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This four-hour class presented by AAA-CPA Ethics and Dual Rights Chairman Jim Rigos blends a CPA's professional ethical responsibilities with related legal liability. The focus is on high-sensitivity and risk subjects including the new AICPA ethical restraints on a CPA's conflict of interest and attest independence. The chapter on the fiduciary duty of a CPA includes four subjects:
This course uses AICPA standards and reported court cases to demonstrate the accounting ethical risks and resulting professional and legal liability.
- CPA occupying the quasi-legal role of power of attorney, trustee, personal representative or operating under a power of attorney
- Investment advice in financial planning
- CPA role as a corporate director under Sarbanes Oxley
- Trust fund and ERISA fiduciary liability
Click here for more information and to register for this class. AAA-CPA members may attend at the NYSSCPA member rate. Please contact Kimmy Livingston at firstname.lastname@example.org to obtain the priority code.
By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong PC
In Stanley v. United States, 116 AFTR2d 2015-5419, an Alaska District Court allowed a real estate management executive, who also owned interests in properties he helped manage, to count his work for the entity in totaling hours managing his own real estate interests.
In Notice 2015-77, the Internal Revenue Service indicated that recipients of payments under state programs for distressed homeowners may deduct as mortgage interest the lesser of amounts shown on IRS Form 1098 for mortgage interest, real property taxes and (if applicable) mortgage insurance premiums or the sum of all payments on the home mortgage actually made during the year to the mortgage lender or to the state.
Taxes are a growing concern among clients, particular high-net-worth individuals. A great deal of ink has been spilled recently discussing clients' increased awareness of the federal taxes; however, they also have become more sensitive to the state taxes that they may pay over time.
The House and Senate held hearings recently on the Organization for Economic Cooperation and Development's Base Erosion and Profit Shifting action plan, also known as OECD BEPS, for combating tax avoidance by multinational corporations. A number of the lawmakers expressed a skeptical view of the international tax reforms.
The New York Times
Corporations continue to use big civil legal settlements with federal regulators as a way to deduct billions of dollars from their American tax bills, largely because the regulators fail to forbid the practice in the terms of the settlements.
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CPA Practice Advisor
For CPA and accounting firms, the bar for client service has been raised. Clients expect to receive business advice beyond the traditional financial review and write-up from their accountants.
Immigration is once again threatening to jam up congressional action, this time on tax legislation.
Conservatives' concerns about benefits flowing to illegal immigrants are a major sticking point in negotiations over the package of tax breaks known as "extenders."
Wealth management practices and its cousin family office practices are likely to be the most profitable practices in an accounting firm. For example, a comprehensive family office practice at an accounting firm can have margins as high as 70 percent. Well-run wealth management practices can be just as financially rewarding.
32nd Annual National Institute on Criminal Tax Fraud and 5th National Institute on Tax Controversy
Study Group: Charitable Remainder Trusts
Washington Chapter Meeting
2015 Tax Update
14th Annual Northern New Jersey Working Together Conference
High-Sensitivity Advanced Topics for CPAs
AAA-CPA Luncheon in Conjunction With the Heckerling Institute on Estate Plannng
Proposed Changes to 2014 Offshore Voluntary Disclosure Program and Streamlined Programs
USC Gould Tax Institute
Pretransaction Planning for Selling a Closely Held Business
Study Group: Drafting Considerations for the Asset Protection Trust
AAA-CPA Annual Meeting & Education Conference
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063