The Latest

The Internal Revenue Service today issued new guidance Thursday allowing the continued use of flexible spending arrangement and health reimbursement arrangement debit cards for the purchase of prescribed over-the-counter medicines and drugs.

Personal exemptions and standard deductions will rise and tax brackets will widen due to inflation in 2011, the Internal Revenue Service said Thursday.

Following last week’s tax law changes, the Internal Revenue Service announced Thursday the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns.

The Internal Revenue Service’s information security program is not fully effective, according to a new government report, even though it generally complies with the Federal Information Security Management Act.

Leslie F. Seidman, who has been acting chair of the Financial Accounting Standards Board, since the abrupt departure of her predecessor Robert Herz, has been given the permanent chairmanship post.

The Internal Revenue Service said a one-year grace period for enforcing new security, privacy and business standards for online tax processors will be ending next week.

The Securities and Exchange Commission has begun cracking down on Chinese companies that go public on the U.S. markets by doing a “reverse takeover” of a U.S. shell company.

Illinois CPA firm Stiles, Carter & Associates, P.S.C. has become a new member of Firm Foundation, a division of RSM McGladrey that provides access to an alliance of like-sized firms and a broad range of technical expertise and practice management resources.

BNA Software has released a new version of its income tax-planning application to help the clients of accountants and tax practitioners plan around the changes in the tax cut extension law.

The Securities and Exchange Commission has proposed a permanent rule requiring municipal advisors to register with the agency.