Practice Management

Wolters Kluwer Tax and Accounting has acquired CI Consultancy Limited, an Irish developer of operational risk control systems for financial institutions and corporations.

A study of both presidential candidates' tax plans finds that they will both reduce millions of taxpayers' liability to zero.

The Internal Revenue Service intends to auction the Web site and domain name of DoctorTalk.com, an e-commerce site the IRS seized that provides vitamin products for sale.

DHL Express and Procter & Gamble have both filed suit against the Internal Revenue Service in recent weeks demanding the agency return money they claim is owed to them.

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke faced mounting criticism on Capitol Hill as they tried to explain their newly hatched bailout plan to a skeptical Senate Banking Committee.

Testifying before the Senate Committee on Banking, Housing and Urban Affairs about the financial industry bailout package, Federal Reserve Chairman Ben Bernanke defended fair value accounting, but recommended that banks should be able to sell their assets at the "hold-to-maturity" value to the federal government.

The Rehmann Group plans to merge with MSW Group to create Michigan's second largest wealth management and consulting firm.

The Treasury Department has expanded its financial bailout program to $700 billion in an effort to relieve banks and other financial institutions of their troubled mortgage assets.

In the world of executive compensation, Internal Revenue Code Section 162(m) limits the deduction that a publicly held corporation can claim in any tax year for compensation paid a top executive to $1 million, with several exceptions. Two recent Internal Revenue Service rulings explored these exceptions.In Rev. Rul. 2008-13, the IRS reversed its position regarding the availability of the performance-based exception from the million-dollar cap if payment may be made in the event of involuntary termination, even if the performance standards discussed below are met. Rev. Rul. 2008-32 deals with whether a director can be an outside director for Sec. 162(m) purposes after briefly serving as an interim chief executive.

IRS WARNS ON DONOR-ADVISED FUNDSWashington, D.C. - The Internal Revenue Service has issued a guide sheet for organizations that maintain donor-advised funds to help safeguard against abuses. The guide sheet includes a series of questions to establish whether an organization qualifies as a sponsoring organization.