Practice Management

(Bloomberg) The U.S. House Ways and Means Committee voted to let companies write off more than half the cost of some investments immediately, providing a $287 billion tax cut to capital-intensive industries.

A federal jury found an 87-year-old Florida man owes the U.S. government civil penalties amounting to 150 percent of the value of his Swiss bank account, the biggest such penalty by percentage on record, his lawyers said.

Employers owed the Internal Revenue Service approximately $14.1 billion in delinquent Social Security, Medicare and individual federal income taxes that they had withheld from employee paychecks as of June 30, 2012, and the Internal Revenue Service is being urged to do more to assess penalties against them.

Dixon Hughes Goodman LLP has added Cohen Rutherford + Knight PC to its national health care practice, DHG Healthcare.

Highlights of some of our favorite tax-related blogs from the past week.

The Association for Accounting Marketing has handed out 43 awards for marketing achievement to accounting firms and their marketing employees.

U.S. corporations have reported to the Internal Revenue Service that 54 percent of their offshore profits are earned in 12 tax haven countries that, combined, only account for 4 percent of economic output among all countries where U.S. corporations do business.

A group of technology companies sent a letter Wednesday to leaders of the House Financial Services Committee objecting to legislation that would exempt companies with under $250 million in annual revenue from existing requirements to file financial statements as machine-readable open data.

Nearly 6 million Americans living abroad are facing a June 16 deadline to file their taxes this year.

Thomson Reuters has released a pair of new client marketing newsletters for CPA firms seeking to grow their accounting, auditing and international tax practices.