Practice Management

At last count, 11 parties have submitted amicus curiae briefs to the U.S. Supreme Court as it considers whether to hear an appeal from the First Circuit decision in the highly charged Textron case, which centers on a corporation's tax accrual workpapers.

COURT RULES IN FAVOR OF IRS AND FREE FILE ALLIANCE

With the availability of lower-cost offerings, and a userbase more educated about what business intelligence is and can do for them, BIis becoming an understandable, usable and affordable initiative for small tomidsized businesses and CPA firms.

The term "basic analysis" has evolved in recent years. Where once it referred to the ability to determine a client's financial position, net worth, goals and willingness to take risks with a portfolio, more recent definitions have focused more intensely on the process of asset allocation, re-allocation and portfolio balancing.

As CPAs and investment advisors partner to map out a strategy for clients, the delicate balance between tax effectiveness and control over assets should serve as a centerpiece. This will help to create a strategy that maximizes investments, minimizes tax exposure, and helps maintain clients' long-term financial objectives.

A federal grand jury has indicted a California tax preparer on charges of tax evasion and possession of stolen government money after he was accused of stealing over $320,000 in tax refunds.

The First-Time Homebuyer Credit turned the 2010 tax filing season into a briar patch for the Internal Revenue Service, a frustrating experience for many taxpayers, and a new opportunity for scammers to rip-off the public, an IRS official told Congress.

The Justice Department and the Internal Revenue Service have filed charges against seven individuals who collectively hid over $100 million in secret bank accounts at the Swiss bank UBS.

The Senate has approved a two-month extension of eligibility for unemployment benefits and tax credits to help cover the cost of health insurance premiums for the unemployed.

Internal accounting errors by the Internal Revenue Service reduced federal funding available for unemployment benefits by $63 million, according to a new report.