The Attorney-CPA Weekly Update
Oct. 26, 2011

AAA-CPA welcomes dean of NYU to their fall meeting and hosts reception at NYU
Join us Nov. 3-5, 2011, in New York City for the 2011 Fall Meeting & Education Conference. The AAA-CPA is pleased to announce a joint partnership with NYU for the Fall Meeting. We are also pleased to welcome NYU Dean Richard L. Revesc and Joshua Blank, faculty director of the graduate tax program, to our kick-off breakfast on Thursday, Nov. 3. Come hear them discuss the school's successes and current developments at the Graduate Tax Program. On Thursday, we will be hosting a reception at the law school from 6:30-7:30 p.m. Come network with members of our association and other local attorney-cpas to find out more about NYU and the AAA-CPA.

Rates are available for day only education sessions and education only! Don't miss out! Additionally, student members are invited to attend all of our education complimentary. To register as a student, please email Nicole Ratner, CAE, CMP, executive director, at Register now by visiting us online at AAA-CPA welcomes dean of NYU to their fall meeting and hosts reception at NYU.More

Call for Heckerling booth assistance
We are currently seeking volunteers to assist us at our booth during the 26th Annual Heckerling Institute on Estate Planning, being held Jan. 9-13, 2012 in Orlando, Fla. If you are willing to assist us recruit new members, please download the sign-up form by clicking here, and place your name in an open time slot. Forms may be faxed to 888-272-2889 or emailed to Time slots are 30 minutes in duration and are during heavy traffic times in the exhibit hall. Final decisions on booth assignments will be made by the AAA-CPA staff and volunteers will be notified by Dec. 15, 2011.More

IRS raises annual 401(K) contribution limits
The Inquisitr
The Internal Revenue Service (IRS) has announced that workers will be able to contribute more money to their 401(k) retirement plans in 2012 if they choose to do so. Under the new 401(k) structure, employees in 2012 will be able to contribute up to $17,000 without paying upfront taxes. The $500 increase over 2011 ceiling limits is meant to adjust for inflation and was required by law. An increase in the ceiling had not been witnessed since 2009 because inflation was too low to trigger the increase. More

New York City tops in tax liens
Accounting Today
An analysis of tax liens across the U.S. found that New York City, with some of the wealthiest neighborhoods in the nation, was the country's leading area to be on the receiving end of federal tax liens. The analysis was conducted by TaxLifeboat, a company that helps taxpayers deal with their IRS debts. More

Romney, once a critic, hedges on flat-tax plans
The New York Times
As several leading Republican presidential candidates embrace a flat tax as a core campaign position, one contender stands out in not doing so: Mitt Romney, who has a long record of criticizing such plans and famously derided Steve Forbes's 1996 proposal as a "tax cut for fat cats." Lately, though, his tone has been more positive. "I love a flat tax," he said in August. More

Citigroup to pay $285 million to settle fraud case
Citigroup Incorporated will pay $285 million to settle charges that it defrauded investors who bought toxic housing-related debt that the bank bet would fail, the U.S. Securities and Exchange Commission announced. The SEC said the bank's Citigroup Global Markets unit misled investors about a $1 billion collateralized debt obligation by failing to reveal it had "significant influence" over the selection of $500 million of underlying assets, and that it took a short position against those assets. More

10 million could pay more Social Security tax
CNN Money
Seniors got good news recently. Their Social Security checks will go up 3.6 percent next year because of a cost-of-living increase. That also means an estimated 10 million high-income workers may be paying a bigger tax bill. More

IRS begins PTIN renewals for 2012 filing season
The Internal Revenue Service (IRS) has announced that the 738,000 tax return preparers in the United States who have Preparer Tax Identification Numbers (PTINs) can now renew them for the 2012 filing season. Preparers are required to renew their PTINs on an annual basis and need to do so before the next year begins. More