Practice management

Senate Finance Committee Chairman Max Baucus, D-Mont., introduced the Energy Independence and Tax Relief Act of 2008 as Democrats and Republicans haggle over how to pay for extending expiring tax provisions.

Presidential hopefuls Sen. Barack Obama, D-Ill., and Sen. John McCain, R-Ariz., clashed over their tax plans, trading accusations of hikes in capital gains and Social Security taxes.

The Small Business Administration has created an online tax savings resource center to help small businesses understand the benefits of the economic stimulus package.

Senate Republicans have defeated a proposal to charge oil companies a windfall profits tax.

The Internal Revenue Service is pursuing billionaire Philip Anschutz over $143.6 million in back taxes in an effort to discourage arrangements that allow people to defer paying capital gains taxes.

The Association of Accounting Marketing presented awards to 45 accounting firms and marketers at its annual conference.

The AICPA Private Companies Practice Section (PCPS) did a remarkable job with its 2007 Top MAP Issues survey, and it was done without even changing the question that is asked each year or who was asked. It was done simply by taking a knife and cutting up the answers. The annual survey asks various practitioners in public practice: What are your top five MAP concerns?

The Internal Revenue Service has added new features to its Online Payment Agreement Application, making it easier for taxpayers and practitioners to modify existing installment agreements for paying tax debts to the government.

Sage Software has launched a program to put its Peachtree accounting program in more family-owned businesses by giving away free copies and support.

The Senate Finance Committee held hearings on small business tax issues as part of a series of hearings on tax reform.

The U.S. Tax Court has proposed amending its rules and procedures for whistleblower award actions.

Buying goods over the Internet without paying sales tax is becoming a thing of the past.

I am constantly amazed and intrigued by what is being done via the Internet. In Practical Accountant, we report on how creative some firms are incorporating the Internet into their operations and going way beyond the proverbial virtual firm brochure. My guess is that creativity is stimulated by how others are using the Internet.

Prosecutors who convicted actor Wesley Snipes on charges of failing to file his tax return for three years have filed a cross-appeal demanding that he pay $257,687.74 for the cost of prosecuting him.

Despite a provision enacted by Congress prohibiting the Internal Revenue Service from labeling taxpayers as "illegal tax protesters" or similar designations, the IRS is still using the term, according to a new report.

Despite the constitutional, judicial and legislative pronouncements affecting nexus, states vary widely on what level of activity renders a business liable to pay state tax.“There are plenty of gray areas, and on some issues a state will say it depends on the facts and circumstances,” said George Farrah, executive editor of state tax and accounting for BNA.

IRS ENFORCEMENT PAID OFF LAST YEARWashington, D.C. — The Internal Revenue Service stepped up its compliance activities last year and saw its revenues jump, according to a new report.

The huge farm bill working its way through the final stages of the House/Senate Conference Committee appears to have preserved at least a few tax provisions. In March, the conference committee had stripped out the tax provisions that had originated with the Senate Finance Committee. However, when it came time to count votes, negotiators decided that some of the tax provisions had to stay in.The farm bill can be looked at as a net tax increase, with the somewhat unusual feature for legislation in recent years of providing for more revenue-raising offsets than tax incentives. The negotiators have agreed on $1.4 billion in tax incentives and $10 billion in offsets. The figure of $1.4 billion is a significant reduction from the $2.4 billion in tax incentives originally proposed by the Senate Finance Committee.

The Internal Revenue Service said that economic stimulus payments directly deposited to individual retirement accounts and other tax-favored accounts may be withdrawn tax- and penalty-free.The relief is designed to help taxpayers who may have been unaware that by choosing direct deposit for their entire regular tax refund, they were also choosing to have their stimulus payment directly deposited as well. The tax relief is available for amounts withdrawn from tax-favored accounts that are less than or equal to a taxpayer’s directly deposited stimulus payment.

Yes, we have a human capital dilemma. Yes, the next biggest concern for CPA firms is succession planning. As you consider these issues, which of the following statements most closely matches your beliefs about your firm’s succession?* My firm does not have enough quality players on the bench to ensure success in the future.