Practice Management

Every firm is working through the succession maze and dealing with the exit of key partners in the firm.

The Internal Revenue Service announced on Tuesday that it will delay the start of the 2014 tax filing season by as much as two weeks due to delays caused by the recent closure of the federal government.

The Internal Revenue Service estimates that between 21 and 25 percent of Earned Income Tax Credit payments were issued improperly during fiscal year 2012, or approximately $11.6 billion to $13.6 billion, and those estimates may be understated because laws that extended increases in the EITC were not factored into the estimates, according to a new report.

Sales tax management software maker TaxJar has released TaxJar Pro, an automated local sales tax reporting tool designed specifically for accountants who serve eCommerce clients with accounts on Amazon, Shopify, eBay, Etsy and PayPal.

Kabat, Schertzer, De La Torre, Taraboulos & Co, an accounting and tax advisory firm based in Miami said Monday it will merge with the boutique firm, TD CPA, of Hollywood, Fla., extending KSDT’s reach across South Florida.

Deloitte said Monday it has acquired substantially all of the assets of Banyan Branch, a digital and social media agency, bringing the accounting and consulting firm into the online advertising and marketing business.

When construction slowed during the recession, some companies hired workers and wrongly designated them as independent contractors to avoid paying insurance, taxes, fair wages and overtime.

Accounting Today began its annual three-day Growth & Profitability Summit in Orlando, Fla., on Sunday with a pair of insightful keynote speeches by Krista McMasters, CEO of McMasters Consulting and former CEO of top-ranked CPA firm Clifton Gunderson, and Jay Nisberg, president of the consulting firm Jay Nisberg & Associates, with both speakers highlighting the changing dynamics of managing an accounting firm and CPA practice.

Some accounting industry watchers warn business owners against relying on their CPAs for business advice, but many owners are apparently ignoring the advice.

The Internal Revenue Service is reducing the photocopying charge for tax returns from $57 per copy to $50, thanks to greater efficiency and improved technology at the agency.