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Thomson Reuters released the latest Onesource Indirect Tax report on changes to state and local sales and use tax codes for the first quarter of 2011. According to the report, 83.3 percent of the changes are increases and new taxes and most are at the city and county level. They are likely a response to cut-backs in federal and state funding.

Lee Farkas, former chairman of Taylor, Bean & Whitaker Mortgage Corp., was found guilty of 14 counts of securities, bank and wire fraud and conspiracy to commit fraud for masterminding a scheme that prosecutors said cheated investors and the government out of $3 billion and led to the 2009 collapse of his company and Colonial Bank.

IMGCAP(1)]Cloud computing is drawing tremendous interest as a game-changing technology that can deliver lower cost of ownership, higher return on investment and increased efficiency.

Professional training organization National Association of Certified Valuation Analysts has partnered with the American Institute for Expert Witness Education to offer AIEWE courses through its training affiliate, the Consultants’ Training Institute.

Cloud-based document storage and sharing service SmartVault announced it has officially joined The CloudSolutions Alliance, the CPA-focused group formed in 2010 by Fujitsu and cloud-based sales tax automation service provider SpeedTax, with the goal of educating and gaining further access to firms who would be most interested in their services.

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An Arizona State University junior won the PricewaterhouseCoopers Best Elevator Pitch Contest and a $5,000 prize.

One of the added chores of preparing tax returns is dealing with clients who receive notices from the IRS. Typically, the IRS issues several million notices a year, commonly because information on a return doesn’t match information reported to the IRS on a Form 1099.

The Virginia Society of Certified Public Accountants announced the winners of its 2011 Award of Achievement for academic excellence in accounting studies.

Less than half of affluent parents (49 percent) in a nationwide poll felt it was important to leave a financial inheritance to the next generation, according to the U.S. Trust Insights on Wealth and Worth Survey.