Practice Management

President Barack Obama proposed new restrictions Thursday on the size and scope of financial institutions to limit their ability to engage in risky trading practices.

The House of Representatives unanimously passed legislation Wednesday that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim the deductions on their 2010 tax return.

Multinational accounting and advisory firm Mazars Group has been in talks with New York-based Weiser LLP in a merger that would create the sixth largest accounting firm in the world.

Grant Thornton anticipates state budgets will remain under pressure this year even if the economy improves.

The Internal Revenue Service has appointed tax attorney Michael Danilack as deputy commissioner (international) of the IRS’s Large and Mid-Size Business Division.

President Barack Obama ordered the Treasury Department, the Office of Management and Budget, and other federal agencies to block contractors who are seriously delinquent in their taxes from receiving new government contracts.

The devastating earthquake in Haiti last week is spurring relief efforts from countries around the world, but the U.S. is playing a key role in providing both help and security, along with much-needed funds.

Calvetti, Ferguson & Wagner, P.C., a CPA and business advisory firm specializing in tax, audit and advisory solutions, sealed a partnership with global transactional concern Verse Consulting that will bolster its international tax offerings to mid-market companies.

A bipartisan group of lawmakers in Congress plan to introduce legislation that would allow individuals who make charitable contributions to help victims of the earthquake in Haiti to claim an itemized charitable deduction on their tax return this year instead of waiting until next year.

The Internal Revenue Service took the right steps when it shut down its controversial private debt collection program last year, a government report concluded.