The AAA-CPA Weekly Update
Nov. 6, 2013

AAA-CPA Luncheon in Conjunction With the Heckerling Institute on Estate Planning — Jan. 14
Join your fellow attorney-CPAs for a free luncheon on Jan. 14 during the Heckerling Institute on Estate Planning. This event is open to members of the AAA-CPA and nonmembers who qualify to become a member or affiliate. You do not need to be currently practicing. For more information and to register, go to our Calendar of Events section on our website, or click here to download a registration form.More

Federal tax update — October
by David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC
In Simpson v. Commissioner, 141 TC No. 10, the tax court determined that settlement monies from an employer, under an agreement never ratified by the California Workers' Compensation Appeals Board, could not be treated as received under a workers' compensation act and were not excludable except to the extent payment was intended to compensate for physical injuries.More

GAO: Tax delinquents by the thousands have security clearances
NBC News
Thousands of tax delinquents — including one who owes $2 million to the Internal Revenue Service — have sensitive security clearances, posing a risk that has gone undetected by federal agencies, congressional investigators will report. A report by the Government Accountability Office obtained by NBC News found that 8,400 U.S. officials and contractors with access to sensitive government secrets have racked up $85 million in delinquent tax debts. More

Bipartisan bill delays billions in Obamacare taxes
The Hill
Reps. Charles Boustany, R-La., and Ami Bera, D-Calif., proposed a bill that would delay for two years Obamacare's collection of billions worth of new taxes on health insurance companies. Obamacare imposes a new tax on health insurance companies starting in 2014. The health insurance provider tax is expected to collect at least $8 billion next year and as much as $15 billion by 2018.More

IRS announces 2014 tax brackets, standard deduction amounts and more
The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2014, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. These are the applicable numbers for the tax year 2014. More

The horror of mutual fund taxes
USA Today
Another successful Halloween: No soap on your windows, no mailboxes blown up, no one hacked to death in the shower. You're happy, until you reach into the mailbox. And then: the horror.More

US tax law has some expatriates waiving the American flag
Los Angeles Times
Genevieve Besser knows that many people would kill to have what she's thinking of giving up. It's been her birthright for 52 years, something she's cherished and taken pride in. But being a U.S. citizen, she says, now seems more a penalty than a privilege. For 25 years, the New York native has lived here in western Germany with her German husband, whom she met when he was a student in the U.S. and whom she willingly, if warily, followed back to his homeland.More

Nonprofit hospitals swap breaks for mergers under law
Some nonprofit hospitals are finding it easier to give up their tax exemption and merge with a for-profit company than to meet the charitable-care rules of the new health law. State regulators from Ohio to Rhode Island say they're getting more requests from hospitals to weigh in on potential deals and expect another increase as more companies see the impact of the Affordable Care Act, Bloomberg BNA reported.More

Gross: America's privileged 1 percent should pay higher taxes
Pacific Investment Management Co.'s Bill Gross said that wealthy Americans, having reaped the benefits of favorable tax treatment, should be willing to pay a greater share to bolster the prospects of the working class. "If you're in the privileged 1 percent, you should be paddling right alongside and willing to support higher taxes on carried interest, and certainly capital gains readjusted to existing marginal income tax rates," Gross wrote in his monthly investment outlook.More

US IRS warns of telephone tax scam involving fake caller IDs
The U.S. Internal Revenue Service has warned about a growing tax scam in which fraudsters display an IRS phone number on the intended victim's caller ID and demand money. Particularly targeting recent U.S. immigrants, the scammer typically tells the targets over the phone that they owe money to the IRS and demands payment via a preloaded debit card or wire transfer, the IRS said.More

Stiff resistance to state technology taxes
USA Today
As the nation moves from a tangible goods-based economy to a service-based economy, a few states are trying to keep revenues robust by taxing technological services such as software upgrades and cloud computing. But a backlash from the high-tech industry has quashed most efforts.More