Practice Management

The Nelson A. Rockefeller Institute of Government issued a report detailing a 13.3 percent average increase in state tax revenues across the country. The report, "State Revenue Growth Continues in Most States," compared revenues from the second quarter of 2005 to the same period in 2004. The growth percentage was the fastest since 1991, when the public policy research arm of the State University of New York began tracking state revenues."The growth in overall collections from final settlements is generally stronger than states had anticipated," said senior policy analyst Nicholas Jenny, in a statement. "It's now getting back into the range of the growth in final settlements states experienced regularly from the mid-1990s through 2001. This favorable 'April surprise' has put many states in a budget surplus position."

Gov. Arnold Schwarzenegger vetoed several bills that would have strengthened the enforcement of business tax laws in California.

Moss Adams LLP announced that it expects to acquire Neff+Ricci LLP of Albuquerque, N.M., in a deal that would take effect Jan. 1.

With the President's Advisory Panel on Federal Tax Reform due to report Nov. 1, we asked industry leaders, many who made Accounting Today's recently released 2005 Top 100 Most Influential People list, to tell us what sort of tax system they would create.

Two proposals for tax reform took definitive shape at the latest meeting of the President's Advisory Panel on Federal Tax Reform. The panel's final report is due Nov. 1.

The Tax Policy Center, a nonpartisan joint venture of the Urban Institute and Brookings Institution, has established a new Web page dedicated to the President's Advisory Panel on Federal Tax Reform, providing a number of links to relevant research and testimony.

The Government Accountability Office said that the Internal Revenue Service should work with federal agencies to make sure companies follow rules prohibiting tax deductions for fines and penalties paid in civil settlements.

The Internal Revenue Service launched a new Web-based information tool that will help private foundations comply with federal tax rules and requirements that occur throughout the lifecycle of their organization.

Gov. Phil Bredesen has told Nashville business leaders that he will not seek a state income tax if re-elected in 2006. Bredesen made the same promise before his first term, but had refused to extend the pledge as he campaigns for a second term.

Robert Redwitz & Co. acquired Coradino, Hickey and Hanson, a San Diego-based accounting firm, in a merger effective Oct. 1.