The Latest

Limited liability companies have become the entity of choice for small business owners and are commonly utilized by professionals in asset protection planning.

The Internal Revenue Service needs to make further improvements in how it audits partnership tax returns, including assessing how much additional tax the partners owe after a partnership return is audited, according to a new government report.

The National Football League’s central office will become a taxable entity, ending its tax-exempt status in a move with minimal financial effect and significant symbolic value.

Certain EAs who haven’t timely renewed their enrollment status need to do so as soon as possible:

MineralTree announced a new partnership program for FAOs to offer its accounts payable and payment automation solution to their clients.

The American Institute of CPAs is pushing to improve the quality of employee benefit plan audits, in part by discouraging unqualified firms from offering the service, in advance of an upcoming report from the U.S. Department of Labor that is expected to find continuing problems with the quality of one-third of the audits.

Accounting and consulting firm BDO USA, along with EY and Protiviti, have been named amongst 2015's "25 Best Places to Work for Recent Grads" by Symplicity, provider of career services management solutions. Symplicity describes the 2015 list of honorees as organizations that offer fun and supportive company cultures, good paychecks, and extraordinary opportunities for career growth. Accenture, General Motors, Nationwide, Nestle, and SAS were among the other winners.

John Malone, the founding partner of MaloneBailey, has announced that he will retire from the Houston, Texas-based firm in May 2015.

Chicago plastics manufacturer Stefan Edlis faced more than $20 million in U.S. capital gains taxes by selling his Andy Warhol painting to billionaire Steven A. Cohen eight years ago.

A New Jersey CPA and lawyer has been sentenced to 27 months in prison for conspiring with a mortgage broker to extort and defraud police officers and other victims by falsely claiming they were the subjects of Internal Revenue Service criminal investigations that he could resolve if they paid up to $20,000.