Practice management

A previously convicted felon and long-time tax defier who also worked as a tax preparer was sentenced to three and a half years in prison.

The Internal Revenue Service does not have effective internal controls in place to make sure that defendants who have been convicted of tax-related crimes comply with the conditions of their probation and restitution, according to a new report.

The Internal Revenue Service has introduced a new online tool for taxpayers who need to repay their First-Time Homebuyer Tax Credit.

IMGCAP(1)]The Tax Court’s decision last month in the case of Peco Foods, Inc. & Subsidiaries, v. Commissioner of Internal Revenue (T.C. Memo 2012-18) caused waves of angst amongst tax practitioners and cost segregation professionals alike.

Sen. Sheldon Whitehouse, D-R.I., has introduced legislation to implement President Obama’s proposal in his State of the Union speech that millionaires should pay at least a minimum 30 percent income tax rate.

The cost estimates for an Internal Revenue Service program for matching data from tax returns with third-party information returns, which was used to justify the program’s projected budget of $115 million for fiscal years 2012 to 2016, “generally does not meet best practices for reliability,” according to a new report from the Government Accountability Office.

Over the past seven months, I've written two articles that should be combined in order to have a significant impact on firm profits. One was on the reliance on checklists and the other on pricing.

The general administrator role takes manyforms: office, human resources, marketing or IT manager; chief operating officer; firm administrator - and even managing partner. But firms, especially smaller ones, should consider a consolidation of these operations to save the necessary partner time to grow their practices.

Just before the New Year, the Internal Revenue Service released much-anticipated temporary and proposed regulations on the capitalization of tangible property (so-called "repair regs").

On a Friday morning in early December, some 150 accountants and staff boarded a Manhattan-bound R train. It's doubtful any of their fellow commuters guessed they were all from the CPA firm of WithumSmith+Brown.

For many mid-market accounting firms, the status and activities of the Big Four are of passing interest, but not much more. but EOS accountants LLP has charted an innovative and successful growth strategy by linking with the big Four and other firms.

IRS BOOSTS AUDITS OF HIGH-INCOME TAXPAYERS

National Taxpayer Advocate Nina E. Olson's annual report to Congress highlighted the combination of an expanding IRS workload and declining resources as the most serious problem facing taxpayers.

And so firms of all sizes are engaging in some form of social media efforts, which can range anywhere from gaining basic knowledge of all the available tools and sites, to hiring specific personnel or even having everyone in the firm contribute to social media initiatives.

The Internal Revenue Service needed to put the brakes on its tax refunds this tax season when newly installed filters to prevent tax fraud and identity theft held up processing for a week or more.

The Internal Revenue Service and the Justice Department said Tuesday they have conducted a massive nationwide sweep to nab identity theft fraudsters as part of a stepped-up effort against tax refund fraud.

The Senate Finance Committee held a hearing Tuesday to examine the growing number of tax extenders in the Tax Code that need to be renewed every year or two, and how there could be greater predictability with overall tax reform.

President Obama encouraged Congress to act on a package of legislative proposals to expand tax breaks and financing for startups and small businesses.

Rep. Pete Stark, D-Calif., the ranking Democratic member of the House Ways and Means Health Subcommittee, has introduced a new bill aimed at closing what he considers a “tax loophole” exploited by former House Speaker Newt Gingrich.