The Attorney-CPA Weekly Update
Dec. 1, 2010

AAA-CPA website difficulties
Please note the AAA-CPA website has been experiencing some technical difficulties this week. We are working with our provider to fix these ASAP. In the meantime if you are unable to register for a program, please call the us at 888-288-9272 and we will be glad to assist you. We apologize for the inconvenience and thank you for your patience.More

Don't forget to get your new mandatory IRS PTIN
As you have probably heard, IRS is requiring all paid preparers to use a PTIN number for all tax returns signed after Dec. 31, 2010. You can no longer use your social security number to identify yourself. Most applicants are applying online at Be prepared with your state license numbers and you must be in compliance with your federal tax requirements. The registration fee is $64 and can be paid online with a credit card. Some applicants have had difficulty using the online registration system, so we recommend not waiting until the last minute to apply. Alternatively, applicants can submit Form W-12 by mail, but must allow six weeks for processing. More

Reminder: Dues payments are past due
Just a friendly reminder that our fiscal year runs Oct. 1 through Sept. 30. All members should have paid their annual dues by now. If you have not yet paid your dues you will be receiving a third notice within the next week. Please make sure to get your payment in as soon as possible to continue utilizing the many member benefits! If you are a member of the listserv or participate in our many study groups and have not yet paid you will not longer be able to be active on these lists after Dec. 15! Members can pay online (, via mail or by phone (888-288-9272). More

NEW AFFINITY Program: Book your holiday or after tax season getaway now with a Jetsetter vacation!
For all members that for the next month and register to join Jetsetter for free WILL receive $50 credit towards a Jetsetter vacation.

Jetsetter is leading members-only travel site that helps leisure travelers discover and purchase the world's best vacations. Jetsetter's team of travel experts search the globe for new destinations, hotels and experiences and build unique packages for its membership, at prices not available anywhere else. Jetsetter provides exclusive access to insider travel deals that are typically 30-50 percent better than prices found elsewhere. Sales are limited time offers while availability lasts. Jetsetter's team of travel experts, known as curators, meet weekly to discuss in demand destinations and thoughtfully select each participating hotel, villa, tour, yacht and cruise. Jetsetter correspondents visit the property and provide a comprehensive overview of each experience including recommendations for the best time to travel, where to eat, what to do, and how to get there. All partners recommended by Jetsetter meet our high standards and cannot pay to be listed in our sales. Jetsetter's offers span the globe and include boutique and iconic hotels in style capitals from New York to Shanghai and posh resorts in the Caribbean and South Pacific. Jetsetter's signature vacation experiences have included a Serengeti safari, a wellness trip to Morocco, a villa rental in New Zealand, a guided climb to the top of Mt. Kilimanjaro, and a VIP package to the Super Bowl. More

Ask an elder law attorney: Medicaid and the primary residence
The New York Times blog
Q. I've been told that if we put our mother in a nursing home, we must first spend down all her assets before Medicaid will kick in. But her major asset is her house. In this economy, with houses not selling, how will that work? Does Medicaid put a lien on the house and get reimbursed after it sells? Also, my sister currently lives in the house. Is she allowed to continue living there until the house sells?More

C Corporation: The active real estate investor's preferred choice of entity
The Bigger Pockets Blog
A common question among many real estate investors Clint Coons meets is "should I form a C corporation or an S corporation for my short term investing (short term investing is commonly viewed as fix and flips, wholesaling, or just about any investing that does not have an investment intent.)?" My standard answer is almost always a C corporation.More

Democrats to test Republican mettle with tax-cut vote
Bloomberg Businessweek
Congressional Democrats are ready to test Republican resolve on taxes this week by forcing showdown votes on their proposal to extend middle-class tax cuts. U.S. House Speaker Nancy Pelosi will schedule a vote this week on legislation that would retain lower tax rates and increased credits that apply to the first $250,000 of a married couple's gross income or $200,000 for a single person, said her assistant, Maryland Democrat Chris Van Hollen.More

Investment advisers to SEC: we don't need new cops
The battle over whether FINRA, the private company that regulates U.S. brokerages, should also supervise investment advisers is escalating. Among the changes prompted by the financial crisis and the Bernard Madoff fraud, the Securities and Exchange Commission is studying how it can improve the examination of investment advisers including hedge fund managers and mutual funds.More

Oklahoma wants you to pay use tax
You'll have to pay sales tax at sites from major retailers like JCPenney, but others like Amazon don't require it. "Retailers who do not have a presence in the state of Oklahoma can not be forced by the state of Oklahoma to pay tax or collect tax," said Paul Tom. He's a tax attorney in Tulsa, and he says the state could hold you responsible for taxes not paid during check out. "It's called use tax, because it's a tax on property not purchased within the state but used within the state, he told News Channel 8.More

SEC economist vacancies may aid legal challenges of Dodd-Frank law
The U.S. Securities and Exchange Commission has begun drafting more than 100 rules required by the Dodd-Frank Act with a vacancy atop the office that helps ensure its regulations can withstand court challenges. The SEC has been without a chief economist since James Overdahl stepped down in March, and two candidates for the job that pays as much as $230,700 a year have fallen through, three people familiar with the matter said. More

Small business tax return errors -- What to do!
Active Filings
If you haven't done it yet, you will someday. Your small business is up and running and now it's time to do your taxes. Small business tax returns aren't as difficult as you might think but just like IRS paperwork for your personal income, it's easy to make mistakes so what do you do if you inadvertently file your return with an error?More