Practice Management

The House has again passed an energy tax bill that would increase taxes on major oil and gas producers by $18 billion while providing incentives for renewable energy.

The Internal Revenue Service said it is beginning enforcement actions against more than 100 U.S. taxpayers who have been sheltering their funds from taxes by depositing them in secret bank accounts in the tax haven of Liechtenstein.

The many Boomers partners of firms who are planning to retire or slow down is being viewed as generating firm succession and staffing issues. Similarly, another expressed concern is the declining number of Ph.Ds. in accounting, which hurts the pipeline of incoming accounting graduates to the profession. A partner in a national firm also commented that he was alarmed by the many college professors teaching accounting who don’t have a familiarity with U.S. businesses.

The Internal Revenue Service has introduced an electronic filing system that allows small tax-exempt organizations to file Form 990-N "e-Postcards" to report their annual income.

House Democrats plan to reintroduce a bill this week that would shift tax breaks from oil and gas to renewable energy sources.

Germany has committed to sharing tax evasion information as a widening tax scandal involving its citizens and the tax haven of Liechtenstein spreads to other parts of Europe.

Fox Coaching Associates has launched a business development Web site for accountants, lawyers and service professionals to help attract more clients and generate additional business.

It's no secret that creating a firmwide disaster recovery plan helps ensure business continuity in the face of crisis, but having one in place could ultimately affect your insurance premiums as well.Gary Marchitello, managing partner and property practice leader at New York-based Integro Insurance Brokers, said that disaster recovery plans are not mandatory when negotiating premiums. But presenting one to your insurer can save you between 25 and 50 percent -- particularly if you are located in a catastrophe-prone area.

CHICAGO FIRMS MERGE

A case currently before the U.S. Supreme Court could have huge implications for state tax law when it's decided in late spring.