The Latest

The Internal Revenue Service said it has federal income tax refunds totaling $1 billion waiting for an estimated 1 million taxpayers who did not file a federal income tax return for 2011.

The Internal Revenue Service generally has adequate processes in place to prevent inadvertent disclosures of taxpayer information to unauthorized people, but it also understates the number of inadvertent disclosures it makes, according to a new government report.

The leaders of the Senate Finance Committee, chairman Orrin Hatch, R-Utah, and ranking Democrat Ron Wyden, D-Ore., have revived a bipartisan effort to solicit ideas from interested members of the public and other stakeholders on how best to overhaul the tax code to make it simpler, fairer and more efficient.

Last Thursday, the AICPA held their webcast on recent marijuana developments in the United States, Understanding the Impact of Legalized Marijuana on the CPA Profession. The general consensus from the panel of experts indicated that CPA's interested in pursuing business opportunities in the emerging marketplace should show caution and best judgment during this emerging period of business.

The Institute of Internal Auditors plans to launch a Financial Services Audit Center this summer to help internal auditors at financial firms.

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

Financial Accounting Foundation president and CEO Terri Polley sits down with Accounting Today managing editor Tamika Cody to share how the foundation plans to attract more people of color to the profession and why the FAF teamed up with the National Association of Black Accountants.

How should the managing partner or CEO of a firm think and react in order to keep the firm lively and vibrant?

BDO USA has issued its annual list of the top issues it expects to be raised at the annual general meetings of shareholders during the coming year.

The Internal Revenue Service has issued a notice in anticipation of the ABLE tax-free savings accounts that disabled Americans will soon have the ability to set up to cover expenses such as education, housing and transportation.