Practice management

I write the "M&A" update box in Practical Accountant's Profession Watch section, and one of the details we give for firms recently merged or acquired is "Niches/Concentrations."

Stefano Vranca, a principal at Rothstein Kass’s Beverly Hills, Calif., office, sees lawsuits in the entertainment industry up close.As head of the firm’s litigation and forensics practice, he often handles royalty reviews and negotiations for various movie studios. Vranca has noticed an increasing reliance on “creative accounting” by businesses of all types as the economy goes sour and companies try to eke out revenues whatever way they can.

IRS REDUCES BIZ TAX EXTENSIONSWashington, D.C. — The Internal Revenue Service has moved up the extended due date for partnership, estate and trust tax returns from Oct. 15 to Sept. 15 to avoid overlapping with the extended deadline for individual taxes.

No one is accountable around here!” I can’t tell you how many times I’ve heard that statement from partner groups and leadership teams — and we hear it from your young people too! Yes, your up-and-coming leaders want to be held accountable, and they also want the leaders in their organizations to be accountable. They see what is possible in an environment that embraces — even demands — accountability.That is why we have dedicated this article to exploring what it takes to build a foundation for accountability in your organization.

John Gutfreund, former CEO of investment bank Salomon Brothers, is facing a lien of over $430,000 from the Internal Revenue Service on his 16-room Fifth Avenue apartment.

The Internal Revenue Service has offered more ways for employers to make voluntary corrections in their employee retirement plans to bring them into compliance with tax laws and regulations.

National Taxpayer Advocate Nina E. Olson’s list of objectives — detailed in the first of her two annual required reports to Congress — zeroes in on the problems that she intends to focus on during the fiscal year ahead.At least one of the objectives — which focuses on the liabilities of incentive stock options under the Alternative Minimum Tax — has a good chance of being resolved, according to Tim Carlson, president of the Coalition for Tax Fairness and pro bono attorney for a number of victims of the anomaly. “Pending legislation will fix it, and it has support from both sides of the aisle,” he said.

With volatile economic times threatening, flexibility in all aspects of financial affairs, including charitable giving, is more desirable than ever. While there is an increased need for charitable donations, there are also fewer resources among potential donors. One charitable giving vehicle that has grown popular over the past ten years because of its efficiencies is the charitable remainder trust.A CRT can provide a new income stream for the donor and a benefit to charity — a classic win-win situation. CRTs should continue to have viability for present-day donors, especially those who maximize the flexibility that the rules allow. In pushing CRTs to their legal limit, however, taxpayers also must heed restrictions that, if not followed, can result in disastrous tax consequences.

An audit of the Internal Revenue Service's program for examining and penalizing tax return preparers by the Treasury Department's inspector general could not be completed because the IRS was unable to provide most of the documents.

The Internal Revenue Service needs to do a better job of managing its sales of seized property, recommends a report by the Treasury Department's inspector general.

Education consultancy Professional Education Services has created an affiliate program for CPAs and certified financial planners to give them access to its college-funding software.

The National Football League is asking for an exception to new Form 990 rules that require tax-exempt organizations to disclose the names and salaries of any executives who earn more than $150,000 per year.

The Internal Revenue Service has introduced a free e-mail service to provide tax information to small business owners and the self-employed.

Two senators criticized the nonpayment of federal taxes by many U.S. companies and foreign companies doing business in the U.S. after a report was issued this week.

Approximately two-thirds of U.S. companies and foreign companies doing business in the U.S. paid no federal income taxes between 1998 and 2005, according to a new report.

A court ruling last week by the U.S. Court of Federal Claims could increase claims for tax refunds by insurance policy holders who sold stock in insurance providers that went public.

Memphis CPA firm Watkins Uiberall has teamed up with management consultancy J. William Appling & Associates to form Watkins Uiberall Strategic Consulting Group.

Many accounting firms and their clients are going to continue facing staffing shortages, so a great deal of attention will be paid on attracting and retaining talent. The focus so far has been primarily on entry-level and more senior staff with a few years’ experience. I believe that more firms and businesses will soon also be paying increased attention to retiring and soon-to be-retiring individuals.

The Internal Revenue Service has not always followed the proper procedures when resolving discrepancies in the money owed by taxpayers for the alternative minimum tax, according to a new report.

Intuit has introduced a light-hearted online rock-and-roll jingle generator for small businesses, featuring an Austin Powers look-alike named Tommy Silk.