Practice management

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.

The Internal Revenue Service has approved the National Society of Accountants as a continuing education provider for tax professionals, as part of its efforts to regulate the tax preparation profession.

The Internal Revenue Service has increased its forecasts for the number of information-reporting forms it expects to receive this year and in subsequent years as a result of increased reporting requirements.

The break-up of Switzerland's oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday.

The Senate Finance Committee plans to hold a hearing Tuesday to discuss finding a long-term way to handle “tax extenders”—tax provisions that frequently require annual or biannual renewals—to provide more certainty for taxpayers, not to mention tax preparers.

The National Consumer Law Center and the Consumer Federation of America are predicting that this year’s tax season will be the final one that refund anticipation loans will be available on a large-scale, nationwide basis.

Retail giant Sears is partnering with H&R Block this tax season, offering free federal 1040EZ tax filing online and in stores through Feb. 29.

More than 279,000 federal employees, including members of the military, collectively owed approximately $3.42 billion in unpaid taxes as of Sept. 30, 2010, up more than 3 percent from the prior year, according to a recently released report from the Internal Revenue Service.

H&R Block launched an app for iPhone and Android smartphones Friday with an offer for free federal 1040EZ and state tax preparation and electronic filing through February 29.

The Internal Revenue Service re-launched its annual outreach campaign Friday to promote Earned Income Tax Credit Day.

Baker Tilly International said Friday that revenues of its global accounting firm network grew 5 percent to $3.2 billion for the year ending June 30, 2011.

The President’s annual State of the Union speech is traditionally more than just a memo of the past or a blueprint for the future.