Practice management

Former CPA Dan Wise has been arrested and charged with operating a $67 million fraud.

The Treasury Department’s Inspector General for Tax Administration is urging the IRS to ensure better compliance by tax-exempt organizations that don’t file their tax returns.

The U.S. Bankruptcy Court has given the go-ahead for Deloitte to acquire substantially all that remains of consulting firm BearingPoint’s North American public services practice for $350 million.

New York-Northeast super-regional CPA and business advisory firm J.H. Cohn has unveiled a new ad campaign with the tagline, "The Experience to Face the Unprecedented."The effort, which continues to use Major League Baseball manager Joe Torre as the firm's spokesman, will appear in outdoor, print and radio spots. Currently print ads are running in The Wall Street Journal and The New York Times. Radio spots are scheduled to begin in September.

IRS REFORMS CONTRACTING

The Bernard Madoff situation is just the most notorious of dozens of Ponzi schemes that have surfaced since the current recession made it more difficult for the operators of those schemes to keep covering payouts and redemptions with money from new investors.

In my last article (March 16-April 5, 2009, page 19), I discussed the concept of accountability. In this article, I want to explain how to implement a culture of accountability and the barriers that can stop you from being successful.

Washington, D.C.-In the wake of several high-profile Ponzi schemes - most notably, the $65 billion fraud perpetrated by the now-jailed Bernard Madoff - the Internal Revenue Service has issued new guidance for victims of these types of schemes and their tax preparers.

The Justice Department has filed a “John Doe” summons with a federal court seeking the credit card records of U.S. merchants hiding money in offshore bank accounts.

President Barack Obama made a bid to promote his administration’s tax policies the day taxes were due to be filed.

Billions of dollars in tax credits are being provided toIndividual Taxpayer Identification Number filers without adequate verificationof eligibility, according to the Treasury Inspector General for TaxAdministration.

The Singing CPA, Steven Zelin, a singer-songwriter and practicing CPA, said he intends to perform for the fifth straight year outside New York City’s main post office after 10 pm on April 15 to entertain procrastinating taxpayers.

New York CPA and consulting firm Marks Paneth & Shronhas merged with Montalto CPA, a Tarrytown, N.Y.-based practice, effectiveimmediately. Terms of the merger were not disclosed.

Internal Revenue Service agents busted a tax prep office less than two days before the filing deadline.

The head of a yachting company became the second UBSclient in the U.S. to plead guilty to tax fraud charges in the midst of aninvestigation into the Swiss bank's tax shelters.

At least one Chicago-area CPA firm has won braggingrights after it received the highest rating possible on an independent peerreview of its financial statement audit and review services.

BDO International, a global network of independent accounting firms, said that its member firm in Hong Kong, BDO McCabe Lo Ltd., has merged with Shu Lun Pan Horwath Hong Kong CPA Ltd.

This year, we not only have to contend with Tax Day on April 15, but also with Tax Freedom Day and Tax Tea Parties this week.

Amended returns are available for taxpayers who forget toclaim extra tax benefits and can bring in extra money later, CCH noted.

New Jersey-based accounting and consulting firm Wiss& Co. merged in New York City-based Freeman & Davis at the beginning ofthe month.