The AAA-CPA Weekly Update
Jan. 28, 2015

David Klasing to Present "What Do I Do When I Miss a Deadline?" Jan. 30 and Feb. 4
AAA-CPA member and Education Committee Chair David Klasing, Esq., M.S. Tax, CPA, will be presenting "What Do I Do When I Miss a Deadline?" at two upcoming chapter meetings for the Southern California Chapter. Taxpayers and tax professionals alike can panic when a deadline is missed. Although not every mistake can be rectified, this session outlines steps you can take to resolve problems caused by a missed tax return, extension or election filing deadline. You will learn how to analyze the impact of a late filed return or election on a taxpayer's overall tax situation; identify relief opportunities for missed elections affecting taxable income and entity status; and recognize when penalty relief may be available. Click here to register for either of these chapter meetings. Not a member or affiliate? Join the AAA-CPA and attend one of these chapter meetings for free!More

Jim Lynch to Present "International Operations of Partnerships" Study Group
AAA-CPA member Jim Lynch, Esq., CPA, will be presenting a study group titled "International Operations of Partnerships" Feb. 5 at 2 p.m. EST. This program will discuss the issues U.S. partnerships face when organizing international operations such as the entity or entities to be used and the tax effects of the use of these entities. The program will also discuss the foreign tax credit. Members and nonmembers of the AAA-CPA are welcome to join. For more information and to register for this program, please click here.More

AAA-CPA Change of Address
Please note that effective immediately, AAA-CPA has a new mailing address.

1620 Eye Street, NW, Suite 210
Washington, D.C. 20006

Please update your records to include this information. All email addresses and telephone numbers remain the same. Please contact Kimmy Livingston at or 888-ATTY-CPA, ext. 2, with any questions. More

Due-diligence Considerations for 2014 Individual Income Tax Returns
By Annette Nellen, Esq., CPA, CGMA, via AICPA Tax Insider
Here's a look at what's new that tax practitioners should ask their clients about before preparing their returns.More

IRS Expecting Complicated Tax Season, Delayed Refunds
VideoBriefThe Internal Revenue Service has started accepting all tax returns, but it's warning taxpayers that it could take longer to process refunds. Due to a shrinking IRS budget and new procedures for the Affordable Care Act, officials say it could be a rough tax season for many taxpayers. That's why experts say it's so important to file early.More

US Funds Differ on Managing Tax Liability as Capital Gains Surge
Warning to mutual fund investors: The tax man is coming. U.S. investors in stock funds will take a big tax hit this year on capital gains that could top $300 billion after portfolio managers exhausted most of their loss reserves to offset several years of stock market advances.More

Small and Midsize Accounting Practices Challenged by New Clients and Rules
Accounting Today
Key challenges facing small and medium-sized practices in the accounting industry worldwide have been identified as attracting new clients and complying with regulations and standards, according to a new survey by the International Federation of Accountants. The 2014 IFAC Global SMP Survey also revealed promising economic gains for small and midsize practices, with almost three-quarters of practices globally reporting that fee revenues were greater or equal to the previous year.More

Why Obama Wants to Tax College Savings
In his State of the Union address, President Barack Obama promised to make college more affordable for low- and middle-income families. But one way he would pay for that would be to make college more expensive for millions of upper-income Americans.More

Is Tax Reform Doable?
Tribune News Service via McClatchy DC
The responses to President Barack Obama's call for tax reform, which he outlined as part of his State of the Union address, might indicate that the probabilities for progress on a tax overhaul with the Republican Congress and Democrat White House are near zero. Republicans suggest President Barack Obama's proposal to increase taxes on the more fortunate among us to pay for a middle class tax cut are politically motivated.More

A Look at the Territorial Tax Systems in 4 Countries Finds No Magic Bullets
It is an article of faith among many tax reformers that the U.S. should shift from a worldwide tax system to a territorial regime in which U.S.-based multinational corporations pay U.S. tax only on their domestic income. Such a step would reduce or eliminate tax on the dividends these firms receive from their foreign affiliates.More