Practice Management

The Internal Revenue Service has selected 32 new members to serve on the nationwide Taxpayer Advocacy Panel.

The Social Security Administration warned in a letter to employees that it may have to furlough workers if proposed cuts to its budget are enacted into law.

We’ve been operating without a budget for the past year, and despite the budget proposal this week, it appears likely that we will continue to operate the government under a series of continuing resolutions.

The House Ways and Means Committee approved two separate pieces of legislation on Thursday to repeal the onerous 1099 reporting provisions enacted in 2010, with Republicans and Democrats sharply divided over how the bill would be paid.

Vincent Gray, mayor of Washington, D.C., has asked Big Four accounting firm Deloitte to analyze the District's school budget as it faces a deficit of roughly $600 million.

The House Ways and Means Committee began markup work Thursday on two bills aimed at repealing the expanded 1099 information reporting requirements in the health care reform law and the Small Business Jobs Act.

IMGCAP(1)]The Minnesota Society of CPAs has released its list of the most outrageous tax deductions proposed by clients.

Nearly three quarters of nonprofit organizations are concerned that tax exemptions will be revoked in the next year or two, according to a new survey.

Before 2007, any part of a mortgage forgiven after a foreclosure, such as when the house was sold and the bank forgave a mortgage exceeding the home’s sale price, was considered taxable income, but that has changed now.

With the tax deadline quickly approaching, businesses are reviewing their bookkeeping to find possible deductions, including some valuable ways to write off expenses.