Practice Management

Potential Republican presidential candidate Fred Thompson has written a letter indicating that he would be willing to support an overhaul of the Tax Code called the FairTax, which could replace the income tax system and all payroll taxes with a non-regressive national retail tax.

The Treasury Department and the Internal Revenue Service have issued notices warning about two kinds of transactions that could arouse their interest: "toggling" grantor trusts and contributions of a successor member interest in a limited liability company.

At least 61 percent of sole proprietor companies are underreporting their net business income, but a small proportion of them account for the bulk of understated taxes, according to a report by the Government Accountability Office.

Accounting firm Friedman, Cohen, Taubman & Co. LLC has hooked up with Engineered Tax Services to provide cost segregation services to clients who own or invest in commercial and residential rental properties.

Just recently, I was reading an online article in the East Bay Business Times, a California business-to-business newspaper, and I noticed a very effective ad for the San Ramon Valley Conference Center. It linked me to www.sanramonvalleyconferencecenter.com, the Web site for the conference site, where I was able to take a virtual tour of the facilities.

Detroit-area accounting firm Maddox Ungar Silberstein PLLC is expanding from its Bingham Farms office and opening an office in Ann Arbor.

Accounting firm Goldstein, Karlewicz & Goldstein has joined AGN International, an association of independent CPA, accounting and consulting firms.

The Internal Revenue Service and the Treasury Department's Office of Tax Policy have released a "priority guidance plan" for 2007-2008, outlining the 303 projects they plan to complete through June 2008.

Board directors and general counsel are spending more time on enterprise risk management as a result of Sarbanes-Oxley compliance, but they would prefer not to, according to a newly released study.

A federal court has permanently barred a Queensbury, N.Y., man, Robert L. Schulz, and his organizations, We the People Congress and We the People Foundation, from promoting a tax scheme that encouraged businesses to stop withholding taxes from their employees' wages.