Practice Management

The Internal Revenue Service has issued a revenue procedure that clarifies the rules for when a company uses the deferral method of accounting for advance payments that are received by the taxpayer for the sale of gift cards that are redeemable by an unrelated entity.

There are currently 17 states offering sales tax holidays where state sales tax charges are temporarily dropped on back-to-school items such as clothing, footwear, classroom supplies, computers and certain other products, according to CCH.

The deadline is coming up this week for lawmakers in Congress to submit their preferences for the “must have” tax breaks that need to be kept in the Tax Code under Senate Finance Committee leaders’ “blank slate” approach to tax reform.

Thomson Reuters has introduced Checkpoint Pocket Assistant, a mobile app that helps tax and accounting professionals perform tasks from an Apple iPhone.

Biz2Credit, an online credit provider for small businesses, has launched a partnership program for CPAs and other accountants and tax preparers who refer their small business clients for loans.

Thomson Reuters has integrated the upcoming back-to-school tax holidays into its ONESOURCE Indirect Tax Software.

The chairmen of the House Ways and Means Committee and the House Oversight and Government Reform Committee have written to the head of the Internal Revenue Service about the status of several of the officials who resigned or were placed on administrative leave in the wake of the Tea Party targeting scandal.

Every company in every industry faces some degree of risk. But some risks are greater than others, particularly sensitivity risk (related to external factors like commodity prices and competition), which accounts for about half of all risk incurred by any company.

The Internal Revenue Service spent over $4.8 million in fiscal year 2011 and $4.7 million in fiscal year 2012 for executive travel, according to a new government report.

Coaching and consulting firm PartnersCoach has introduced a Partner-Pipeline program that provides a developmental approach to building future leaders within accounting firms.