Practice Management

The most radical revision of business taxes since 1986 - the American Jobs Creation Act of 2004 - has passed both the House and the Senate by wide margins.

As of this writing, the American Jobs Creation Act of 2004 has just passed Congress and is awaiting President Bush's expected signature. With 580 amendments to the Internal Revenue Code affecting 274 sections, including 34 brand-new sections, there is much for tax practitioners to ponder in this legislation.

UNDER FSC/ETI BILL, SUV WRITE-OFFS WILL GO: When President Bush signs the FSC/ETI bill, the days of small business owners and professionals such as doctors and lawyers expensing luxury SUVs are over.

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.