The Latest

The Tax Court held that the owner of a construction company who paid to sponsor his son’s motocross racing activities could deduct the payments since he was able to show that this helped him bring in business.

In the past few months there has been a significant increase in the frequency of wire transfer scam attacks against accounting firms, according to Rickard Jorgensen, president of Jorgensen & Company, with more than a dozen CPA firms successfully targeted.

The Internal Revenue Service is joining with several national tax and accounting organizations to give taxpayers new options and tips on selecting reputable tax professionals and avoiding unscrupulous preparers.

On Thursday, KPMG LLP announced that it will donate 100,000 new books and – in conjunction with Campbell Soup Company – more than 150,000 cans of soup this holiday season to organizations affiliated with the National Association for the Education of Homeless Children and Youth (NAEHCY), in addition to various food banks and organizations that serve the homeless.

Kashoo announced its move on to the Android operating system with the release of the Kashoo Accounting-Quick Entry app on Android.

The Internal Revenue Service has decreased its oversight of charities in recent years due to budget cuts and political pressure.

The IRS is freezing hiring, stopping most overtime pay and warning that it won’t answer about half the calls it will receive during the upcoming tax-filing season.

Dixon Hughes Goodman, with firm headquarters located in Charlotte, N.C., recently donated $50,000 in support of the American Red Cross "Ready 365" campaign in Western North Carolina, according to GoUpstate.com.

Stephanie Peters, president and CEO of The Virginia Society of Certified Public Accountants, was presented the CEO Award of Excellence by the Virginia Society of Association Executives.

Naming a trust as an IRA beneficiary may offer many benefits. If drafted properly, a trust can protect the account from creditors and reduce the risk that money will be mishandled.