Practice Management

IMGCAP(1)]Technological advances have made direct deposits of refunds, paychecks and other items enormously popular in recent years. The system normally works very well, and can usually be relied upon as a way to transfer money quickly and easily between parties. However, if something goes wrong at any point in the process, my experience has shown that correcting the matter can be almost impossible, and chances are very good that someone will lose his money.

The Internal Revenue Service has issued a set of proposed rules that would make it easier for tax preparers to contact clients about tax law developments, send out newsletters and deal with liability insurance claims.

Tax revenue for state and local governments fell 6.7 percent in the third quarter, according to the U.S. Census Bureau, marking the fourth consecutive quarter of negative growth.

Southeast regional accounting firm Watkins Meegan is expanding its Annapolis, Md., office by adding several accounting, tax and business consulting experts from Annapolis-based Sturn Wagner Lombardo & Co.

The Federal Trade Commission has issued a report that examines more effective ways to protect consumers from fraudulent financial schemes.

The Treasury Department said a new protocol amending the income tax treaty with France has entered into force.

The American Institute of CPAs said it strongly supports recently introduced legislation requiring the comptroller general, who leads the Government Accountability Office, to be a CPA.

The bank that Jackson Hewitt Tax Service uses to process and administer its refund anticipation loans will not be in a position to originate RALs for the 2010 tax season, according to the company.

Accounting firm LarsonAllen is combining with the senior citizen services consultancy Third Age Consulting in the New Year.

Maryland accounting firms DeLeon & Stang, CPAs & Advisors, and Hull & Associates CPAs have merged.