Practice Management

The Internal Revenue Service mistakenly sent notices to approximately 80,000 taxpayers telling them they needed to repay the First-Time Homebuyer Tax Credit.

Senate Republicans blocked President Obama’s jobs package with its extension of the payroll tax cuts and unemployment insurance, tax credits for new hires and wage increases, and surtax on millionaires.

A few blocks away from the Accounting Today offices, the Occupy Wall Street movement is encamped at Zuccotti Park in New York.

The American Institute of CPAs has written to the leaders of Congress’s main tax-writing committee urging them to repeal a requirement that would soon force federal, state and local governments to withhold 3 percent on the payments they made to most government contractors, including certain other payments such as Medicare.

The Internal Revenue Service has expanded its compliance program for the Earned Income Tax Credit to cover a broader base of both new and experienced tax preparers in an effort to prevent errors and misrepresentations.

Internal Revenue Service employees with government-paid credit cards made more than 174,000 purchases totaling more than $80 million over a period of a year and a half.

Philadelphia accounting firm Nihill & Riedley P.C. has been renamed as Smart Devine & Company LLC after it was acquired by Jim Smart and Rich Devine, formerly of Smart and Associates.

The Internal Revenue Service’s Taxpayer Advocate Service is temporarily changing the criteria it uses for accepting cases and said it would no longer deal with cases in which the problem involves an IRS delay in processing certain tax documents.

CPA and business advisory firm White, Nelson & Co announced that it would merge with Orange County practice Diehl, Evans & Co., effective December 1.

IMGCAP(1)]If you ask most CEOs of both public and private companies where risk lies, the answer will nearly always concern macro issues—the U.S. and world economy, government tax policy, the federal deficit.