The AAA-CPA Weekly Update
Jan. 23, 2013

New Graduate Affiliate Status
AAA-CPA
Are you a graduate student with a focus on accounting or law? With the new Graduate Affiliate Status, we welcome you to affiliate with the AAA-CPA.

Graduate Affiliate status gives individuals the opportunity to network with our dually-licensed members, along with other great benefits such as:

For a complete list of Affiliate benefits, please click here.

Now is your chance to belong to the only association in the nation whose members are comprised of professionals who are dually qualified as both attorneys and CPAs. Click here to join today.More

CCH January books of the month
CCH
Receive an additional 10 percent discount — on top of your regular 30 percent association member CCH discount — on select titles in the month of January. This discount is only for AAA-CPA members. Click here to order online today.

From Jan. 2-31, purchase the following titles at 40 percent off:

"U.S. Master GAAP Guide," 2013
Regularly: $142
In January: $85

"U.S. Master Multistate Corporate Tax Guide," 2013
Regularly: $136
In January: $82

"Knowledge-Based Compilations & Reviews," 2013
Regularly: $279.95
In January: $167.97 More

Future retirees could face big drop in standard of living
Accounting Today
Many members of the next generation of retirees are expected to face a large decline in their standard of living when they retire, according to a new report. The report, from the Society of Actuaries, found that making retirement decisions based on averages increases the risk of running out of money. Moderate and higher income households can successfully retire with 20 percent less savings if they are willing to cut their discretionary budgets by 15 percent, according to the report. More

IRS loses lawsuit for stricter tax preparer regulations
The Associated Press via The Huffington Post
A federal judge barred the Internal Revenue Service from imposing a series of new regulations, including a competency exam, on hundreds of thousands of tax preparers. U.S. District Judge James Boasberg in Washington ruled against the IRS in favor of three tax preparers who filed suit last year with the help of a libertarian legal group, the Arlington, Va.-based Institute for Justice.More

Obama act gives healthy business to tax preparers
The Washington Times
Critics have long derided President Barack Obama's signature health care law as a job killer. Don't tell that to the tax-preparation industry. The Patient Protection and Affordable Care Act is chock-full of complex rules, mandates, incentives and tax code changes, and that's proving a boon for accountants armed with expertise in the reforms, as filers take notice of the spectrum of taxes, exemptions and rules that will roll out in stages over the next few years. More

The US relies too much on incomes for tax revenue
Business Insider
There are plenty of different ways to look at a country's tax rate. For instance, if you look at tax as a percentage of gross domestic product, the U.S. has a relatively low rate. However, BCA Research goes one step further and considers the makeup of those tax revenues. It turns out that the U.S. relies pretty heavily on incomes as a source of tax revenue. More

Treasury finalizes FATCA rules
United Press International
The Department of Treasury said it has issued finalized rules for the Foreign Account Tax Compliance Act, designed to fight offshore tax evasion. The act, signed into law in 2010, is intended to force foreign financial institutions to identify taxable accounts and turn over names to the Internal Revenue Service. "These regulations give the administration a powerful set of tools to combat offshore tax evasion effectively and efficiently," said Deputy Secretary Neal Wolin in a statement. More

Charities fear new tax rules' effect on giving
The Associated Press via The Boston Globe
Charities and nonprofit organizations are worried that new limits on tax deductions for high earners will hurt donations just as charitable giving is starting to rebound from the depths of the recession. Experts doubt the new limits on deductions will have much impact on giving, but some major nonprofit organizations fear they are a sign that the charitable deduction is no longer sacrosanct on Capitol Hill, just as Congress is promising a broader effort later this year to overhaul the tax code.More