Practice Management

CCH, a Wolters Kluwer business, announced that its acquisition of the assets of ATX/Kleinrock has been completed.

The Government Accountability Office is urging the Internal Revenue Service to require more comprehensive reporting of data relating to donor-advised funds, in an effort to address tax compliance challenges.In its report, the GAO outlined a series of steps for the IRS in data collection regarding tax-exempt donor-advised funds including suggesting that the Service collect Form 990 data for, and provide guidance on calculating payout rates for donor-advised funds and supporting organizations, as well as urging Congress to provide the IRS with the authority to protect taxpayer identification numbers from public disclosure. The GAO also recommended that the IRS require more thorough reporting of supporting organizations' ID numbers of and report the TINs of recipients of large loans.In contrast to private foundations, donor-advised funds and supporting organizations give donors less control over how donations will be used, but provide more favorable tax deductions, lower administration costs, less oversight from the IRS and fewer reporting requirements.

Like most everyone else, Congress will return from its summer vacation in the coming week.

When I was child and invited to a birthday party, I almost always left with a bag of goodies, usually candy, maybe a lollipop, some chocolate bars, sour balls, and probably a piece of licorice.

The Platt Consulting Group, operated by principals Michael and Kelly Platt, founders of online news portal AccountingWeb, have acquired monthly newsletter Inside Public Accounting from Atlanta-based publisher Hudson Sawyer.Terms were not disclosed.

In consideration of the continuing impact of Hurricane Katrina, the Internal Revenue Service has further postponed filing and payment requirements for businesses until Oct. 16, 2006, which is the same deadline established earlier for certain individual income tax return filers.The postponement now applies to individual, corporation, partnership, estate, trust, S corporation, generation-skipping, employment and certain excise tax returns with original or extended due dates that fall on or after Aug. 29, 2005, but before Oct. 16, 2006.

Larry R. Levitan, a longtime partner at Andersen Consulting and the inaugural chairman of the Internal Revenue Service's Oversight Board, died at his home here after a battle with cancer. He was 65.After his graduation from college, Levitan spent the ensuing 34 years with Andersen Consulting and consulted on telecommunications and utilities issues.

The Internal Revenue Service announced that a draft of Form 8888, "Direct Deposit of Refund," a new form for taxpayers who opt to split their refunds among accounts, is now available for public comment.

By now, readers of this space are well aware of my skepticism about the efficiency of any program that is government-run. No matter how well-intentioned, they never turn out quite the way they're presented to those charged with initial approval.

The Taxpayer Advocacy Panel has sent the Internal Revenue Service recommendations for easing taxpayer burdens in five areas.