Practice Management

The head of a yachting company became the second UBSclient in the U.S. to plead guilty to tax fraud charges in the midst of aninvestigation into the Swiss bank's tax shelters.

At least one Chicago-area CPA firm has won braggingrights after it received the highest rating possible on an independent peerreview of its financial statement audit and review services.

BDO International, a global network of independent accounting firms, said that its member firm in Hong Kong, BDO McCabe Lo Ltd., has merged with Shu Lun Pan Horwath Hong Kong CPA Ltd.

This year, we not only have to contend with Tax Day on April 15, but also with Tax Freedom Day and Tax Tea Parties this week.

Amended returns are available for taxpayers who forget toclaim extra tax benefits and can bring in extra money later, CCH noted.

New Jersey-based accounting and consulting firm Wiss& Co. merged in New York City-based Freeman & Davis at the beginning ofthe month.

The Treasury Department hopes to convince more recipientsof federal benefits such as Social Security payments to sign up for directdeposit, instead of waiting for the check to arrive.

The Internal Revenue Service paid out $16.3 million in false refunds and 2,071 false stimulus payments totaling $1.2 million last year.

Newly released data indicates that last year the InternalRevenue Service audited only about 15 percent of large financial servicescompanies - those with $250 million or more in assets - compared with 64percent of corporations of similar sizes.

Neither the Internal Revenue Service nor the FederalHighway Administration knows how much money in excise taxes for motor fuel goesuncollected every year, according to a new report.