Practice Management

The Internal Revenue Service plans to hold the second in a series of public meetings next Wednesday to get feedback on its plans to create a “real-time tax system” that would be able to catch incorrectly reported tax return information at the time it is filed.

Republican Presidential candidate Rick Santorum’s tax plan would reduce federal tax revenues substantially, according to a preliminary analysis by the Tax Policy Center.

Veris Consulting Inc. has expanded its forensic accounting and litigation support practice to Jacksonville, Fla., adding Edward Buttner, a CPA with over 30 years of experience.

HintonBurdick CPAs & Advisors is merging in a sole proprietor’s practice, Gardner Tax and Accounting, in St. George, Utah.

Rep. Sander Levin, D-Mich., the ranking Democrat on the tax-writing House Ways and Means Committee, said Wednesday he would re-introduce legislation later this year to end the tax break on carried interest income.

A White House-appointed group of business, academic and labor leaders recommended corporate tax reforms and other measures to increase jobs and improve the economy.

Republican Presidential candidate Mitt Romney reversed course and, under pressure from rival candidates, said that he would release his tax returns, probably around April 15.

The Internal Revenue Service’s newest version of the Offshore Voluntary Disclosure Program is designed to give some reassurance to taxpayers who have been hesitating to come forward and disclose their foreign bank accounts, but the increasing complexities of U.S. tax law are leading more people to renounce their citizenship.

The American Institute of CPAs has partnered with the Fox Financial Planning Network, a financial services consulting firm in San Diego, to help CPAs add financial planning to their practices.

While the Internal Revenue Service is making gains in its processing capabilities due to increased electronic filing, the agency still needs to offer taxpayers more self-service tools, according to a new report.