Practice Management

Taxpayers who file their tax returns on paper could face delays of a week or more on their refunds this tax season because of budget cuts, Internal Revenue Service commissioner John Koskinen warned.

The average fee for preparing a tax return, including an itemized Form 1040 with Schedule A and a state tax return, will increase a few dollars to $273 this year, a 4.6 percent increase over the average fee last year, which was $261, according to a survey by the National Society of Accountants.

The evolution of technology has changed the way businesses operate. While this reality has at times led to a more competitive work environment for accountants, it also provides an opportunity for accountants to enhance their role as a trusted advisor and focus on helping their clients grow their business.

The Internal Revenue Service has made some changes to its forms this tax season and introduced some new ones as a result of the Affordable Care Act.

The Tax Court has held that a former special agent in the IRS Criminal Investigation division was liable for additional tax and penalties.

A pair of Democratic lawmakers in the House and Senate have re-introduced legislation aimed at preventing the abuse of offshore tax havens by multinational companies.

Top 100 Firm, CohnReznick LLP, signed a letter of intent to acquire the real estate consulting boutique NOI Strategies. The deal is expected to close Feb. 1, 2015.

The Internal Revenue Service has introduced an International Data Exchange Service that financial institutions and tax authorities in other countries will use to report tax information under the Foreign Account Tax Compliance Act, or FATCA.

Congressman Chris Van Hollen, D-Md., is introducing legislation to provide a “Paycheck Bonus Tax Credit” of $1,000 for every worker, which would be paid for with taxes on financial trading.

Six former members of the University of South Dakota football team have pleaded guilty to participating in a tax refund fraud scheme.