Practice Management

McGladrey & Pullen's Jacksonville, Fla., office has been chosen to provide audit services for the Jacksonville Transportation Authority.

Fees and partner income grew at CPA firms last year, but the declining economy is likely to take a toll this year, according to a new survey.

Nearly a third of the income tax returns prepared by volunteer preparers for an IRS program were incorrect, according to a report by the Treasury Department's inspector general.

The Treasury's financial rescue plan includes a tax change that would allow banks to treat Fannie Mae and Freddie Mac preferred stock as ordinary losses.

The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.

After failing to clear a House vote on Monday, the $700 billion rescue plan for Wall Street passed the Senate by a comfortable margin of 74-25 and now awaits a House vote, which could come Friday.

Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.

The Senate voted to reaffirm the Securities and Exchange Commission's authority to suspend mark-to-market accounting as part of its approval of the financial rescue plan, as fair value measurement comes under fire from banking groups.

While the Treasury bailout seems to be heading toward another vote this week, the state of the alternative minimum tax patch and the various tax extenders now seems in doubt.

Oklahoma-based CPA firms Hogan & Slovacek and Tullius Taylor Sartain & Sartain said they would merge, effective Jan. 1, 2009.