Practice Management

New information released Wednesday on the holdings of U.S.-based multinational corporations is adding fresh ammunition to the dispute over whether companies should be given a tax holiday on repatriated foreign profits.

The tax plan advanced by Republican presidential candidate Newt Gingrich would have the effect of adding over $1 trillion to the federal deficit in a single year and give the overwhelming share of tax benefits to those at the upper end of the income scale.

House Republicans have passed an extension of the payroll tax cut for another year, but Senate Democrats have vowed to defeat the bill when it comes up for a vote Wednesday.

A new study has cast doubt on claims from legislators and lobbyists that a tax holiday for multinational corporations on their repatriated foreign earnings would spark an economic revival in the U.S.

IMGCAP(1)]Building and running a technology practice inside a CPA firm requires an understanding of the differences in priorities, skill sets, cultures, personalities, and goals of the traditional CPA practice and the professional services technology firm.

A bipartisan group of lawmakers are seeking to make sure an extension of the deduction for state and local sales tax payments is included in the tax extenders package that is expected to come before Congress early next year.

The Internal Revenue Service has provided information to clarify the tax responsibilities of U.S. citizens and dual citizens living abroad in response to concerns from Canadians and expatriates from other countries about penalties that might be levied on their unpaid taxes and undeclared bank accounts.

MayerMeinberg LLP has expanded its Long Island-based firm by merging in Ackerman & Associates LLC in Rockville Centre, N.Y.

KPMG International said Monday that its member firms around the world achieved a total of $22.7 billion for the fiscal year ending Sept. 30, 2011.

Business assurance technology provider ACL Services Ltd. is expanding into the electronic work papers market with the acquisition of Workpapers.com.