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August 13, 2012
CPA Insider
  IN THIS ISSUE:   > Tax   > News   > CPA News to Know   > Video  
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Ready to prepare your clients for 2013 tax hikes?
By Robert S. Keebler, CPA
Long-term capital gain harvesting in 2012 can produce significant investment returns for many taxpayers. Here's one model for analyzing the decision.
Are frequent flyer miles taxable?
By Stanley E. Rose, CPA/The Tax Adviser
After flying under the radar, tax-free receipt of airline miles has lately received attention.
The hidden risks of helping clients with legal services
Sponsored by The Savvy CPA
CPAs can inadvertently expand their liability exposures by helping clients with legal documents. Here are some guidelines on areas where CPAs may need to consult an attorney.
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Taxpayers convicted of fraud precluded from arguing it wasn't fraud in Tax Court
Taxpayers who were convicted in federal court of receiving fraudulent payments will not be allowed to argue in Tax Court that the payments weren't fraudulent.
Lack of emergency plans and off-site backup putting small businesses at risk
Most small businesses face a potentially catastrophic loss of essential financial data if a natural or other disaster destroys their primary computer system and offices.
Protecting key products, services from risk
Fewer than two in 10 businesses have integrated enterprise-wide risk management into their business strategies despite risks that are growing in volume and complexity, according to a survey performed for the AICPA.
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New In The Store
  Accounting Trends & Techniques—Employee Benefit Plans
This 2012 edition provides a multitude of illustrative disclosures for financial statements of employee benefit plans. This edition has been modified to include certain changes necessary due to issuance of authoritative pronouncements. It also includes other changes necessary to keep the book current on industry and regulatory matters.
  Understanding Business Valuation: A Practical Guide to Valuing Small to Medium Sized Businesses, Fourth Edition
This updated and comprehensive text is a must-have desk reference. Writing in plain, conversational English, author Gary Trugman takes complex business valuation theory and practice and provides an easy-to-understand and comfortable explanation for even the nontechnical user. The fourth edition with valuable expanded content provides a comprehensive treatment of business valuation basics and delivers practical applications for using business valuation theory in your practice.
  Basis/Distributions for Pass-Through Entities: An IRS Hot Spot
This course addresses the rules that are used to determine basis for partnerships and S corporations, and puts the computation of basis in the contexts that often come under scrutiny —loss limitations, distributions, and sales of an interest, among others.
Didn't find what you were looking for? Visit the AICPA Store
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AICPA Member Discount Program
Get the OptiPlex 390 desktop for only $519 (after $395 savings). Offer ends 8/31/2012. Click here for details.
AICPA Members save up to 29% on select FedEx® shipping services. Click here for details.
  Tech Depot by Office Depot  
AICPA members receive discounts on select Fujitsu scanners through Tech Depot. Click here for details.
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Download FREE report: Five ways a CPA can get sued.
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CPA News to Know
1 Guidance examines how to respond to questions about clients' loan applications
1 Draft of not-for-profit guide scheduled for Aug. 15 release
1 TIGTA recommends steps for IRS to reduce fraudulent refunds from identity theft
1 Notice permits charitable contributions to single-member LLCs
1 Help available on health care accounting for ICD-10 implementation costs
1 FAF reviewing FASB business combinations standard
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Tax legislation and its effect on busy season
Melissa Labant, CPA/PFS, J.D., director of Tax, Advocacy & Professional Standards at the AICPA, expects Congress to remain in gridlock until after the election. The lame-duck session, however, likely will flood CPAs with a torrent of tax law changes.

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