The Latest

The Internal Revenue Service is moving into the second phase of its tax preparer regulation initiative by beginning next week to schedule the first competency tests for tax preparers.

More consumers are reporting this holiday season that their finances have deteriorated over the past year.

The Internal Revenue Service earns about $198 million a year in fees from installment agreements and $40 million in fees from tax return transcripts, but the reason for some of the user fees is vague, according to a new report.

President Barack Obama told an audience in New Hampshire on Tuesday that their taxes would go up an average of $1,000 to $1,500 unless the payroll tax cut were extended and expanded as part of his jobs bill.

Financial information provider Sageworks Inc. announced the availability Tuesday of its ProfitCents business intelligence app for iPad, iPhone and iPod Touch devices, giving subscribers access to financial ratios, industry averages and industry-specific key performance indicators and recommendations.

The American Institute of CPAs settled its copyright infringement lawsuit Tuesday with KAPLI Inc., a provider of review course materials, over the company’s alleged use of some of the questions and test items from the AICPA’s Uniform CPA Exam that had not previously been made public.

A long-time employee at Bernard Madoff’s investment firm has pleaded guilty to fraud charges after he was accused of helping fabricate trading records that enabled Madoff to pull off his massive Ponzi scheme.

A pair of New York law firms have commenced shareholder lawsuits against Olympus Corporation after the Japanese camera maker admitted to accounting irregularities.

The International Accounting Standards Board and the International Federation of Accountants agreed Tuesday to strengthen their cooperation on developing accounting standards for both the private and public sectors.

Deloitte released the second edition of a report from the Deloitte Global Center for Corporate Governance, Women in the boardroom: A global perspective, which details the legislative efforts in 17 countries to encourage more women to serve on listed company boards.