

May 3
Northeastern Regional Education Conference

May 9
PA/DE Chapter Meeting

June 13
PA/DE Chapter Meeting

July 3
AAA-CPA Annual Meeting & Education Conference

July 11
PA/DE Chapter Meeting

Aug. 8
PA/DE Chapter Meeting

Sept. 12
PA/DE Chapter Meeting

Nov. 6
AAA-CPA Fall Meeting & 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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