Practice Management

Switzerland’s oldest bank, Wegelin & Co., has been sentenced and ordered to pay the U.S. government approximately $58 million for conspiring with its U.S. clients and others to evade income taxes in the first-ever such sentence for a foreign bank.

The Internal Revenue Service said that budget sequestration would require reductions in refundable credits for certain tax-exempt bonds and the refundable portion of the Small Business Health Care Tax Credit for some small tax-exempt employers.

I recently had the interesting task of facilitating a group discussion on the topic of mentoring programs among representatives of CPA firms throughout the U.S. The participants were members of the Human Resources Practice Group of BKR International, an association that has more than 150 independent accounting and business advisory firms worldwide.

Former Jenkens & Gilchrist lawyer Donna Guerin was sentenced to eight years in prison and ordered to pay $190 million for her role in what the U.S. called the largest criminal tax fraud in history.

Johnstone, Graydon & Thompson CPA’s PA of Greenville, S.C., and Scott and Co. LLC of Columbia, have announced their plans to merge.

The Internal Revenue Service said Monday that its systems are operational for all remaining individual and business tax returns.

Ernst & Young LLP has agreed to pay $123 million to resolve a federal tax shelter investigation while admitting wrongful conduct by certain E&Y partners and employees.

President Obama said that he hoped to work with members of both parties in Congress to stop the damaging impact of the $85 billion in automatic spending cuts that officially began on Friday.

The Internal Revenue Service today announced that interest rates will stay the same for the quarter beginning Apr. 1, 2013.

Susan Tulis has merged her Alamo, Calif.-based CPA practice into Sweeney Kovar LLP.