Tax research

In response to a letter from several members of Congress, the Internal Revenue Service will stop trying to enforce collection of alternative minimum taxes due on incentive stock options for the rest of the month.

There might be a new, ready supply of seasoned CPAs for the busiest time of year. Staffing is still a problem for many firms, and it is particularly felt during the tax prep season when many accountants have to work extra hours because firms often aren’t able or can’t afford to hire additional full-time staff. The results of a recent Charles Schwab and Age Wave study, entitled ”Rethinking Retirement,” point to a possible solution. Surprisingly, 71 percent of the pre-retirees surveyed want to work in retirement. Even more fascinating is that 40 percent want to cycle back and forth between periods of work and leisure. In the write-up to the study, there is the observation that this is “a new style of work with which most employer policies are unaligned.” These numbers indicates there will be a ready supply of seasoned retired CPAs, which can supplement a firm during its busiest times, say February to April 15th, and maybe a month before tax return extensions are due. Firms benefit, as they only have to pay for these individuals when they are needed, they are employing experts at tax preparation, and those individuals are used to working during the pressured tax season. The retirees are happy because they are working on a limited basis, and, rather than working part-time, they have the desirable cycle of back and forth between periods of work and leisure. And with remote access, firms can tap into retired CPAs all across the country. Initially, firms will be using retirees from their firms, but I would expect that would extend quickly to other retired CPAs, and the AICPA and state CPA societies will help by publicizing best practices with regard to cycling back and forth. And like bike riding, which might have been difficult to learn but natural when mastered, this type of cycling will become another readily available staffing solution for firms.

The Research Credit Group has introduced CrediTrak, a Web-based program that helps companies evaluate and track their research and development tax credits.

A Tax Court judge has decided that a retired Internal Revenue Service auditor's greyhound-breeding business does not qualify for business deductions and criticized the dogs' treatment.

Corporate tax executives need to closely watch other countries' transition to International Financial Reporting Standards as it could affect their global tax planning, warns a report issued by Deloitte.

An appeals court has affirmed the dismissal of indictments against 13 former KPMG partners and employees in a tax fraud case involving tax shelters set up by the firm for clients.

A man threatening to kill himself over his finances instead rammed his car into an Internal Revenue Service building.

A chiropractor was sentenced to 21 months in prison for following the tax defiance advice promoted by actor Wesley Snipes' recent co-defendant.

Jefferson Wells has acquired the Gelber Organization to build its state and local tax services.

The Democratic Party approved its platform at its national convention in Denver, including a number of planks related to taxes.

Vertex has updated its O Series tax software, expanding the product's global tax management and compliance features.

Is there a Hispanic customer in your future?

The Securities and Exchange Commission has approved a new rule and amendment to an existing rule from the Public Company Accounting Oversight Board related to ethics, independence and the provision of tax services.

A former Internal Revenue Service agent was sentenced to 30 months in prison for helping a heroin dealer to buy a $65,000 BMW 745i while concealing his ownership of the vehicle.

A self-proclaimed priest has been convicted of tax fraud after his accountant and girlfriend pleaded guilty.

A federal judge has turned down Jackson Hewitt's request to have a class-action lawsuit dismissed against the company and some of its franchises.

American Idol winner Ruben Studdard is facing tax liens from the Internal Revenue Service and the state of Alabama for failing to pay more than $193,000 in back taxes.

Average U.S. taxpayers subsidize executive compensation by more than $20 billion per year, thanks to various tax and accounting loopholes, according to a new report.

Australian tax authorities are continuing to investigate the taxes of actor Paul Hogan, star of the hit Crocodile Dundee movies.

Web electronics site Newegg has sent an e-mail to customers saying that it will not comply with a controversial New York State law requiring Internet retailers to collect sales tax for purchases by state residents.