WebCPA Staff

Florida accounting firm Kaufman Rossin has reportedly agreed to pay $9.6 million to settle a lawsuit connected to its audits of two collapsed Palm Beach hedge funds that invested money with convicted fraudster Tom Petters.

House Ways and Means Committee Chairman Sander Levin, D-Michh., has released a draft bill that would provide tax credits for manufacturers of renewable energy equipment and funding for other sources of clean energy.

Shareholder votes on executive compensation at U.S. firms have resulted in an average single-year pay drop for CEOs of about $7.3 million or about 38 percent in companies where pay was excessive, according to a new study to be presented by the American Accounting Association.

The District of Columbia plans to launch a tax amnesty program on Thursday in an effort to collect $170 million in known receivables owed by more than 42,000 individuals and businesses.

Senate Finance Committee ranking member Charles Grassley, R-Iowa, and Sen. Charles Schumer, D-N.Y., have teamed up to sponsor legislation that would provide tax credits for the use of hydrogen fuel cells in forklift trucks and other industrial vehicles.

Sage North America is offering Sage Peachtree Pro Accounting 2011 free of charge to businesses still using the discontinued Microsoft Office Accounting product.

Small nonprofit organizations that are at risk of losing their tax-exempt status because they failed to file the required returns for 2007, 2008 and 2009 can preserve their status by filing the returns by Oct. 15, 2010, under a one-time special relief program.

Of the 131 changes in state and local taxes last quarter, 91.6 percent were either tax increases or new taxes, according to a new report.

Houston-based accounting firm MaloneBailey has responded to a recent alert from the Public Company Accounting Oversight Board that cautioned auditing firms against relying on foreign auditors, particularly in China, to do their work.

Two Republican lawmakers are warning the Treasury Department against making a change in tax policy that would favor trial lawyers who handle lawsuits on a contingency basis and want to deduct loans to clients.

BNA Tax & Accounting has introduced its first application for the RIM BlackBerry, an electronic version of its Quick Tax Reference guide.

The nonprofit Tax Foundation has introduced an online calculator that allows taxpayers to compare how they would fare if all the Bush tax cuts expired as scheduled at the end of this year.

St. Louis-based accounting firm RubinBrown plans to expand westward by combining with Denver-based Saltzman Hamma Nelson Massaro to form one of the 50 largest accounting firms in the U.S.

Rep. Charles Rangel, D-N.Y., former chairman of the tax-writing House Ways and Means Committee, will face a trial before his congressional colleagues after a House investigative panel found that he violated ethics rules.

Dell has agreed to pay $100 million to the Securities and Exchange Commission to settle accounting fraud charges against the computer maker.

President Obama signed a law Thursday that aims to bar payments to federal contractors that haven’t paid their taxes and to make sure that payments go out in the correct amounts to the right people.

The Internal Revenue Service released proposed regulations on Thursday that would establish a $50 fee for individuals who apply for a preparer tax identification number.

The House passed the Senate version of the unemployment extension on Thursday, sending the bill to President Obama for his signature.

The Internal Revenue Service plans to check more often for accuracy-related penalties in future correspondence audits with taxpayers.

The Financial Accounting Standards Board has released a new set of standards aimed at improving the transparency of financial reporting by companies that hold financing receivables, which include loans, lease receivables, and other long-term receivables.