Practice Management

Without clients, we wouldn't have a firm - but without employees, we wouldn't have clients.So when it comes to answering the question of whether it is more important to have client or employee loyalty, I would have to answer that employee loyalty and satisfaction is more important.

The Internal Revenue Service needs to do a better job of reviewing the non-cash charitable contributions deductions taxpayers are claiming.

The Internal Revenue Service has posted the 2006 Data Book on its Web site.

With many of its players accruing lengthy rap sheets, charged with felonies ranging from illegal firearms possession to sexual assault, it would be safe to say the National Football League has been battling something of an image problem of late.

The measures to close the tax gap offered by President Bush in his 2008 budget are somewhat modest, according to observers.The president's $2.9 trillion budget contains a number of legislative proposals to close the gap in four areas: by expanding information reporting, improving compliance by businesses, strengthening tax administration and expanding penalties.

Tax prep giant H&R Block Inc. announced that it has opened up shop in the online virtual universe known as Second Life.Second Life is entirely built and owned by its residents, who have created a 3-D world that includes homes, vehicles, nightclubs, stores, landscapes, clothing and games. Last month, the site passed the 4-million-account threshold, though many accounts are not active and some residents have multiple accounts.

Blue & Co. LLC will acquire a 20-person accounting firm based in Columbus, Ohio.Blue’s deal to acquire Sheridan Barton Vasko & Co., which will operate under the Blue & Co. name, is expected to be completed June 1. Financial terms of the merger were not disclosed.

The Internal Revenue Service announced that through March 13, more than 2.6 million taxpayers have electronically filed their returns using the agency’s Free File program. TThough that’s about 4 percent drop from the number of returns filed during the same time last year.

Two northern New York accounting firms recently announced their merger, in a deal effective Jan. 1.

Treasury Secretary Henry Paulson said that U.S. rulemakers should consider adopting "principles-based" regulations and accounting standards in a speech at the Capital Markets Competitiveness Conference.Paulson said that in particular, there should be a focus on three issues in the United States -- the country’s regulatory structure, its accounting industry and its legal and corporate governance environment.