Practice Management

Three accounting firms based in Jackson, Miss., are combining with CPA firm BKD LLP.

With the current estate tax regime set to expire in 2010, it’s time to consider what comes next, say the nation’s tax experts.With that sunset date fast approaching, the Tax Division of the American Institute of CPAs has taken its comprehensive reform proposal and boiled it down to a top-seven priority list of suggested reforms that it urged Congress to pass prior to the expiration date.

IRS HAS $1.2B IN UNCLAIMED TAX REFUNDS FOR 2004Washington, D.C. — The Internal Revenue Service said that it had approximately $1.2 billion in unclaimed refunds waiting for 1.3 million people who did not file federal income tax returns for 2004, but they needed to file by April 15, 2008, to claim the money.

The Treasury Department said it has sent out 7.708 million economic stimulus payments, or tax rebates, in the first week, totaling $7.091 billion.

Amazon.com has sued New York State over a new law that requires Internet businesses that receive referrals from other Web sites in the state to begin taxing purchases by New York customers.

2008 was to be the year that companies and their tax advisors worked to get their nonqualified deferred-compensation plans in order to comply with the new requirements under Code Section 409A and the regulations thereunder. Recent positions from the Internal Revenue Service are, however, expanding the focus of compensation concerns for 2008 beyond deferred compensation to include deductions for current performance-based compensation.BACKGROUND

The Internal Revenue Service is making progress on devising a strategy to narrow the tax gap, but significant challenges remain, according to a new report by the Treasury Department's inspector general.

Lynn A. Chiavaro coached one of the first college girls' basketball teams three decades ago and was inducted into the Hall of Fame for her accomplishments in the sport.

The House Ways and Means Subcommittee on Select Revenue Measures held a hearing to discuss tax incentives for post-secondary education.

The Securities and Exchange Commission has filed enforcement actions against global advertising network McCann-Erickson Worldwide, its parent company Interpublic Group of Companies, and two of its former executives, charging them with accounting fraud.