Practice Management

The Internal Revenue Service has introduced a new online tool for taxpayers who need to repay their First-Time Homebuyer Tax Credit.

IMGCAP(1)]The Tax Court’s decision last month in the case of Peco Foods, Inc. & Subsidiaries, v. Commissioner of Internal Revenue (T.C. Memo 2012-18) caused waves of angst amongst tax practitioners and cost segregation professionals alike.

Sen. Sheldon Whitehouse, D-R.I., has introduced legislation to implement President Obama’s proposal in his State of the Union speech that millionaires should pay at least a minimum 30 percent income tax rate.

The cost estimates for an Internal Revenue Service program for matching data from tax returns with third-party information returns, which was used to justify the program’s projected budget of $115 million for fiscal years 2012 to 2016, “generally does not meet best practices for reliability,” according to a new report from the Government Accountability Office.

Marcum LLP has expanded its New England practice by merging Connecticut accounting, tax and consulting firm Konowitz, Kahn & Company into its offices.

Over the past seven months, I've written two articles that should be combined in order to have a significant impact on firm profits. One was on the reliance on checklists and the other on pricing.

The general administrator role takes manyforms: office, human resources, marketing or IT manager; chief operating officer; firm administrator - and even managing partner. But firms, especially smaller ones, should consider a consolidation of these operations to save the necessary partner time to grow their practices.

Just before the New Year, the Internal Revenue Service released much-anticipated temporary and proposed regulations on the capitalization of tangible property (so-called "repair regs").

ALBERTA

On a Friday morning in early December, some 150 accountants and staff boarded a Manhattan-bound R train. It's doubtful any of their fellow commuters guessed they were all from the CPA firm of WithumSmith+Brown.