Practice Management

A dentist who owned a company that specialized in financial planning and aggressive tax management for medical professionals was found guilty of two felony counts of filing false tax returns after he claimed a charitable deduction for donating $800,000 in stock to his own nonprofit foundation.

A California man who fraudulently received stock as compensation from American Fire Retardant Corporation and subsequently sold the stock, was sentenced Monday morning to 18 months in federal prison after being convicted of conspiracy and subscribing to a false tax return.

H&R Block reported a decline in its fiscal 2010 net income, attributing it to a drop in its tax season business as a result of the economy, while its rival Jackson Hewitt reported that it had received a warning about its listing on the NYSE, also brought on by tax season problems.

Senate Democrats may be forced to set aside tax extenders and unemployment benefits legislation after they were unable to overcome a Republican-led filibuster for the third time.

A House and Senate conference committee has put the finishing touches to the financial regulatory reform bill.

The Internal Revenue Service has issued guidance to individuals and businesses affected by the oil spill in the Gulf of Mexico and announced new efforts to help affected taxpayers, including a special Gulf Coast Assistance Day on July 17.

Every firm wants to get new business — it’s a no-brainer. But guess what? It’s a terrible goal, according to marketing strategist Alicia Olesinski of New Angle Marketing. Olesinski facilitated a session here at the Association for Accounting Marketing Summit on niche development and said that type of goal is way too broad.

National CPA and business advisory firm RSM McGladrey has signed a letter of intent to acquire Caturano & Co., the top regional firm in New England.

An overwhelming majority of senior financial executives say their tax department’s top priority is not tax savings or their effective rate, but timely and accurate tax return and financial reporting, according to a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP.

Moss Adams plans to acquire Grant Thornton’s Albuquerque practice on July 31, 2010, after Grant Thornton’s senior leadership decided to exit the New Mexico market.