Practice Management

The Internal Revenue Service said that the amounts paid for certain diagnostic procedures and devices, such as an annual physical examination, a full-body electronic scan and a pregnancy test kit, qualify as deductible medical care expenses if they are not otherwise compensated.

For tax year 2007, the Internal Revenue Service has implemented a new policy that assumes an e-mail substitute form submission has been approved if the IRS does not otherwise notify the taxpayer who submits it within 20 business days.

The U.S. Senate has passed a version of the energy bill after removing a controversial tax increase on major oil and gas producers from the version approved by the House.

The House passed a new version of its patch for the alternative minimum tax that eliminates a controversial provision to raise taxes on the carried interest earnings of managers of private equity firms and hedge funds.

The Internal Revenue Service said that payments under the Department of Veterans Affairs' Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds.

The Internal Revenue Service and the Treasury Department are evaluating the single-rate business tax recently adopted by Mexico to determine whether it can be credited under the terms of a treaty aimed at avoiding double taxation.

Accountants already face plenty of compliance requirements when it comes to issues like accounting and auditing standards, the Tax Code and Sarbanes-Oxley, so the last thing they need to worry about is being connected to money laundering and terrorist financing investigations, but those problems are exactly what the government is urging them to keep in mind.

CPA firm Argy, Wiltse & Robinson has acquired Spear Safer CPAs & Advisors, allowing the Virginia-based firm to expand further in South Florida.

The Senate and House have passed a bill that will provide tax relief to the victims of the Virginia Tech University shootings and their families.

As increasing client demand for tax services often exceeds a firm's manpower and resources, many firms are turning to outsourcing services and solutions to save time and expenses while increasing profitability. Listen to how one firm did it during an online session on Tax Prep Outsourcing.