Practice Management

The free trade agreements with Colombia, South Korea and Panama signed into law by President Obama earlier this month included little-publicized provisions that would increase tax preparer penalties and crack down on prisoner tax fraud.

The Internal Revenue Service’s Offshore Voluntary Disclosure Initiatives are generally effective at convincing thousands of taxpayers with foreign bank accounts to come forward and disclose them to avoid heavy penalties and criminal prosecution, but some improvements are needed, according to a new government report.

IMGCAP(1)]Realization is a very interesting metric in the accounting industry.

Friedman LLP has merged in the Sacomanno Valuation Group, a firm that focuses on business valuation and forensic accounting.

The House voted overwhelmingly on Thursday to repeal the 3 percent withholding rule on payments to contractors.

Small and midsized accounting practitioners and their small business clients are continuing to face challenges from regulations, but are nevertheless feeling more optimistic.

President Barack Obama pledged to help borrowers cope with student loan debt by capping student loan repayments at 10 percent of a borrower’s discretionary income, starting next year.

An advisory committee cautioned the Internal Revenue Service that implementation of the Foreign Account Tax Compliance Act could run afoul of foreign laws.

The Internal Revenue Service is doing a better job of attracting and retaining qualified personnel, but it still needs to do a better job of complying with legal requirements.

House Ways and Means Committee Chairman Dave Camp, R-Mich., has released a discussion draft version of proposed legislation to transition the U.S. from a worldwide system of taxation to a territorial system, while lowering the top tax rate for both individuals and businesses to 25 percent.