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Don't forget to join your fellow attorney-CPAs for a free luncheon on Jan. 15 during the Heckerling Institute on Estate Planning
AAA-CPA    Share    Share on FacebookTwitterShare on LinkedinE-mail article
This event is open to members of the AAA-CPA and nonmembers who qualify to become a member and are attorney-CPAs. There is no need to be currently practicing, but you must have had both licenses at some point in your career. For more information and to register, go to our calendar of events section on our website,, or click here to download a registration form.

The PTIN renewal train is leaving the station — Don't miss it
by Alan E. Weiner, CPA, J.D., LL.M., Partner Emeritus, Holtz Rubenstein Reminick LLP    Share    Share on FacebookTwitterShare on LinkedinE-mail article
How-to articles previously written by me on this subject have appeared in The Suffolk Lawyer. This update is much shorter and much simpler. It's only about Preparer Tax Identification Number renewal, which is easy. Your current PTIN expires Dec. 31, and you only have until that date to renew for 2013. Providing that you have a credit line of larger than $63 (the renewal fee), do it now. Click here for the full article.

Inheritance protection for married children
by Edward D. Brown, Esq., CPA, Engel & Reiman PC    Share    Share on FacebookTwitterShare on LinkedinE-mail article
This article explores ways to have trusts designed so that the trust assets are less likely to be a negative financial factor for the beneficiary in the event of his or her divorce. This article appears in the November issue of the Colorado Lawyer. Click here for the full article.

Both House and Senate have passed tax bills that would put off big tax increases for millions
The Associated Press via The Washington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
It may not sound like it from the rhetoric, but both the House and Senate already have passed separate bills to delay big tax increases awaiting nearly every taxpayer next year if Congress and the White House can't agree on a plan to avert the fiscal cliff. The Democratic-controlled Senate passed a bill in July that would extend many of the expiring George W. Bush-era tax cuts for middle-income families, while letting taxes go up for individuals who make more than $200,000 and married couples making more than $250,000. More

IRS updates adequate disclosure rules for tax positions
Accounting Today    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Internal Revenue Service has released its annual update identifying the circumstances under which the disclosure on a taxpayer's income tax return, with respect to an item or a position, is adequate for the purposes of reducing the understatement of income tax and avoiding the tax return preparer penalty. More

Some analysts doubt dire predictions on tax increase fallout
The New York Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
As anxious investors assess their portfolios in light of expected tax increases on investment income, hedge fund manager Douglas Kass has a simple message: relax. Kass, the founder of Seabreeze Partners Management, thinks much of the investing world has overestimated how hard the markets and investors would be hit if tax rates on dividends and capital gains rise at the end of the year, as the White House has proposed. More

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SEC chief changed mind on rule because of concern for legacy    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Departing Securities and Exchange Commission Chief Mary Schapiro delayed implementing a planned rule change partly out of concern about her legacy, according to published media reports. Schapiro discussed her decision in internal SEC emails that were obtained by a House of Representatives oversight panel, according to reports by The Wall Street Journal and Reuters. More

What IRS statistics demonstrate economic growth
Fox Business    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Internal Revenue Service recently released income tax statistics for the 2010 tax year, and these statistics offer good insight on the shape of the economy. In 2009, 140.5 million individual income tax returns were filed. A year later, 142.9 million tax returns were filed for an increase of 1.7 percent. Adjusted gross income totaled $8.1 trillion in 2010, a 6.1 percent increase from 2009 and the first increase after two years of lower reported adjusted gross income. More

Congress urged to save expiring mortgage relief tax break
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Congress has been urged to extend a $1.3 billion federal tax break on write-offs of mortgage debt that may expire at the end of the year even as lenders are increasingly cutting loan principal to help troubled borrowers. The Mortgage Debt Relief Act of 2007 enables borrowers to avoid paying income taxes on the amount of principal that's forgiven as part of a loan modification or during a short sale in which they sell their homes for less than they owe. If the measure expires, homeowners would have to count such debt reduction as money they earned. More

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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