Practice Management

In the wake of Sandy, the IRS has unveiled programs to help victims of the hurricane.

The chances for comprehensive tax reform occurring in the wake of Tuesday’s elections are murky at best, with a divided Congress and a re-elected President who has been unable to persuade Republicans to support his tax policies.

The re-election of President Obama is likely to result in substantial changes for taxpayers, especially with the expiration of the Bush-era tax rates approaching.

Paul Allan, Global BPO Portfolio and Service Line Leader, at HP Enterprise Services, explains how to justify organizations' investment in Business Intelligence technologies and how a trusted advisor can help in the process.

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.