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More than half of all professional liability claims against accountants are tax-related, according to insurance industry executives. As accountants plunge ahead into their busy season, they should take note of their increasing exposure.Although audit malpractice claims are the highest in terms of severity, the most frequent claims are those for tax services, said Joe Wolfe, assistant vice president for risk control at CNA, in an interview last fall. CNA is the underwriter for the American Institute of CPAs' professional liability insurance program.
February 13 -
The Sage Group will enter the credit card and check payment-processing field with the $323 million acquisition of Verus Financial Management Inc. from Financial Technology Ventures.Located in Nashville, Tenn., Verus specializes in payment processing for small and midsized businesses, with a customer base of 100,000-plus merchants in the United States. The all-cash deal will be completed within the next month, subject to regulatory approvals.
February 13 -
TimePlus Payroll Inc., a provider of payroll, tax filing and benefit services, announced the acquisition of Los Angeles-based Payroll Perfect Inc.
February 13 -
The Roth 401(k) contribution option, even with almost five years of advance warning, is taking a while to catch on.Reports are that fewer than 20 percent of eligible 401(k) plans now have them, with the rest sticking with tried-and-true pre-tax deferral contributions. If field data is accurate, however, this tepid reception is about to change. When employers, especially those also wearing the hat of the highly paid employee, begin to run the numbers, Roth 401(k) accounts are looking very attractive. This view is especially true following the recent release of favorable final regulations on Roth 401(k) contributions.
February 13 -
The Internal Revenue Service issued the 2006 "Dirty Dozen" -- the annual round-up of some of the most notorious tax scams.
February 10 -
Steve Samek, a 30-year veteran of the accounting profession, recently took over the helm of UHY Advisors Inc. after six months of consulting work for the accounting firm consolidator.
February 10 -
The Internal Revenue Service announced new steps to improve the Questionable Refund Program and reduce the number of taxpayers subject to frozen refunds.
February 8 -
Neuman, Ranft & Co. LLC will merge its practice into Denver-area CPA firm The Seff Group PC.
February 8 -
Citing rising costs in Medicaid and education which in turn led to higher spending levels and ultimately higher taxes, state taxpayer burdens rose more than 40 percent between 1994 and 2004.
February 8 -
The Internal Revenue Service requested a budget of $10.6 billion for the 2007 fiscal year, an increase of 1.4 percent from the current year's budget.
February 7