The Latest

The Internal Revenue Service received a double barrel of criticism from Treasury Department watchdogs for not validating the amount of savings it claimed it would generate from various taxpayer service projects, and for laxness in security.

Two accounting students have launched a used books site to combat the rising prices of textbooks.

Fed up with his high semiannual property tax bills, landlord Cary Malchow lugged $12,656.07 in $1 bills and coins to the Delaware County, Ind., treasurer's office to watch employees there count it out.

Potential Republican presidential candidate Fred Thompson has written a letter indicating that he would be willing to support an overhaul of the Tax Code called the FairTax, which could replace the income tax system and all payroll taxes with a non-regressive national retail tax.

Albridge Solutions has added mutual fund and exchange-traded fund research to its Albridge Wealth Reporting software.

Can Intuit bring CPAs back to the technology game?

BDO Seidman was ordered to pay $170 million in compensation and $350 million in punitive damages by a Florida jury that blamed the accounting firm for negligence in failing to uncover fraud in its audits of a financial services company.

The Treasury Department and the Internal Revenue Service have issued notices warning about two kinds of transactions that could arouse their interest: "toggling" grantor trusts and contributions of a successor member interest in a limited liability company.

At least 61 percent of sole proprietor companies are underreporting their net business income, but a small proportion of them account for the bulk of understated taxes, according to a report by the Government Accountability Office.

Grant Thornton said that its Business Optimism Index has hit an all-time low, the lowest point since the accounting firm introduced the semiannual confidence measure in May 2002.