Practice Management

The International Federation of Accountants has released for comment a proposed strategy for projects it plans over the next four years to address the needs of accountants who work within companies or as advisors to businesses.

President Barack Obama delivered his acceptance speech early Wednesday morning after winning re-election in a hard-fought campaign against Republican rival Mitt Romney as the U.S. faces the risk of another plunge into recession with the expiration of the current tax rates coupled with deep automatic spending cuts.

The Internal Revenue Service’s decision to modify the timelines for withholding agents and foreign banks to comply with the stiff new due diligence requirements under the Foreign Account Tax Compliance Act is providing them, as well as taxpayers and preparers, with some welcome relief.

ADP has agreed to sell its ADP Taxware business to Vista Equity Partners for an undisclosed amount.

The IRS has issued procedures in Revenue Procedure 2012-43 concerning under what circumstances a frivolous tax submission penalty would be reduced. The procedure also details how a taxpayer may request a reduction in the penalty, which is assessed under Code Sec. 6702(a) or Code Sec. 6702(b), and the eligibility requirements for reduction.

The IRS is now sending letters to preparers who are suspected of filing inaccurate EITC claims.

The Internal Revenue Service needs to improve its efforts in investigating whether its own employees are inappropriately accessing taxpayer data, according to a new government report.

Jina Etienne, director of taxation at the American Institute of CPAs, talks with Accounting Today managing editor Tamika Cody about what firms can do to stay competitive and grow in today's economy.

Jackson Hewitt Tax Service wants preparers and their clients to be aware of key disaster-related tax considerations in the wake of Superstorm Sandy.

John Wiley & Sons has acquired Efficient Learning Systems, an e-learning system provider that specializes in professional finance and accounting, for $24 million.