Practice Management

The California Society of CPAs has signed on as one of the sponsors of a statewide media campaign that aims to raise awareness of the opportunity for California taxpayers to make a charitable gift while completing their state tax returns.

The Internal Revenue Service needed to scramble to implement various provisions of last year’s Recovery Act to boost the economy as quickly as possible, but it now has to improve its enforcement and reporting to safeguard against abuses, according to a government report.

Sen. Sherrod Brown, D-Ohio, has introduced a bill that would tax more Wall Street bonuses than similar legislation introduced a week ago.

Senate Majority Leader Harry Reid, D-Nev., has unveiled a stripped-down version of the draft jobs legislation that was proposed only hours earlier by the bipartisan leaders of the Senate Finance Committee.

Anchin, Block & Anchin has established a Cayman Islands practice to provide audit services to funds registered in the Cayman Islands.

At last count, at least 11 parties have submitted amicus (friend of the court) briefs to the U.S. Supreme Court as it considers whether to hear an appeal from the First Circuit decision in Textron regarding a corporation’s tax accrual workpapers.

Senate Finance Committee leaders publicly released a draft Thursday of the widely anticipated jobs bill they plan to introduce, including payroll tax provisions and the extension of a number of tax breaks that expired last year.

New York City has launched a free Web-based tax preparation and electronic filing service that is available to all residents who earn less than $58,000.

The Senate has unanimously approved a bill that would prevent small businesses from incurring large tax penalties aimed at large corporations and wealthy individuals who invest in tax shelters.

Senate Democrats have begun circulating a draft version of the jobs bill they plan to introduce, with a series of tax breaks and tax extenders designed to lure Republican support.