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Home   Membership   Calendar   Foundation   Links   Job Board Dec. 29, 2010

As 2010 comes to a close, The AAA-CPA would like to wish its members, partners, and other industry professionals a safe and happy holiday season. As we reflect on the past year for the industry, we would like to provide the readers of the AAA-CPA Weekly Update, a look at the most accessed articles from the year. Our regular publication will resume next Wednesday, Jan. 5, 2011.

Happy Holidays!
AAA-CPA    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Wishing all of our members a Happy New Year. Please note the AAA-CPA office will be closing early on Dec. 30 and will be closed on Dec. 31 in observance of the New Year. We will reopen at 8:30 a.m. EST on Jan. 3. Wishing you all a happy and healthy New Year!

No need for quitclaim deed to avoid gift tax
The Washington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
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

Estate planning: 16 things to do before you die
The San Francisco Chronicle    Share    Share on FacebookTwitterShare on LinkedinE-mail article
While many of us like to think that we're immortal, the old joke is that only two things in life are for sure: death and taxes. Not only is it important that you have a plan in place in the unlikely event of your death, but you must also implement your plan and make sure others know about it and understand your wishes -- as Benjamin Franklin's famous quote goes, "by failing to prepare, you are preparing to fail". If you've procrastinated on your estate planning, this article will help you get going in the right direction. More

Olmstead: The biggest chink in the armor
Domenick R. Lioce    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Since its introduction into the Florida Limited Liability Company Act in 1993, the "charging order" provision has served as a key asset protection feature of a Limited Liability Company (LLC). If a member of a LLC is unable to satisfy the debts owed to a personal creditor (outside liability), that judgment creditor's remedy against the member is usually limited to receiving a "charging order" against the economic income of that member's share of an LLC's distributions. However, after the Florida Supreme Court's decision in Olmstead, et al v. FTC, 35 Fla. L. Weekly S357 (Fla. 2010), this may no longer be true. More

Some contemplate dying in 2010 to avoid paying estate tax
Forbes    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Currently, there is no federal estate tax in 2010. But the estate tax is scheduled to return with a vengeance in 2011. The looming 55 percent estate tax (60 percent in some cases) and mere $1 million exclusion has some people considering cutting their lives short before 2010 is over. More

LTC Insurance Undergoing Major Change

Is the LTCi Sky Falling? The Long Term Care insurance business is under a microscope, and the conclusion is that major change needs to take place. For more details, click here.

Many non-profit organizations no longer tax exempt
KRIV-TV    Share    Share on FacebookTwitterShare on LinkedinE-mail
Thousands of non-profit organizations may be at risk of losing their tax exempt status. New Internal Revenue Service regulations are very specific about what non-profit groups need to do to avoid becoming taxable and an important deadline has already passed. More

Expiring tax laws provide estate planning opportunities -- 2010 and beyond
Lexology    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The estate tax laws are currently in a state of uncertainty, which presents challenges for estate planning but also may present significant opportunities. Under tax laws adopted ten years ago, the estate tax exemption amount increased substantially over the past decade up to $3.5 million last year, until the estate tax was entirely eliminated for this year. More

Waiting for Congress on tax rates
The Wall Street Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Q: With a probable increase in capital-gains taxes for 2011, I intend to sell off some stock on my long-term capital gains before year-end and lock in the 15 percent tax rate. I intend to buy them back immediately since they are solid companies that pay good dividends. Any comments on this strategy? More

White House considers 'decoupling' Bush tax cuts ahead of midterms
FOX News    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The White House is heading back to the drawing board to determine the fate of the Bush tax cuts, amid fears Congress will not approve a plan to hike taxes on the nation's wealthiest families if Republicans take an expected House majority in the election, The Washington Post reported. More

Tax tips: So you think your power-of-attorney has you covered?
The Annapolis Capital    Share    Share on FacebookTwitterShare on LinkedinE-mail article
It could be argued that a properly drafted power-of-attorney could be the most important document that you have in your overall estate and financial plan. For example, if you were to die without a will (not a good idea) the state would step in and prescribe how your assets will be distributed -- usually to closest family members based on state laws. More

Estate taxes: How to beat the levy that won't die
The Wall Street Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
An elderly client recently asked Bruce Bettigole, an attorney with Gilmore, Rees & Carlson in Wellesley Hills, Mass., whether her children would inherit her considerable estate if she committed suicide this year. His response: "I took a long, hard look at her, and said, 'I'm going to make believe I didn't hear that question.'" More

Dec. 15, 2010
CA Association Holiday Meeting - Pasadena
Dec. 17, 2010
2010 Tax Update - South Texas Chapter
Dec. 20, 2010
New Rules for Preparers -- California Chapter Meeting
Jan. 7, 2011
4th Annual FSOA Women in Accounting Symposium
Jan. 10, 2011
AAA-CPA Events at Heckerling Institute 2011
Jan. 11, 2011
9th Annual Northern New Jersey Working Together Conference
Jan. 13, 2011
29th Annual International Tax Conference
Jan. 20, 2011
Members Only Study Group: IRS Examinations and Appeals
Feb. 9, 2011
Northern California Chapter Meeting

The Attorney-CPA Weekly Update
Colby Horton, Vice President of Publishing, 469.420.2601   Download media kit
Annette L. Kovac, Content Editor, 469.420.2604   Contribute news
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