WebCPA Staff

A pair of U.S. senators has written to IRS Commissioner Douglas Shulman and the heads of a dozen other federal agencies asking why they have erected roadblocks to investigative efforts of their agencies’ watchdogs, their inspectors general.

The National Association of Chain Drug Stores has sent a letter to the Internal Revenue Service asking it to delay rules implementing provisions in the health care reform bill that would prohibit the use of debit cards, such as those used in flexible spending accounts and health reimbursement accounts, to buy over-the-counter prescribed medications.

The Securities and Exchange Commission has issued proposed rules that would enable shareholders to cast advisory votes on executive compensation and "golden parachute" arrangements.

The number of American workers participating in a retirement plan continued to decrease last year, adding to a trend that began with the recession of 2008 and reaching its lowest level in a decade, according to a new study.

H&R Block has filed suit against its refund anticipation loan provider, HSBC, seeking to require the bank to provide the funding for RALs and refund anticipation checks next tax season.

The Financial Accounting Standards Board and the International Accounting Standards Board are soliciting input on when to have their new accounting standards take effect.

The Internal Revenue Service’s ability to process the growing number of Health Coverage Tax Credit claims under the 2009 stimulus bill is doubtful, leading to questions about the agency’s ability to handle its new responsibilities under the new health care reform law.

Mobile applications development and consulting company Techselect Consulting Inc. has released the Mobile Accountant, an iPhone app designed to help improve accountant productivity outside the office.

The worldwide decline in top personal income tax rates over the past seven years has come to an end, as this year’s average rate increased 0.3 percent globally.

The Small and Medium Practices Committee of the International Federation of Accountants has issued the second edition of its “Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities.”

Sage Payment Solutions, the payments division of Sage North America, has partnered with mobile commerce provider Roam Data Inc. to introduce integrated mobile payment offerings for small and midsized businesses.

Few CPAs are trying to learn or implement International Financial Reporting Standards until the Securities and Exchange Commission decides next year on whether to approve incorporating IFRS into the U.S. financial reporting system, according to a new survey.

The Accreditation Council for Accountancy and Taxation said Monday it is accepting exam applications from accountants, tax preparers and students seeking to earn the Accredited Business Accountant/Advisor and Accredited Tax Preparer credentials.

The Internal Revenue Service needs to improve its ability to identify tax preparers who submit improper Earned Income Tax Credit claims, according to a new government report.

Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial, has agreed to pay $22.5 million to the Securities and Exchange Commission, the largest-ever financial penalty for a public company senior executive.

BookKeeping Express has launched a contest to award $25,000 in bookkeeping and accounting services to small businesses suffering from a “financial-recording disaster.”

The Internal Revenue Service is auctioning off a collection of rap singer Young Buck’s mementos, including gold and platinum records, a poster of the Al Pacino movie “Scarface,” and Royal Copenhagen white bear figurines.

The American Institute of CPAs has told the Securities and Exchange Commission that accountants need an adequate transition period if the SEC decides next year to incorporate International Financial Reporting Standards into the U.S. financial reporting system.

For the second year in a row, monthly Social Security and Supplemental Security Income benefits for more than 58 million Americans will not automatically increase in 2011, the Social Security Administration said Friday, but Congress will try to pass a law to provide seniors with the extra money anyway.

The Internal Revenue Service said it is delaying until further notice the renewal period for enrolled agents whose Social Security numbers or tax identification numbers end in 4, 5 or 6.