Practice Management

The Internal Revenue Service is warning senior citizens, working families, church members and other potential victims to beware of an emerging tax scam that tempts them into filing fraudulent tax returns claiming bogus refunds.

The Internal Revenue Service is facing renewed pressure over its reluctance to grant tax-exempt status to political fundraising and advocacy organizations, particularly Tea Party-affiliated groups.

On April 1, the tax rate for U.S. corporations will go from second highest to the highest tax rate in the world. That’s when Japan will lower its rate by five points from its current 39.5 percent.

A self-employed New Mexico tax preparer has been sentenced to six months in prison and six months of home confinement for failing to file tax returns for four years in a row.

Senator Carl Levin, D-Mich., has proposed closing a tax loophole that would give Facebook an estimated $3 billion tax break on stock options for CEO Mark Zuckerberg.

With all the talk about personal and company branding, a wider problem can get lost in the shuffle - that of the accounting profession's brand. This was a central gripe during the first Innovation & Collaboration Opportunities event hosted by local firm New Vision CPA Group and its CEO Jody Padar in Schaumburg, Ill., which corralled thought leaders, influencers and prolific tweeters for a day of brainstorming the profession's direction.

In this Generational Viewpoints article, we asked members of Casey Peterson & associates ltd. (www.caseypeterson.com), a rapid City, s.d.-based accounting firm with two offices and approximately 50 employees, to share their perspectives regarding social media. Generation X senior-incharge Kayce Gerlach, born in 1979, and Baby Boomer president Casey Peterson, born in 1953, replied to the following question:

First things first: Is your firm ready to be found online?

Central to any functional succession plan is a focus on the clients, and seamlessly transitioning those relationships from one partner to the next.

The release of tax returns of presidential candidates has again brought popular media coverage of the issue of what is reasonable compensation for S corporation shareholders.