The Latest

1st Global, a research and consulting partner to CPA and wealth management firms, said it is launching CPA Wealth Enterprise, a newsletter that educates and informs readers about developments, trends and insights regarding comprehensive wealth management.

The Internal Revenue Service has released proposed regulations that would increase the user fees for both offers in compromise and installment agreements for the first time since 2007.

The Financial Accounting Standards Board has released the latest version of the U.S. GAAP Taxonomy using the data-tagging technology, XBRL, or Extensible Business Reporting Language, which the Securities and Exchange Commission now requires public companies to use with their financial statement filings.

A California businessman has pleaded guilty to conspiring to conceal bank accounts in Israel, the latest in a series of defendants who have been charged with conspiring with Israeli bankers.

A husband and wife pair of tax preparers have each been sentenced to five years in prison for filing false tax returns.

From decisions such as “lean in” or “lean out,” to work/life balance and planning maternity leave, there is a lot to think about when it comes to the delicate balance of work, life and family—including office-appropriate maternity wear.

Antoinette Tuff, the compassionate bookkeeper who talked a troubled young man out of gunning down the children at the Georgia elementary school where she worked, has set up a fund to help underprivileged children and raised over $100,000.

The Swiss government is urging banks to cooperate with a new program it has set up with U.S. authorities, even though it will require significant financial penalties and information sharing from banks that aided secret account holders.

A Metropolitan Transit Authority electrician in Long Island has been arrested after trying to steal welding machines to pay off a $10,000 tax debt to the Internal Revenue Service, accidentally taking down power lines while trying to escape with them in his truck and leaving 6,100 electricity customers in the dark.

The Tax Code giveth and the Tax Code taketh away. The depreciation and expensing provisions in the Tax Code allow taxpayers to recover the cost of property through an annual allowance. As a result, many businesses have taken advantage of the opportunity to write off expenses of equipment and other tangible property by making purchases toward the end of the year, driven as much by the tax advantage it gives them as by the actual need for new equipment. But many of these business owners forget that when they sell an asset, the IRS can take their depreciation allowance back, often at the highest possible tax rate. Taxpayers use depreciation to write down the cost of assets, both tangible assets like capital equipment and real property, and intangible assets such as patent costs and goodwill. But if those assets are sold at a profit, the IRS can recapture the full amount that was depreciated.