Practice management

Taxpayers stuck in the current economic downturn will get at least some relief in 2011 thanks to the mandatory upward inflation-adjustments called for under the Tax Code, according to CCH

The Internal Revenue Service’s Office of Chief Counsel should improve the timeliness of the private letter rulings it issues and reduce the number of rulings issued, recommended a new government report.

WebCPA and Accounting Today’s parent company SourceMedia has signed a strategic partnership with iLumen to offer a new online resource that will allow CPAs and other accounting professionals to monitor the financial performance of their business clients through an automated client analytics and business intelligence portal.

The Treasury Department said that it has reached the milestone of processing its one-billionth electronic tax payment through its Electronic Federal Tax Payment System.

Positions have hardened on the subject of tax preparer registration and the proposed regulations slated to become final before the program of registering for preparer tax identification numbers begins.

Warren, Averett, Kimbrough & Marino, one of Alabama's largest CPA and business consulting firms, has entered into a long-term recordkeeping and third-party administration service engagement with Dallas-based financial services firm, ISC Group Inc.

A federal grand jury has indicted the owner and former owner of a Hawaiian car dealership, along with their CFO, accountant and others, for tax fraud.

The Senate approved legislation on Thursday that would provide $12 billion in tax breaks to small businesses, along with a $30 billion lending fund.

Senate Finance Committee Chairman Max Baucus, D-Mont., introduced the latest version of the tax cuts extenders bill on Thursday in another effort to extend a large number of tax breaks that have either expired or are about to expire for individuals and businesses, including new incentives for companies to hire workers.

IMGCAP(1)]Sometime in the 1990s a group of marketing types must have gotten together to come up with the next big trend for businesses to use. And did they ever.

Katz, Sapper & Miller LLP has renamed its KSM Business Technology LLC practice as KSM Consulting LLC to reflect the practice’s growing array of business services.

A federal agent has filed a declaration accusing a man of receiving $2.7 million in fraudulent income tax refunds using the names and identities of people listed with several state agencies.

The Internal Revenue Service plans to host a special nationwide open house on Saturday, Sept. 25, to help taxpayers — especially veterans and people with disabilities — solve tax problems and respond to IRS notices.

The Internal Revenue Service has released its first set of guidance on the newly codified economic substance doctrine.

Washington is preparing to do battle over the decade-old question of whether income tax cuts should be extended to taxpayers at the upper income scales.

The Tax & Accounting business of Thomson Reuters recently added several titles to Checkpoint, its research service with more than half a million users.

A bill providing $12 billion in tax breaks and a $30 billion lending fund for small businesses passed a key hurdle in the Senate on Tuesday when two Republican lawmakers voted to join Democrats to cut off debate.

The Senate was unable to produce enough votes to end debate on two amendments that would have repealed or scaled back the expanded 1099 reporting requirements for businesses in the health care reform bill.

IMGCAP(1)]Today, businesses face an increasingly daunting range of challenges, most of which are exacerbating the high cost of operation.

A spokesman for Senate Minority Leader Mitch McConnell, R-Ken., said Senate Republicans are uniformly opposed to letting the Bush tax cuts expire for even the wealthiest taxpayers.