WebCPA Staff

A federal court judge ruled in favor of General Electric in a tax case involving $62 million in tax benefits from a partnership arrangement that the IRS had claimed was a sham.

The daughters of the patriarch of an income tax preparation business were sentenced to six years in federal prison for filing false tax returns after their father received a 10-year sentence.

Seventy-seven percent of small business owners don’t plan to give raises in 2010, according to a new survey.

The Securities and Exchange Commission has released a draft of a five-year strategic plan that calls for “a single set of high-quality global accounting standards.”

The House has unanimously approved legislation to give the military and other overseas service members equal access to the first-time homebuyer tax credit.

The IRS’s ability to detect identity theft-related refund and employment fraud is limited, but by the end of 2008, the IRS had cataloged over 50,000 incidents, according to a report by the Government Accountability Office.

AmerInst Insurance Group plans to offer professional liability insurance to accounting firms through an agreement with some of Crum & Forster Holdings’ insurance companies.

The staffing level of internal audit departments was hurt badly by the recession, but the worst might be over, according to a new survey.

The IRS is unable to determine if it is issuing erroneous or fraudulent manual refunds to taxpayers, according to a new report.

Sage Software is distributing free copies of Peachtree Accounting to small businesses that have been affected by the recent floods in Atlanta.

NCH Software has released Express Accounts, a small business accounting software package designed for non-accountants with updated applications for cash flow and invoicing.

BookKeeping Express has introduced BKE EDocs, a document management system aimed at small to midsized businesses.

Democratic lawmakers turned back efforts by House Republicans to depose Charles Rangel, D-N.Y., as chairman of the House Ways and Means Committee after revelations of his tax and financial disclosure lapses led to an expanding ethics investigation.

The Internal Revenue Service’s Whistleblower Office is having trouble managing the growing number of claims it has been receiving from informants telling the IRS about tax dodgers.

Taxpayers calling the IRS for help last tax season endured longer hold times and more disconnected phone calls than in the past, according to a new report.

Accounting firms Hill, Barth & King and North and Co., have merged, expanding HBK’s presence and clientele in Florida.

Better information and guidance could improve the oversight of retirement plans and reduce fees for participants, according to a new report by the Government Accountability Office.

Seventy percent of CFOs and other finance professionals support approval of the Securities and Exchange Commission’s roadmap for adopting International Financial Reporting Standards, according to a new survey by Deloitte.

American Institute of CPAs president and CEO Barry Melancon said there should be a permanent, independent funding mechanism for the International Accounting Standards Committee Foundation, the governing body of the International Accounting Standards Board, with some of the money coming from companies in the U.S.

The Internal Revenue Service correctly calculated the recovery rebate credit on the vast majority of tax returns it processed this year, but it still missed out on tens of millions of dollars.