AAA-CPA seeks chairs for Membership Development Committee
Membership development chairs have the responsibility to help guide the growth of the association both in numbers and professionalism. These outgoing individuals will assist in attracting, building and retaining membership in the association by working with the membership coordinator and other committee members.
The AAA-CPA welcomes our new members from November-January
Please click here to view the list of new members. Interested in joining the AAA-CPA? Visit us online at www.attorney-cpa.com to apply for membership, or email firstname.lastname@example.org for more information.
January federal tax update
David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong Driscoll PC Share
In Brooks v. Commissioner, TC Memo 2012-25, the United States Tax Court determined that interest, as well as principal on an employer loan that was forgiven after five years of employment, was taxable inasmuch as payment of the interest portion would not have given rise to a deduction inasmuch as the taxpayer was unable to prove that use of the funds was other than personal. More
US Justice Department indicts Swiss bank Wegelin
The United States indicted Wegelin, the oldest Swiss private bank, on charges that it enabled wealthy Americans to evade taxes on at least $1.2 billion hidden in offshore bank accounts, the U.S. Justice Department said. The announcement, by federal prosecutors in New York City, represents the first time an overseas bank has been indicted by the United States for enabling tax fraud by U.S. taxpayers. More
Payroll tax extension talks yield slow progress, but big roadblocks remain
The Associated Press via The Washington Post Share
House and Senate negotiators made halting progress on legislation to extend a two percentage point cut in payroll taxes, but big roadblocks remained. Lawmakers cleared away noncontroversial issues like keeping welfare recipients from using debit cards in strip clubs, casinos and liquor stores and extending a tax break for small businesses that purchase new equipment. More
SEC fills spot on accounting oversight board
The Washington Post Share
The Securities and Exchange Commission recently named an official at the Government Accountability Office, Jeanette M. Franzel, to serve as a watchdog over corporate audits, filling a potentially pivotal seat on an oversight board that was created in the aftermath of the Enron and WorldCom accounting scandals. The five-member Public Company Accounting Oversight Board has been considering major changes that are supported by investors but opposed by accounting firms. More
The corporate tax rate is lowest in decades; is business paying its fair share?
As the nation frets over slow growth and large budget deficits, much has been made over how much Americas are and should be paying in income tax. President Barack Obama and Democrats have argued that the wealthiest among us are not paying their fair share. They say the spoils of the globalization and the internet revolution have gone almost exclusively to the very wealthy, and that, in times of crisis, more should be asked of those who can afford to give. Those on the right counter that the wealthy pay their fair share and, more, that the top one percent pay a huge percentage of federal income tax receipts. More
IRS offers tool for home buyer tax credit repayment
Accounting Today Share
The Internal Revenue Service has introduced a new online tool for taxpayers who need to repay their first-time home buyer tax credit. The IRS said that reminder letters would no longer be mailed to tax payers who have to repay the credit. They can now use the online lookup tool to check on their repayment obligations. More
IRS, US Labor Department proposals aim to increase retirement options and transparency
Journal of Accountancy Share
Federal initiatives designed to broaden options and increase transparency in retirement plans were announced recently. The IRS issued proposed regulations that would make it easier for defined benefit pension plans to offer combinations of lifetime income and single-sum cash payments More