The Latest

CFOs began the year with improved optimism toward the global and U.S. economies and their businesses, according to a new survey, but most still believe a recovery is over a year away.

The California Society of CPAs recently launched a social networking platform that will enable members to form interest groups and gain greater access to resources.

The Internal Revenue Service’s risk assessment process does not provide a reliable assessment of the risk of the improper payments in the IRS’s revenue funds, according to a new report.

The Internal Revenue Service said Thursday it was expanding its Voluntary Classification Settlement Program to enable more businesses to reclassify their workers as employees, as opposed to independent contractors, for future tax periods, offering them relief from their past payroll tax obligations.

Jill Kovalich has joined Mahoney Sabol & Co. LLP, as director of marketing. Kovalich will direct the strategic and tactical marketing initiatives, public relations, and business development activities for the firm’s three offices located in Glastonbury, Middletown, and Essex, Conn.

Will Rogers has been quoted as saying, “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” Earlier this year, Congress passed the American Taxpayer Relief Act of 2012, which may have prevented us from falling off the fiscal cliff, but further complicated the already complex world of income taxation of estates and trusts.

The Senate has confirmed Jacob Lew as the next Secretary of the Treasury, succeeding Timothy Geithner.

The Internal Revenue Service plans to allow more of the remaining tax forms that have not been available for electronic filing yet this tax season to go through during the first week of March.

The Justice Department has won a tax shelter case involving Dow Chemical, in which the company was accused of creating approximately $1 billion in phony tax deductions in a scheme designed by Goldman Sachs and lawyers at King & Spalding.

Accountants who want to offer wealth management services for clients can benefit from a knowledgeable partner, and that’s what Paul Saganey, president of Integrated Financial Partners, hopes to provide.