Practice Management

Eleven years ago, eliminating income taxes for low-income Americans was an applause line for a Republican president. Mitt Romney in 2012 sees the number of people paying nothing as a political problem.

Politicians and policy makers always seem to be talking about “broadening the tax base” and “eliminating tax loopholes,” but rarely do we hear specifics.

Top 100 accounting and business consulting firm Moss Adams announced Chris Schmidt as its next chairman and chief executive officer and Dick Fohn as president and chief operating officer in a planned transition that will take effect in the first half of 2013.

Taxpayers involved in correspondence audits will derive numerous benefits from a new telephone system now in use by the Internal Revenue Service, according to a new study by the Treasury Inspector General for Tax Administration.

Donna Guerin, 52, of Elmhurst, Ill., has pled guilty to conspiracy and tax evasion charges stemming from her work in fraudulent tax shelters that allowed her clients to claim billions in tax losses.

Brady Ware & Company merged with the Gahanna, Ohio-based accounting firm, Nipps, Brown Collins & Associates. The combination took effect on August 31, 2012.

U.S. Rep. Dave Camp, R-Mich., chairman of the House Ways & Means Committee, and U.S. Senator Orrin Hatch, R-Utah, ranking member of the Senate Finance Committee, have called on New York Attorney General Eric Schneiderman to halt all exploratory efforts involving the activities of several businesses and nonprofit 501(c)(4) organizations.

Accounting Today and Best Companies Group have announced their list of the 2012 Best Accounting Firms to Work For, highlighting the top workplaces in the accounting profession.

Taxpayer information may be a risk of unauthorized disclosure and misuse when tax professionals electronically submit power of attorney forms (Form 2848), according to the Treasury Inspector General for Tax Administration.

With the presidential candidates arguing over lowering taxes and cutting spending, the Congressional Research Service has weighed in with a historical analysis that claims that reducing tax rates for the highest-income taxpayers does not promote growth.