Practice Management

IRS BOOSTS TAX AUDITS

IRS FILES OVERWHELM STORAGE SPACE

In speaking with CPAs from across the country, I've diagnosed many cases of marketing paralysis, or inactivity. The symptoms include:

Regional accounting firm Cherry, Bekaert & Holland has acquired Massey + Pittman, giving the firm a larger presence in the Atlanta area and expanding its real estate and construction industry group.

The Internal Revenue Service has given some farmers, fishermen and other agricultural industry taxpayers until March 10 to electronically file the newly revised Form 4136, "Credit for Federal Tax Paid on Fuels."

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In November, we devoted a column to the issues surrounding the new return preparer penalty standards under Internal Revenue Code Sec. 6694 enacted as part of the Small Business and Work Opportunity Act of 2007. Those changes focused on the expansion of coverage of Code Section 6694 to tax returns beyond income tax returns; an increase in the penalties imposed, including penalties based on 50 percent of fees derived from return preparation; and an increase in the disclosure standard required to avoid penalties to more likely than not (greater than 50 percent) from a realistic possibility of prevailing on the merits (greater than one third).

The Congressional Budget Office has issued a report on the deductibility of state and local income taxes, looking at the benefits and drawbacks of the system.

Two accounting firms, Mueller Yuva & Osterman and Larson and Associates, have merged to combine their strengths in auditing, estate planning and other services.

Accounting firm Grant Thornton reported that its 2007 revenues increased 14.4 percent, to $1.075 billion.