Practice management

A searing report from the Government Accountability Office has charged the Small Business Administration with poor controls and oversight that resulted in a number of companies receiving undeserved funds from a program designed to boost small businesses in underserved communities.

As part of its previously announced Power to Get More Done Initiative, which aims to help firms deal with the shaky economy by giving them money to hire extra staff and invest in their business, financial and tax software provider Intuit has announced the co-sponsors and judges for the effort.

The Obama administration will ask the Economic Recovery Advisory Board, led by former Federal Reserve Chairman Paul Volcker, to form a task force to recommend an overhaul of the tax code.

Treasury Secretary Timothy Geithner proposed a sweeping revamp of government regulatory powers over the nation’s financial system highlighted by establishing a single agency “with responsibility for systemic stability over the major institutions and critical payment and settlement systems and activities.”

The Internal Revenue Service is looking for civic-minded volunteers to serve on the Taxpayer Advocacy Panel, which listens to taxpayers, identifies key issues and makes recommendations for improving IRS service.

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.”

In a hearing before the House Financial Services Committee, Treasury Secretary Tim Geithner asked lawmakers to grant the Treasury Department more power to seize failing financial firms.

From Accounting Technology editor Bob Scott’s most recent popular e-letter “Consulting Insights" comes this Random Thought: “I’ve decided if I were a public official, I would run government like a business, meaning I would invest in financial instruments, treat my employees as disposable, and pay out enormous and unmerited bonuses.”

Employees at the Internal Revenue Service are running up millions of dollars in charges on agency-issued telephone calling cards with little control over their spending.

Sen. Chuck Grassley, R-Iowa, has asked Fannie Mae and Freddie Mac to account for their retention bonus programs while the entities were losing money and even after they accepted taxpayer-funded bailouts.

Financial planning and reporting services provider Adaptive Planning has become a charter member of NetSuite’s SuiteCloud developer network — a multi-tiered program for software developers to leverage their offerings with NetSuite’s online core business products.

The Congressional Budget Office has revised its projection of the 2009 deficit, adding another $400 million and bringing the total to a numbing $1.7 trillion.

The Obama administration has revealed the latest measure in its colossal financial rescue plan, enticing private investors to buy up to $1 trillion in troubled assets carried by banks.

A federal judge has for the second time rejected a class action lawsuit against the Free File Alliance, the group of tax software vendors who provide free software and electronic filing to low-income taxpayers.

The Internal Revenue Service has added three new forms for correcting errors on employment tax returns.

PayCyle said that it has implemented the payroll tax reduction included in the recently passed economic stimulus bill.

The Internal Revenue Service and a group of community partners plan to open their doors on Sat., March 21, to help people who need free tax preparation services, a question answered or a payment schedule arranged.

A federal court in Texas has ruled in favor of the Internal Revenue Service as it seeks $226.6 million worth of back taxes from Sir Allen Stanford, the banker who has been accused of defrauding investors of $8 billion.

If you ever meet Leisha John, check out her fingernails.

In response to public outrage over the $165 million in bonuses awarded to AIG executives, the House voted 328 to 93 to levy a 90 percent tax on the money.