Michael Cohn

The owner of a New Jersey tax practice who primarily serviced expatriate clients has been sentenced to 24 months in prison for willfully preparing false tax returns for clients.

Key challenges facing small- and medium-sized practices in the accounting industry worldwide have been identified as attracting new clients and complying with regulations and standards, according to a new survey by the International Federation of Accountants.

A lawmaker has filed legislation in Congress to allow student loan debt to be treated like other forms of debt that can be discharged in bankruptcy proceedings.

The Financial Accounting Standards Board is still in the process of deciding whether the revenue recognition standard that it converged last year with the International Accounting Standards Board should be delayed to allow more companies to adjust to it before the new rules take effect in 2017. But that doesn’t mean companies should wait in case there’s a postponement.

The pervasive IRS impersonation phone scam has claimed nearly 3,000 victims who have collectively paid over $14 million, according to a new warning from the Treasury Inspector General for Tax Administration.

Federal prosecutors have agreed to return nearly $447,000 to a small business whose assets had been seized by the Internal Revenue Service and Treasury Department agents as part of the controversial civil forfeiture program.

President Obama urged the Republican-dominated Congress to move ahead on tax reform to lower taxes on middle-class families during his State of the Union address on Tuesday evening.

Accountants who offer business valuation services can bring in new business for their practices, although perhaps not as frequently as they would get from more familiar bread-and-butter services.

The Internal Revenue Service began accepting electronically filed individual tax returns Tuesday, opening the tax season on time this year despite its latest budget crunch.

A group of Democratic lawmakers in the House and Senate have introduced legislation to discourage U.S. corporations from merging with overseas companies to lower their tax bills in a strategy known as inversion that changes the company’s tax domicile.

The clawbacks on executive compensation mandated by the Dodd-Frank Act may discourage one type of accounting manipulation only to encourage another, according to a new study.

Grant Thornton reached record combined global revenues of US$4.7 billion, achieving 4.6 percent growth in U.S. dollars (or 4.9 percent in local currency terms) for the fiscal year ended Sept. 30, 2014.

The Treasury Department and the IRS have released proposed regulations on the application of the research tax credit for internal use at companies in an effort to provide better clarity to businesses and tax professionals on the proper rules.

The International Auditing and Assurance Standards Board has released newly revised standards for overhauling auditor reports, with the goal of enhancing the auditor’s report for investors and other financial statement users.

The Internal Revenue Service is eliminating the extended weekday hours, Saturday and President’s Day availability of its e-help desk service due to budget cuts.

The Internal Revenue Service has issued newly updated procedures for changing a business’s method of accounting for income tax purposes.

A new report finds that every state tax system, with the exception of the District of Columbia, taxes its poorest residents at significantly higher tax rates than the wealthiest 1 percent of taxpayers.

John Veihmeyer, the global chairman of KPMG and chairman and CEO of KPMG in the U.S., has joined the board of trustees of the Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board and the Governmental Accounting Standards Board.

The Internal Revenue Service is on the verge of kicking off tax season, opening its Free File service on Friday and electronic filing next Tuesday, while dealing with the latest round of budget cuts that promise to further curtail customer service as the IRS prepares for an onslaught of questions related to the Affordable Care Act.

Leaders of the Senate Finance Committee have formed five bipartisan working groups with the goal of analyzing the tax code and developing policy recommendations for comprehensive tax reform.