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IMGCAP(1)]Accounting firms are among the most vulnerable to Internet threats such as viruses, hacking and malware.

As widely expected, the congressional “supercommittee” charged with coming up with $1.2 trillion in deficit reduction measures said Monday that it was unable to reach an agreement in time for its November 23 deadline.

Bay area accounting and business consulting firm Hancock & Strong LLP has augmented its not-for-profit team by hiring Mark Hancock, an attorney with more than a decade of nonprofit experience as tax director in its exempt organizations practice.

The Internal Revenue Service found that adjusted gross income decreased in 2009 for the second year in a row, as unemployment compensation continued to increase as a source of income.

The Internal Revenue Service sent the majority of claims for the adoption tax credit to auditors this year because they lacked the necessary documentation. However, the agency had options that could have enabled it to reduce the number of costly correspondence audits and issue refunds to parents faster while still maintaining a robust enforcement strategy, according to a new report.

The Internal Revenue Service reminded homeowners Monday that they still have some time left this year to make energy-saving and green energy home improvements and qualify for either of two home energy credits, but at least one of them needs to be placed in service before the end of the year to qualify for this year’s tax return.

President Obama signed into law Monday a bill that provides tax credits for hiring veterans and repeals a 3 percent tax withholding requirement on government contractors.

A senior member of the tax-writing House Ways and Means Committee has introduced legislation to roll back the estate tax rates to pre-Bush tax cut levels.

The Public Company Accounting Oversight Board has entered into an agreement with the Financial Supervisory Commission of Taiwan to cooperate on oversight of auditors who practice in either the U.S. or Taiwan.

Optimism about the economy has plummeted on all fronts in the U.S. and Europe by more than twice the amount in previous quarters, diving to its lowest level in over a year, according to a new survey.