Practice Management

Congress made some moves this week in working on tax extenders, even though it is not expected to pass any legislation until after the midterm elections.

The Fifth Circuit rejected both the Internal Revenue Service and the Tax Court’s valuation of art contained in an estate, finding an estate’s valuation to be supported by the evidence.

Maintaining healthy client relationships is important for CPAs, particularly when their tax clients need some help with their tax planning that may require outside expertise.

Taxpayers are expected to receive a modest amount of tax relief in 2015, thanks to the annual inflation adjustments provided under the Tax Code.

Last year marked the third consecutive year of increases in CPA firm revenue since the recession, with firms posting a 6.7 percent revenue increase, up from 5.4 percent in the previous year, according to the latest results from the Rosenberg Survey.

Rep. Mark Pocan, D-Wis., has introduced a bill that would help low-income married couples deduct twice as much of the interest charged on their student loan debts.

The Internal Revenue Service is being urged to improve its efficiency in auditing the growing number of large partnerships, in a new government report.

The chairman of the House Small Business Committee, Sam Graves, R-Mo., has introduced legislation to streamline and simplify the loan application process at the Small Business Administration by requiring the agency to permit the use of electronic signatures and electronic records.

If there were ever a politically opportune time for Congress to remove the National Football League’s tax exemption, it would seem to be now.

Bloomberg BNA has given tax practitioners and taxpayers a head start on their 2015 tax year planning, releasing a detailed projection of inflation-adjusted tax items for next year on Wednesday.