The AAA-CPA Weekly Update
Jun. 4, 2014

Act now: AAA-CPA 50th Anniversary Meeting & Education Conference registration discount extension ends Friday, June 6
AAA-CPA
What's a celebration without a little savings? We want you to attend the 50th Anniversary Meeting & Education Conference in California this summer, so we have extended our discounted rates to expire June 6. This conference not only offers 19 hours of CPE/CE (on a 50-minute hour track) and 16 hours of CLE/MCLE (on a 60-minute hour track), but three hours of accounting and auditing and two hours of ethics will also be offered. There will be fun for the whole family! Click here for details and to register today!More

Join the AAA-CPA now and receive 4 months of membership for free
AAA-CPA
Not a member? Join the AAA-CPA now and receive the months of June, July, August and September for free! Along with all the benefits membership and affiliate status offers, you will also receive a $200 meeting voucher good off of full registration to our 50th Annual Meeting & Education Conference in Huntington Beach, California, or to our Fall Meeting & Education Conference in Washington, D.C. Click here for more information on joining today at 50 percent off!More

50th anniversary apparel now available!
AAA-CPA
Visit the AAA-CPA Logo Apparel Store to purchase all your favorite items with our 50th anniversary logo on it! Can't find what you're looking for? Contact Kimmy Livingston at klivingston@attorney-cpa.com with your request. More

New member benefit: 15 percent off all American Bar Association books every day
AAA-CPA
The AAA-CPA is excited to announce a new benefit to all our members. Starting immediately, you save 15 percent off the general public price on every book available on the American Bar Association Web store, ShopABA.org. Simply use our special AAA-CPA discount code AAACPA when checking out at ShopABA.org. Plus, for every dollar you spend, the AAA-CPA also receives a royalty payment from the ABA. Your purchases help support our important works. Don't delay! To start saving 15 percent on your ABA book purchases, do the following.

  1. Visit ShopABA.org and use our special discount code AAACPA.
  2. Call 1-800-285-2221 between 8:30 a.m.-6 p.m. EDT and use our special discount code AAACPA.
More

Federal tax update — May
By David S. De Jong, Esq., CPA, Stein Sperling
In Debough v. Commissioner, the tax court determined that an individual who sold his primary residence in an installment sale and excluded gain but then reacquired it upon default could not utilize the exclusion when the property was not resold within one year after the reacquisition date.More

Supreme Court agrees to hear potentially groundbreaking Maryland tax case
The Washington Post
The Supreme Court announced that it will hear arguments in a Maryland case that could rewrite tax laws across the country and cost Montgomery County and other localities hundreds of millions in revenue if it decides for the plaintiffs. The issue in Maryland v. Wynne is the extent to which a state can tax income that residents earn in another state.More

House panel backs $287 billion tax cut on fast write-offs
Bloomberg
The U.S. House Ways and Means Committee voted to let companies write off more than half the cost of some investments immediately, providing a $287 billion tax cut to capital-intensive industries. The proposal, approved on a 23-11 vote along party lines, would revive the bonus depreciation tax break that lapsed Dec. 31. The measure would extend indefinitely the tax break that began in 2008 to spur economic growth.More

After Credit Suisse plea deal, top US tax enforcer steps down
Reuters
The U.S. Department of Justice's top tax enforcement official will leave the agency after securing a $2.6 billion settlement and guilty plea from Credit Suisse over charges the Swiss bank helped Americans evade U.S. taxes. Kathryn Keneally's last day will be June 5.More

Join the AAA-CPA now and receive 4 months of membership for free
AAA-CPA
Not a member? Join the AAA-CPA now and receive the months of June, July, August and September for free! Along with all the benefits membership and affiliate status offers, you will also receive a $200 meeting voucher good off of full registration to our 50th Annual Meeting & Education Conference in Huntington Beach, California, or to our Fall Meeting & Education Conference in Washington, D.C. Click here for more information on joining today at 50 percent off!More

How women can make estate planning easier
The Wall Street Journal's Market Watch
It's not that there are different estate-planning tools for each sex. But women are likelier to live longer, they're likelier to be custodial parents and, speaking generally, women often approach the topic differently than men.More

What's missing from Camp's tax reform proposal?
by Annette Nellen, Esq., CPA, via American Institute of CPAs
This article provides a brief overview to his discussion draft on tax reform and suggests 18 more changes that would better enable the reformed system to meet the goals of simplicity and equity. More

Capital gains tax gets more complicated
Forbes
How you deal with the new capital-gains rates hinges on your tax bracket. The strategies to deal with capital gains differ for each level. Capital-gains taxes became very confusing last year. Before 2013, there were only two capital-gains rates for assets held for more than a year.More

Has the UK become a tax haven?
CNNMoney
U.S. companies are increasingly viewing the U.K. as a place to relocate to pare their tax bills. Why? Relatively low tax rates and a business-friendly environment.More

Majority of US offshore profits claimed in 12 tax havens
Accounting Today
U.S. corporations have reported to the Internal Revenue Service that 54 percent of their offshore profits are earned in 12 tax haven countries that, combined, only account for 4 percent of economic output among all countries where U.S. corporations do business. A new report by the advocacy group "Citizens for Tax Justice" casts doubt on this claim, however.More