Practice Management

A new initiative at the Internal Revenue Service aimed at cracking down on high-income taxpayers with assets abroad has only managed to audit 13 returns since it was set up a year and a half ago.

IMGCAP(1)]As a trusted business advisor, your clients count on you to help with the major transition periods of their business life.

The House Ways and Means Committee held a hearing Wednesday on how the Tax Code’s burdens on individuals demonstrate the need for comprehensive tax reform.

President Obama outlined his plan for reducing the budget deficit by $4 trillion in the next 12 years during a speech Wednesday in which he said taxes would need to be raised on the wealthy and itemized deductions limited.

The eleventh-hour budget deal struck by the White House with Republican and Democratic congressional leaders to avert a government shutdown over the weekend depends to a large extent upon some accounting sleight of hand to achieve the claim of $38 billion in spending cuts.

A new study from Ernst & Young examines the impact on flow-through businesses of the tax reform proposals, and cautions against lowering corporate tax rates at the expense of S Corporations.

The Senate Finance Committee held a hearing Tuesday to examine tax administration systems around the world.

The Internal Revenue Service said Tuesday it expects to receive 10 million tax extension requests in 2011, approximately the same as last year.

Fewer workers this year plan to use their tax refunds to pay off their bills, and more plan to put the money into savings, according to a new survey.

The American Institute of CPAs has joined up with the White House on a new initiative aimed at helping veterans and their families who want to start or grow a small business.