The Latest

One of the most closely watched and discussed issues in Washington this year is tax reform.

The Financial Accounting Standards Board voted Wednesday to finalize an accounting and financial reporting standard aimed at increasing transparency and consistency of financial reporting about consolidation.

The American Institute of CPAs announced their 2014 Leadership Academy class selection of 38 rising stars in the profession to participate in the 6th annual Leadership Academy in Durham, N.C, this fall.

Treasury Secretary Jacob Lew said comprehensive tax reform would be the best way to prevent further corporate inversions, but called on Congress to pass legislation to stem the tide of corporations merging with other companies overseas in order to cut their taxes.

House Ways and Means Committee chairman Dave Camp, R-Mich., and Ways and Means Oversight Subcommittee chairman Charles Boustany, Jr., R-La., have written a letter to the advocacy group Democracy 21 asking it to provide all communications with the former director of the Internal Revenue Service’s Exempt Organizations unit, Lois Lerner, including emails.

James Powers will succeed Charles Allen as Crowe Horwath LLP’s CEO. Powers will focus on continuing the expansion of the firm’s national footprint, service offerings and brand.

National Taxpayer Advocate Nina Olson has released her mid-year report to Congress, in which she urges the Internal Revenue Service to issue refunds to victims of tax preparer fraud and expand the IRS’s recently announced voluntary tax preparer education program to include competency testing.

A group of senators has introduced a bipartisan bill governing sales taxes on online purchases and Internet access after previous legislation failed to make progress in the House.

The U.S. House of Representatives voted to cut the Internal Revenue Service’s budget by $1.14 billion in another blow to the tax agency.

University of Phoenix and Intuit announced that QuickBooks Online has been integrated into the University of Phoenix School of Business’s accounting degree program.