The AAA-CPA Weekly Update
Feb. 20, 2013

Visit your CCH partner page today to see the March books of the month
CCH
Receive an additional 10 percent discount — on top of your regular 30 percent association member discount — on select titles in the month of March. This discount is only for association members. From March 1-31, purchase the following titles at 40 percent off.

"Knowledge-Based Compilations & Reviews" (2013)
Regular price: $279.95
In March: $167.97

"U.S. Master Multistate Corporate Tax Guide" (2013)
Regularly: $136.75
In March: $82.05 More

State online sales tax bill revived in US Congress
Reuters via CNBC
U.S. states could collect millions of dollars in online sales taxes, with members of both parties in Congress sponsoring legislation that would resolve states' decades-long struggle to tax businesses beyond their borders. "Small businesses and states alike are suffering from the inability to collect due — not new — taxes from purchases made online," said Rep. Steve Womack, R-Ark.More

Summers says tax law uncertainty weighing on businesses spending
Bloomberg
Former White House economic adviser Lawrence Summers said uncertainty over the future of the corporate tax code is creating a drag on the U.S. economy by making businesses hesitant to invest. Summers, the former director of President Barack Obama's National Economic Council, said in an interview on CNN that the question of whether Congress will overhaul the nation's tax rules has brought about uncertainty for businesses, including whether they should reinvest overseas profits in the U.S.More

The alluring myth of the tax-fleeing millionaire
The New York Times
Recently, Vladimir V. Putin hugged his newly minted fellow Russian citizen, the actor Gerard Depardieu, posing for cameras at the Black Sea port of Sochi, Russia. "I adore your country," Depardieu gushed — especially its 13 percent flat tax on personal income. Sochi may not be St. Tropez, France, but it does have winter temperatures in the 60s and even palm trees. Putin's deputy prime minister confidently predicted a "mass migration of wealthy Europeans to Russia."More

IRS overwhelmed with refund requests, asks taxpayers to slow down
Forbes
The Internal Revenue Service has announced that extremely high traffic is causing the Where's My Refund? tool to be unavailable for some taxpayers at times this season. This affects both the Where's My Refund? tool on IRS.gov and the refund feature on the IRS2go phone app.More

FASB revises proposed changes in financial instruments accounting standards
Accounting Today
The Financial Accounting Standards Board has issued a revised set of proposals for the financial instruments accounting standards it has been working to converge with international financial reporting standards. FASB issued the latest proposals for the financial instruments standards and asked for public comment on them. The latest standards include a proposal to improve financial reporting by providing a comprehensive measurement framework for classifying and measuring financial instruments.More

Charities beseech US Congress to preserve donations tax break
Reuters
Charitable groups pleaded with U.S. lawmakers not to alter the federal tax break for donations, while some Democrats said the popular deduction was in no danger and called the Republican-convened hearing a red herring. Officials from hospitals and dozens of other nonprofit groups packed a House Committee on Ways and Means session examining the write-off used by more than 30 million Americans at a cost to taxpayers of $38 billion a year.More