Practice Management

The Internal Revenue Service has issued the optional standard mileage rates for calculating the deductible costs next year of operating an automobile for various purposes.

Presidential candidate Fred Thompson issued a tax plan that would give taxpayers the option of choosing a simplified flat tax.

AccountantsWorld has teamed up with ExpertPlan to help accountants provide retirement-planning services to clients.

CPA firm Habif, Arogeti & Wynne has acquired another Atlanta-based accounting firm, Miller Ray Houser & Stewart, in a multimillion-dollar deal.

WebCPA presents a free online session discussing various facets of philanthropy and its potential benefits for accountants.

It began in college, continued in law school, and still exists today, my fascination with court and disciplinary opinions that provide an inside view of something the involved parties would rather had never come to light. The most recent one is a PCAOB disciplinary order involving an accountant who worked for KPMG.

IRS EASES LATE S CORP ELECTIONS

There is a distinct correlation between a firm’s profitability and the degree to which its partners think and act strategically.During the course of my consulting, I have identified nine key non-financial elements that drive high-performing professional firms. They help explain why some firms are more profitable than others, and why the high-performing firms constantly beat the competition.

While the word is that defined-benefit plans are no longer in favor, they can still provide a tax savings for the right client.“A lot of the press would lead you to believe that defined-benefit plans are on the way out,” said Karen Shapiro, chief executive of Dedicated DB, a San Mateo, Calif.-based provider of such plans. “But for some small-business owners, it’s a terrific tax strategy.”

In a special area on its Web site (in a Q&A on home foreclosure and debt cancellation), the Internal Revenue Service advised, “Insolvency can be fairly complex to determine and the assistance of a tax professional is recommended.”Also, in recognition of the important role that the “insolvency exception” plays in excluding a beleaguered homeowner’s forgiveness-of-indebtedness income, the site further advised, “Consider the tax consequences before foreclosure.” This article explores what planning can be done to maximize the use of the insolvency exception to reduce or eliminate forgiveness-of-indebtedness income for the individual caught in the current mortgage financing or similar credit squeeze.