Practice Management

Donor-advised funds have grown steadily over the past several years, in large part as a result of the benefits these funds bestow upon their donors, and the increased marketing of these funds by sponsoring organizations as a way of capturing donations from an expanding upper class. Some of their recent popularity, however, has been for the wrong reasons - a development that has not gone unnoticed by Congress.The Pension Protection Act of 2006 has tried to reign in some perceived abuses. As with most enforcement measures, however, the pendulum can now swing too far the other way and trap some well-meaning donors by surprise. The PPA has several dates that practitioners should watch in advising clients on donor-advised funds: Aug. 17, 2006; Feb. 13, 2007; and Aug. 17, 2007, as well as certain transition dates.

The House Ways & Means Committee will begin marking up a small business tax package today, according to committee chairman Charles Rangel, D-N.Y.

Companies don’t believe broad-based tax reform is coming anytime soon, though they do think that the change of control in Congress will have a significant impact on tax policy, according to a survey conducted by a Washington law firm.

Internal Revenue Service officials announced an initiative aimed at providing relief for rank-and-file employees affected by their companies’ issuance of backdated stock options.The program is designed for employees who may be unaware that they held backdated options -- not for corporate executives or other insiders who exercised backdated options.

A provision in the president's budget proposals could shelter 529 college-savings plans from being counted in determining federal student financial aid.

The woman with the long blonde hair had a radiance as she floated over the ice, a radiance that middle-age has not dimmed.

Andersen & Co. LLP, an accounting firm in California’s North Bay region, has announced plans to merge with Beels, Soper & Frei LLP of Petaluma, Calif.

Sen. Chuck Grassley, R-Iowa, the ranking member of the Senate Finance Committee, has taken National Taxpayer Advocate Nina E. Olson to task over her recent annual report to Congress.

Grant Thornton LLP announced it will take a new approach in serving private equity firms and their portfolio companies.

President Bush’s 2008 budget has tabbed $11.4 billion for the Internal Revenue Service, a direct appropriation increase of 6.3 percent from the agency’s 2007 budget.