The Latest

A memo issued by the Internal Revenue Service’s Office of Chief Counsel could possibly eliminate a tax-saving strategy used by some investors with brokerage accounts.Wrap accounts charge a flat percentage fee instead of a commission, and for tax purposes, the annual fees that investors pay are often treated as miscellaneous itemized deductions. But under a provision, some taxpayers can instead opt to add the fees to the cost basis of the securities, which could reduce potential capital-gains taxes (or enhance potential losses).

The Illinois CPA Society recently released the results of its fifth annual “Accounting Women: 2007 Survey on the Role of Women in CPA Firms.”The survey found only slight shifts in hiring and retention patterns from the results of prior years -- again concluding that women are still underrepresented in key leadership positions.

The Free File Alliance has sent a letter to the Senate Finance Committee, expressing concerns about a proposed government-funded Web portal that the alliance says is aimed at eventually providing tax preparation and e-filing services.

The supplemental budget legislation signed into law on May 25 did more than just give the green light to funding for the ongoing war effort in the Middle East.

James Rasheed’s new play, “Professional Skepticism,” will make its off-Broadway debut in late June.

According to the third annual study of current issues for the internal audit profession conducted by PricewaterhouseCoopers, a number of divergent and conflicting trends related to risk assessment are a concern among internal audit executives.

Ah, the acronyms. I'll miss them most. I hope that I’ll always retain their hidden meanings -- precious little capsules of my nearly two years spent at the helm of WebCPA.This is the end of the line for me. I’m leaving for a foray into the academic world, hopefully on my way into the corporate communications world.

The Association of Government Accountants recently hosted a dinner and awards ceremony to honor 11 federal agencies that have been awarded the 2007 Certificate of Excellence in Accountability Reporting -- the highest number awarded since the program began.

Two bills circulating on Capitol Hill are looking at different ways to generate tax revenue from the Internet.

A U.S. appeals court has upheld the criminal convictions of Adelphia Communications Corp. founder John Rigas and his son Timothy, on charges of concealing loans and stealing millions from the cable operator.The court did dismiss one count of bank fraud, but gave its assent to the remainder of the 17 fraud, securities fraud and conspiracy charges against the pair, who were originally convicted in July 2004 and sentenced to serve 15 years and 20 years, respectively. The men have remained free while pursing their appeals, and the appeals court said that they can now be resentenced, minus the single charge.