Practice Management

A group of CPAs headed to Capitol Hill yesterday in what has become an annual ritual as they pressed lawmakers to deal with the many issues that accountants and their clients are forced to wrestle with on a daily basis, including taxes and regulations.

Douglas Shulman, the former commissioner of the Internal Revenue Service, said he was “dismayed” and “saddened” to learn that IRS employees had singled out small-government groups for tougher scrutiny.

Following the massive tornado in Oklahoma, the IRS has provided tax relief to individuals and businesses affected by this and other severe storms occurring in parts of that state.

The Supreme Court, in a unanimous decision, has held that a one-time U.K. windfall tax paid by the subsidiary of a U.S. corporation is creditable against U.S. income tax.

Updated statistics from the IRS show continued growth in e-filing of returns.

Adaptive Planning has secured $45 million in venture capital funding with the goal of growing its direct and channel sales force in North America, expanding into international markets and enhancing its product offerings.

It looks like banking executives shift their focus toward regulation and placed mergers and acquisitions on the back burner, according to recent survey by KPMG LLP.

Santos, Postal & Co. adds Thompson & Associates PC to its roster. The merger is expected to close August 1, 2013.

Audit and risk management product maker ACL had released ACL Analytics version 10 - formerly known as ACL Desktop – with enhancements to allow risk, compliance, audit, IT and financial control professionals to uncover business risk in organizational data and an integration with a forthcoming governance, risk and compliance management product.

A trio of lawmakers in Congress have introduced a bill in the House that would modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to make clear that appraisers of employee stock ownership plans are not fiduciaries under ERISA.