Practice Management

The Internal Revenue Service has released Notice 2008-82, which protects reservists from losing funds in their health Flexible Spending Arrangement accounts after being called to active duty.

The Treasury Department said it has opened its Temporary Guarantee Program for Money Market Funds, whereupon the Treasury will guarantee the share price of any publicly offered eligible money market mutual fund – both retail and institutional – that applies, and pays a fee, to participate in the program.

Senate leaders were expected to vote Wednesday evening on their version of the $700 billion financial bailout package after compromising on a series of tax breaks and increasing the limit on insured bank deposits.

A majority of tax and financial executives favor the research and development tax credit simplification proposed by the Senate, according to a survey by Grant Thornton.

In a massive setback for the Bush administration and the Treasury Department, House lawmakers defeated the mammoth $700 billion bailout plan for Wall Street, sending stocks spiraling and leaders on both sides of the aisle vowing to resurrect the package as soon as possible.

WebsterRogers said it is merging in another South Carolina accounting firm, Bryan, Truesdale, Adkins & Williams.

The Internal Revenue Service plans to issue guidance on technical terminations of a publicly traded partnership resulting in multiple short tax years within one calendar year.

The issuance of the so-called Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department proves conclusively to me that many of the powers that be need to gain a better understanding of transparency. It isn’t what’s in the massive document that tells me this, but it is what is specifically left out of both the document and the press release announcing the report’s approval.

The House has passed a bill that includes extensions of various expiring tax credits and deductions, including the R&D tax credit and incentives for renewable energy, along with a provision equalizing the penalty standards for tax preparers and taxpayers, but its fate remains uncertain as it faces the threat of a veto.

iPro One said it has acquired a minority ownership interest in Tegra Financial Partners, an affiliate of the Georgia accounting firm Habif, Arogeti & Wynne.