Practice Management

The International Accounting Standards Board and the Accounting Standards Board of Japan announced that they have started talks about a joint project to minimize differences between international financial reporting standards and Japanese accounting standards.

As worldwide legislative and regulatory changes make tax risk planning a top priority, many companies are aligning their tax strategies with their organization's overall enterprise risk profile, according to a survey of corporate tax directors by Ernst & Young.

A Connecticut district judge ruled against the Internal Revenue Service and ordered the agency to refund more than $62 million to a General Electric subsidiary stemming from a transaction that the IRS said was a sham.

Regional accounting firm Rea & Associates has broadened its services with the acquisition of Columbus-based forensic accounting firm Ickert & Co.

The Internal Revenue Service is co-sponsoring a Webcast to help tax practitioners and payroll professionals prepare year-end filings.

Harper & Pearson Co., an auditing and business consulting firm based here, has merged two regional tax-consulting practices under its brand - Cabaniss, Horn & Passmore, and Kathy B. Devine Co.

More than 60 charities, churches and other tax-exempt groups have been contacted by the Internal Revenue Service about alleged improper political activities, the agency disclosed.

The National Association for the Advancement of Colored People is reportedly under investigation by the Internal Revenue Service for violating the terms of its tax-exempt status in a probe that the group's chairman says stems from comments he made that were critical of President Bush.

The Internal Revenue Service warned consumers against bogus claims by promoters that tax debts can be settled for "pennies on the dollar" through the Offer in Compromise Program.

Liberty Tax Service marked a milestone this week as the company officially welcomed its thousandth Liberty franchise entity. In the last two tax seasons, Liberty Tax Service has doubled the number of tax returns prepared in outlets throughout the U.S. and Canada. Less than 50 franchise companies have more than 1,000 franchisees on Entrepreneur magazine's list of top 500 franchise organizations in the world. "This year has been an exhilarating time of record growth in many areas for Liberty Tax. As we hit the mark of 1,000 franchisees in our operating system, we continue our quest and drive to be the No. 1 tax company in the industry," said John Hewitt, chief executive and founder of Liberty Tax Service. For the fourth consecutive year, Accounting Today named Hewitt one of the Top 100 Most Influential People in the tax industry. This year, Entrepreneur magazine ranked Liberty Tax Service as the ninth fastest growing franchise opportunity, one of the top 20 low-investment opportunities, and No. 28 on its overall list of best franchises. In March, Accounting Today magazine ranked Liberty among the fastest growing on its list of the Top 100 Tax & Accounting Firms.