Practice Management

The Net Investment Income Tax, which was included as part of the Affordable Care Act, will be hitting taxpayers and practitioners alike this coming tax season.

If the lame duck session of Congress fails to address the tax extenders, it will fall to incoming House Ways and Means Committee chairman Paul Ryan, R-Wis., to see that they get passed early in the next session of Congress.

A former CPA and tax attorney has been sentenced to 57 months in prison and ordered to pay $2.2 million in restitution to the Internal Revenue Service for stealing the identities of deceased children.

Tax professionals who give advice to marijuana businesses in the states where marijuana is legal should not have to suffer adverse consequences because the businesses are illegal under federal law, recommends a new report from a key advisory council for the Internal Revenue Service.

Highlights of some of our favorite tax-related blogs from the past week.

Rep. Paul Ryan, R-Wis., the former vice presidential nominee, has been selected by members of the House Republican Steering Committee to serve as chair of the powerful House Ways and Means Committee, Congress's main tax-writing committee.

An official from the American Institute of CPAs testified at a Senate hearing Tuesday on the need for Congress to pass legislation giving victims of natural disasters automatic access to permanent and timely tax relief.

Crowe Horwath LLP has issued a year-end tax-planning guide with information on income tax deductions, education planning, investing, retirement and estate planning, and tax rates.

Top 100 Firm McGladrey LLP has signed a definitive agreement to acquire considerably all of the assets of the Oklahoma City-based firm Cole + Reed. The deal is expected to close on December 1.

BDO USA LLP has entered into an agreement to acquire Top 100 Firm UHY Advisor's Texas practice. The deal is expected to close on December 1.