Practice Management

Prospective deals by General Electric Co. and Valeant Pharmaceuticals International Inc. show how the U.S. tax code is helping drive billion-dollar mergers and acquisitions.

The House has unanimously passed the Digital Accountability and Transparency Act, also known as the DATA Act, on Monday, following Senate passage earlier this month and sending the legislation to President Obama’s desk for his signature.

The IRS has released the 2014 update to its Allowable Living Expense Standards that apply to taxpayers who need to delay full payment of delinquent taxes.

For both consumers and corporations, the lower the income, the higher the rate of tax penalties, according to new research.

State tax policies need to be updated to better address new business models such as cloud computing, as well as a change that began long ago—the nation’s shift toward a service-based economy, according to the just-published Bloomberg BNA’s 14th annual Survey of State Tax Departments.

The U.S. House of Representatives plans to vote in May to make the research tax credit permanent, the first step toward ending a 33-year lapse-and-revive cycle that has frustrated companies such as Intel Corp. and Agilent Technologies Inc.

The Internal Revenue Service has released a draft of an easier-to-use Form 1023-EZ for charities that are seeking tax-exempt status.

CPA and consulting firm Wipfli has expanded its array of sustainability services to include a number of new assessment services.

A tax preparer in Queens, N.Y., has been sentenced to eight and a half years in prison for stealing children’s identities and claiming them as dependents on nearly 1,000 false tax returns.

The American Institute of CPAs has written to the head of the tax-writing House Ways and Means Committee voicing strong opposition to draft legislation that would limit the use of the cash method of accounting for pass-through entities and personal service corporations.