Practice Management

Small businesses added 44,000 jobs in the United States in August, according to a new report, but large companies shed 6,000 jobs last month, bringing the total number of new jobs to 38,000.

The House Ways and Means Committee held hearings on proposals to raise taxes on managers of private equity firms and hedge funds, and to combat the expanding impact of the alternative minimum tax, as well as listening to testimony about the impact of the Bush tax cuts.

Thomson Corp. said it would acquire the Deloitte Tax LLP Property Tax Services business for an undisclosed sum.

CPA firms saw big gains in both income and fees last year, thanks to the demand for Sarbanes-Oxley compliance services, according to a newly released survey.

Relatively few taxpayers are making use of the Advanced Earned Income Tax Credit, but many of those who do receive the AEITC do not comply with the requirements of the program, according to a government report.

President Bush made several proposals late last week to relieve homeowners from the burden of the imploding mortgage market, just in time to grab Congress's attention as it returns this week from summer recess.

The federal government is itself a tax delinquent, owing approximately $45 million in employment taxes, according to a report from a Treasury Department watchdog.

House Ways and Means Committee Chairman Charles Rangel, D-N.Y., plans to hold a hearing on fairness and equity in the Tax Code.

It’s nice to see that CPAs and their firms are doing very well. According to the just-released 2007 Rosenberg MAP Survey, firms with net fees over $2 million enjoyed annual net fee growth of 11.4 percent in 2006, compared to 9.7 percent in 2005. The average income for partners in these firms, according to the survey, is $350,000.

Two high-ranking senators are calling for the Government Accountability Office to investigate the growing problem of tax fraud related to identity theft and how it contributes to the tax gap.