Practice Management

The Internal Revenue Service has unveiled a new tool to help tax professionals determine whether their clients are eligible for the earned income tax credit.

As part of efforts to ensure the accuracy of Social Security numbers on wage statements, the Internal Revenue Service should consider revising its rules for waiving the penalties associated with filing statements with inaccurate numbers, the Government Accountability Office said this week.

In an effort to strengthen its wealth management practice, Wachovia Corp., the nation's fifth-largest bank, agreed to acquire wealth advisory firm Tanager Financial Services Inc.

As expected, President Bush signed into law the Working Families Tax Relief Act of 2004 on Monday, extending a number of tax breaks for families and businesses and marking his fourth tax cut in four years.

Metro New York area accounting software consulting firms Solution Strategists Inc. and Eagle Consulting Group have merged to form Solution Strategists LLC.

Regional audit and tax-consulting firm Holtz Rubenstein & Co. LLP and New York-based Reminick, Aarons & Co. have merged their practices, effective Oct. 1.

A new revenue ruling will shut down an abusive employment tax arrangement involving double employer reimbursements for an employee's parking expenses.

In a move aimed at reducing the paperwork burden for small businesses, the Internal Revenue Service said it would boost the number of small businesses eligible to file a simplified expense form.

Republican and Democratic lawmakers in a conference this week agreed to extend $145 billion worth of President Bush's tax cuts.

Legislation that extends soon-to-expire provisions of last year's tax cuts for families -- at a cost of about $146 billion over a 10-year period -- easily sailed through Congress late yesterday.