The Latest

Allen M. Abrams, co-founder of the Chicago-based accounting firm Ostrow Reisin Berk & Abrams, Ltd., has died after a brief illness at the age of 81, on Oct. 27, 2013, his firm announced.

It’s the time of year to again start thinking about expiring tax provisions. Usually the first thing that comes to mind is the alternative minimum tax, but this particular issue was “fixed” in January of this year by the fiscal cliff bill. That still leaves a number of expiring provisions, according to Robert Kerr, senior director of government relations at the National Association of Enrolled Agents.

The Treasury Department and the Internal Revenue Service have loosened the “use it or lose it” rule for flexible spending arrangements for health care, allowing participants in health benefit plan to carry over up to $500 from their FSA from year to year.

The IRS is warning consumers about a "sophisticated" phone scam targeting taxpayers, including recent immigrants, nationwide.

The Internal Revenue Service released the annual cost-of-living adjustments Thursday affecting dollar limitations for pension plans and other retirement-related items for tax year 2014, allowing taxpayers to contribute up to $17,500 to their 401(k) plans in 2014.

The Internal Revenue Service issued its annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes for 2014.

KPMG’s Portland office recently donated 375 children’s books to the library of Lowrie Primary School to promote literacy and inclusion.

Russell Golden, the recently appointed chairman of the Financial Accounting Standards Board, discussed the road ahead for FASB after the board marked its 40th anniversary earlier this year as it continues its efforts to reach a consensus with the International Accounting Standards Board on their remaining convergence projects.

Accounting firm management consultant Jay Nisberg explains how CPA firms can survive and progress to the next level of growth, in an interview with managing editor Tamika Cody, during Accounting Today's Growth & Profitability Summit in Orlando.

With the government shutdown having recently tested the preparedness of the Internal Revenue Service to deal with sudden downtime, a new report finds the agency needs to make improvements to ensure that timely resumption of critical business processes occurs after an emergency.