Audit & Accounting

The Internal Revenue Service has established rules for substantiating lump-sum charitable contributions made through the Combined Federal Campaign or similar programs such as a United Way campaign.

Catapult Communications has decided to replace Deloitte & Touche as its outside accounting firm to reduce accounting expenses.

Payroll processor Paychex has introduced a debit card that offers a way for a business client's employees to access their flexible spending account funds.

KPMG plans to host a webcast on Section 904 regulations and their potential implications on the foreign tax credit positions of U.S. multinationals.

This free, new webinar details how practitioners are implementing the new audit standards that change how non-public company, not-for-profit and governmental audits are performed.

Thomson Tax & Accounting's PPC brand has issued a guide to help auditors cope with Statement on Auditing Standards No. 112, "Communicating Internal Control Related Matters Identified in an Audit."

Tax practitioners who take the plunge into financial planning find that it's a natural step to go from preparing a tax return and answering a client's questions, to tax planning and full-scale financial services."Financial planning has been a nice blend of what I'm already doing for my clients," explained Matawan, N.J.-based CPA Salim Omar.

SUN HEALTHCARE JETTISONS E&YSun Healthcare Group, an Irvine, Calif.-based provider of specialty health services primarily to seniors, has dismissed its auditor, Big Four firm Ernst & Young, and named PricewaterhouseCoopers as its new independent accountant.

By now, the excitement of receiving college acceptance letters is likely to have been long ago replaced by the shock of the tuition bills that follow enrollment. Or the joy of a child's graduating from college - and no longer incurring tuition - is eclipsed by the obligation to repay student loans. As families scramble to get the largest grants and lowest interest rates available, they should not overlook the tax implications of the arrangements they make.The tax breaks fall into two categories: ones for paying the education costs themselves, and deductions for paying interest on loans used to pay the bills. Most of the tax provisions are restricted to those with incomes below specified amounts, and those amounts vary from one tax provision to another. This creates additional confusion for families attempting tax planning and increases their need for professional guidance.

FIXED-INCOME ANNUITY HELPS RETIREMENT INCOMEMixing a fixed-income annuity into a retirement income account provides greater long-term wealth for investors than a portfolio of equity and bond investments alone, according to a study by MassMutual Financial.