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CPA Day of Service, Estate Tax, Debit Card Fees

We asked our bloggers to tell us what they found interesting on the Internet this week. What would you add to this list?

Stacie Saunders - The Virginia State Society of CPAs shared this video on the AICPA Facebook page. It highlights how some of their members contributed to the 2011 CPA Day of Service. Great work!

Eileen Reichenberg Sherr, CPA, MST - The IRS announced in IR- 2011-97 that estates of people who died in 2011 need to file estate tax returns to benefit from the new portability rules even if they do not otherwise need to file an estate tax return. Since the estate tax return is due nine months after death, it could be due as early as Oct. 3, but a six month extension can be filed to give the estate more time to consider this option.

Gregory J. Wright, MBAIn a move that surprised many, Bank of America stated it was going to roll out a debit card fee plan that would charge customers $5 per month if they wished to pay for purchases using their debit card. After criticism from the public, Bank of America went on the defensive, stating “…we lost lots of revenues and these fees only partially make them up.” Bank of America lost $2.2 billion in 2010 and recently posted an $8.8 billion loss for Q2 2011.

We’d be remiss this week if we did not mention the passing of Steve Jobs as the biggest news item of the week. His innovation and leadership changed the face of technology as we know it. We leave you with this quote, which we feel summarizes his legacy well. This is from his commencement speech at Stanford University, June 2005.

"[Y]ou can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something -- your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life."

 

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