Practice Management

The Internal Revenue Service has proposed tax relief for money market fund investors in response to concerns about proposed reforms from the Securities and Exchange Commission in the money market industry that could trigger so-called “wash sale’ tax rules.

Rep. Bill Posey, R-Fla., has written a letter to Treasury Secretary Jack Lew questioning regulations that would require U.S. banks and credit unions to collect and report information on nonresident aliens, urging him to cease enforcement of the Foreign Accounting Tax Compliance Act, or FATCA, and stop negotiating intergovernmental agreements with other countries for FATCA enforcement.

The Internal Revenue Service reminded taxpayers and tax preparers that it would be closed Friday, July 5, due to the current budget situation, including the sequester, but filing and payment deadlines remain unchanged.

The National Taxpayer Advocate submits two annual reports to the Ways and Means Committee and the Senate Finance Committee each year.

BDO USA LLP has named CCH as the primary research provider for its professionals nationwide.

John Napolitano, chairman and CEO of U.S. Wealth Management, sat down with managing editor Tamika Cody to discuss the mistakes CPAs make when they head into the world of financial planning.

Thomson Reuters has introduced a mobile version of its ONESOURCE corporate tax software, allowing users to track the status of income tax e-filings from any mobile device.

Sen. Pat Roberts, R-Kan., and Rep. Tom Price, R-Ga., have introduced legislation in the Senate and the House to block foreign governments from collecting taxes on securities transactions.

The Obama administration has decided to postpone the employer responsibility payment and insurance reporting requirements under the Affordable Care Act for one year to give businesses more time to comply with the health care reform law.

The American Institute of CPAs has requested changes in a Senate bill aimed at combating the growing problem of identity theft and tax fraud to avoid increased penalties for tax preparers who improperly disclose or use taxpayer information.