Practice Management

With California unemployment hovering at 13 percent and the national unemployment rate still above 9.5 percent, long-term unemployment is clearly one of the biggest challenges for the U.S. economy.

The Senate Finance Committee held hearings last week to consider the effects of the soon-to-expire “Bush” tax cuts, and those problems could be magnified for tax practitioners and their clients.

The Internal Revenue Service’s Criminal Investigation division has stepped up its prosecutions of tax preparers in Southern California.

Pennsylvania regional accounting firm Reinsel Kuntz Lesher LLP plans to expand to York, Pa., by merging in Philip R. Friedman & Associates.

Goldman Sachs will pay a record penalty of $550 million and reform its business practices to settle SEC charges that the bank misled its investors in marketing a subprime mortgage product just as the U.S. housing market was starting to collapse.

Senators Charles Schumer, D-N.Y., has proposed extending the HIRE Act tax credit for employers who hire out-of-work employees.

The Senate passed a sweeping financial regulatory reform bill on Thursday by a 60-39 margin after three Republicans joined all but one Democrat in supporting the Wall Street overhaul.

The Tax & Accounting business of Thomson Reuters plans to introduce iPhone and iPad apps that will provide a front-end to the company’s Checkpoint Learning software.

The Internal Revenue Service's current method of sending notices and letters is costing taxpayers millions of dollars because it results in a large amount of undeliverable mail, according to a new government report.

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