As 2014 comes to a close, the AAA-CPA would like to wish its members 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 Wednesday, Jan. 7, 2015.
Where's My Amended Return?
From Sept. 24: Members: Please be advised of this new service on IRS.gov.
Year-end Gifting Rules Revisited
From Dec. 3: The Internal Revenue Service is reminding individuals and businesses making year-end donations that several important tax law provisions have taken effect in recent years regarding gifting. Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good used condition, or better, to be tax-deductible.
Tax Court Ruling Clarifies IRA Transactions
From Jan. 8: A recent ruling by the U.S. Tax Court holds a costly reminder about the consequences of making inappropriate transactions within a client's individual retirement account.
In a case that centered on two investors' relationship to a company held by their retirement accounts, the court ruled that two business partners' IRAs were disqualified under the prohibited transaction rules when they guaranteed loans to a company owned by their IRAs.
7 Things You Absolutely Must Know About Corporate Taxes
From Aug. 20: Politicians are hopping mad because a spate of big U.S. companies are trying to escape higher tax bills by proposing mergers with foreign firms.
But the real problem, most agree, is the corporate tax code, which hasn't kept pace with the transformation of global business over the past 30 years.
Federal Tax Update — June
By David S. De Jong, Esq., CPA, Stein Sperling
From July 9: In Baur v. Commissioner, TC Memo 2014-117, the tax court refused to accept a state court modification as a
"scrivener error," a change in a court order deleting retroactively any reference to child support in an order that originally included both child support and spousal support.
These Companies Could Run Out of Cash Without Tax Reform
From Nov. 19: The wave of Republican victories in midterm elections blew past everyone's expectations and sparked a rally in the markets. Investors are hoping for a range of business-friendly changes in Washington, D.C., from a less intrusive energy policy to a partial repeal of some Obamacare regulations.
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The IRS Has a Tax Cheat Sheet for Small Business Owners
From Aug. 20: Taxes are a big deal — especially for small business owners. The Internal Revenue Service can end up taking more than 50 percent of Schedule C profit in ordinary income taxes and self-employment taxes. After all, the highest tax bracket is now 39.6 percent, and the self-employment tax is 15.3 percent.
Looking for a New Job or Want to Hire an Attorney-CPA?
From Feb. 19: Powered by JobTarget, the AAA-CPA Job Board provides job seekers and employers the opportunity to locate the perfect candidate or job. Job seekers can access the newest jobs available, create job alerts and post their resumes online anonymously. Employers are able to reach the most qualified candidates by posting their job openings and browsing through resumes of experienced candidates. Click here to find the perfect job or candidate today!
Estate Planning Remains a Moving Target Under the New Tax Law
The New York Times
From Jan. 1: With the federal tax on estates now kicking in at $5.25 million — or $10.5 million for a couple — it may seem that only the very wealthy need to worry about paying the tax. But that doesn't mean that everyone else can forget about an estate plan.
These Are the Companies Abandoning the US to Dodge Taxes
The Washington Post
From Aug. 13: It is a tax trick that has been around for years, but the pace of companies moving their headquarters overseas to lower their tax rate has sped up in the last decade.
American firms have moved overseas at a time when a growing number of countries have reduced tax rates. These "inversions" have been taking place as Congress remains at odds over lowering the corporate tax rate of 35 percent, one of the highest rates in the world.
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