Practice Management

The former co-owner of a cement and masonry contracting business has been sentenced to two years in prison in a scheme to file false tax returns and illegally structure transactions.

Senate Finance Committee Chairman Max Baucus, D-Mont., has introduced a package of tax cuts for middle-class families after the House passed tax cut legislation Thursday extending the Bush-era tax rates.

Preparers looking for a wish list of provisions for the lame duck session of Congress to pass have a number of items to consider.

The House voted Thursday to censure former House Ways and Means Committee Chairman Charles Rangel, D-N.Y., for violations of ethical rules.

irs, tigta, prisoners, taxes, fraud, tax refunds

House Democrats passed a tax cut package on Thursday aimed at extending the Bush-era tax cuts for taxpayers who earn below $250,000, but the prospects for passage in the Senate will depend on the deal worked out by a bipartisan group of four lawmakers and two Obama administration officials.

The Internal Revenue Service has begun sending more than 10,000 letters to tax return preparers nationwide to remind them of their obligation to prepare accurate tax returns, and during the 2011 filing season, IRS representatives will visit approximately 2,500 tax return preparers who received the letters to discuss their responsibilities and verify their compliance.

Wisconsin-based accounting and consulting firm Wipfli LLP has made its fourth acquisition of the year, acquiring Blascoe & Associates of Rockford, Ill., effective December 1.

CPA and business advisory firm Sanford Baumeister & Frazier has agreed to merge in the North Dallas practice of Hugly PC.

The Internal Revenue Service detailed how, starting Jan. 1, 2011, paid tax return preparers can comply with a new law that requires them to electronically file tax returns for individuals, trusts and estates.