Practice management

I can’t think of a business in America that welcomes an IRS audit with open arms; for most, it is a highly stressful and worrisome time.

The Senate voted mostly along party to pass a Democratic bill to extend the Bush tax cuts for household incomes below $250,000 a year after rejecting a Republican bill to extend them for taxpayers at all income levels.

The Accounting Today Institute has created an online bundle of 15 hours of continuing education aimed specifically at meeting the requirements the IRS has established for registered tax preparers.

The House has voted to audit the Federal Reserve, backing an issue promoted by Rep. Ron Paul, R-Texas, in his presidential campaigns.

The Senate Finance Committee held a hearing Wednesday to look at access to education and tax reform, whether the complex array of tax incentives are contributing to the increasing cost of a college education.

The House Ways and Means Oversight Subcommittee held a hearing Wednesday to examine tax compliance issues surrounding public charities, the rules governing their profit-making activities, and whether the newly redesigned Form 990 is promoting increased compliance and transparency.

The Court of Appeals for the Fourth Circuit has reversed a district court, finding that a taxpayer’s failure to file TD F 90-22.1 (the FBAR form) was willful, subjecting him to civil penalties.

Senate Democrats, who are united in support of higher income tax rates for millionaires and billionaires, are paralyzed by disagreements on how to tax the estates of the wealthiest Americans.

With an eye toward wins in the November elections, House Republicans introduced legislation Tuesday that aims to streamline the procedures for enacting tax reforms next year.

The Internal Revenue Service closes an unusually high percentage of audits of S corporation tax returns with no recommended adjustments, suggesting that many of the audits are unnecessary and unproductive, according to a new government report.

Missing and incomplete documentation for the Adoption Tax Credit prompted the Internal Revenue Service to delay processing 43,295 claims for the credit and approve more than $11 million in erroneous claims, according to a new report.

The House Judiciary Committee held a hearing Tuesday on legislation to force online retailers to charge sales taxes to customers, even as industry groups banded together to oppose the bill and others like it.

Democrats on the House Ways and Means Committee introduced legislation Tuesday to extend the Earned Income Tax Credit, the Child Tax Credit and the American Opportunity Tax Credit for tuition and related expenses.

House Republicans introduced legislation Tuesday to prevent the Bush tax cuts from expiring.

Cloud accounting software provider Wave Accounting has launched new tools to connect accountants and bookkeepers with Wave's nearly 300,000 small business customers, in an effort to help the accounting community grow their business, as well as that of the company.

An increasing number of business entities, including investment funds like the Carlyle Group, along with private hedge funds, private equity firms and venture capital funds, largely escape Internal Revenue Service audits due to the way they are organized, according to a new report.

I have a confession to make: I love business cards. Let me explain.

New estimates from Congress’s Joint Committee on Taxation indicate that millionaires would benefit a disproportionate amount from extending the tax cuts for income at all levels.

Mike Braun, online marketing manager at BizActions, discusses how to make effective videos to attract business.

A new study estimates that at least $21 trillion and up to $32 trillion of unreported private financial wealth has been hidden by wealthy individuals in secret tax havens at the end of 2010, a sum equivalent to the size of the U.S. and Japanese economies combined.