Practice Management

President Obama has established an interagency Financial Fraud Enforcement Task Force that will work with state and local authorities to investigate and prosecute significant financial crimes.

A bipartisan bill introduced in the Senate and House would reduce the penalties assessed by the IRS on tax shelter investments by small businesses to put them in proportion with the tax benefits received.

The Making Work Pay Credit, a tax credit that was a signature part of President Obama’s economic stimulus package in February, could lead to more than 15.4 million people owing additional taxes, according to a new government report.

Moore Stephens Wurth Frazer and Torbet LLP plans to merge with Frost PLLC at the beginning of next year.

In a move designed to bolster its global transaction tax offerings, Thomson Reuters Tax & Accounting has agreed to acquire San Ramon, Calif.-based Sabrix, a provider of tax transaction software, for an undisclosed amount.

Rainmaking skills are almost as important as technical proficiency. The ability to bring in business is a key skill that many firms need. There are far fewer accounting professionals capable of doing this than one would think. So as new graduates enter the profession, it is absolutely critical to contemplate how to develop these "soft skills," in addition to other accounting skills.

Limited liability companies continue to grow in popularity as a choice of business entity. The combination of limited liability, pass-through tax treatment if partnership treatment is elected, ability of members to be actively involved in the management of the business, and lack of many of the restrictions imposed on S corporations have made it a very attractive form of entity.

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CALIF. ADOPTS 150-HOUR RULE

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