Practice Management

My first experience with the minimum wage was in 1972 as a movie usher for the old Century Theater chain on Long Island.

The Internal Revenue Service has released a fact sheet explaining the 2006 alternative motor vehicle credit allowed for 44 automobiles certified as eligible.

On a voice vote, the Senate Finance Committee approved a bill that would curb one element -- deferred compensation -- of the sometimes exorbitant pay packages awarded to corporate executives.The committee agreed to change rules that allow some executives to collect millions of dollars in tax-deferred accounts. According to congressional estimates, limiting that perk would raise upwards of $800 million over the next decade.

RSM McGladrey’s Florida growth strategy took another step forward this month, as the firm announced that it has signed a letter of intent to acquire Tedder, James, Worden & Associates.

So, what makes a top-notch advisor? It looks as though MainStay Investments may have given us the answer.

Two firms in Kansas City, Mo., have announced a merger.TMPitman & Associates LLC bought Glen Burrington & Co. at the close of 2006 for an undisclosed amount, according to local newspapers. The deal closed on Dec. 29 and will give public accounting firm TMPitman its second location in the area.

When it comes to the foreign earned income exclusion, a federal appeals court has upheld a ruling that Antarctica does not qualify as a foreign country.The Seventh Circuit court affirmed a U.S. Tax Court decision that the 2001 earnings of a U.S. citizen living in Ross Island, Antarctica, are subject to federal taxes.

The Internal Revenue Service announced that both its e-file and Free File programs are now accepting taxpayer returns.The agency is continuing its push to have taxpayers elect to file their returns electronically, boasting that users who e-file and choose direct deposit can receive their refund in half the normal time. All return information in protected through encryption and taxpayers will receive acknowledgement within 48 hours that the IRS has accepted the return.

The U.S. Tax Court will now require the Internal Revenue Service to file an answer in all small tax cases.The amendments to the court’s rules will apply to all petitions filed after March 13. Small tax cases are currently defined as cases where the amount of deficiency does not exceed $50,000.

Last week, it was again time for National Taxpayer Advocate Nina Olson to roll out yet another congressionally-mandated report detailing 20 of the biggest problems facing taxpayers.What’s impressive is that, for yet another year, her beefs were so fresh.