Practice Management

Wolters Kluwer Tax, Accounting & Legal announced that is has acquired the assets of Best Case Solutions Inc.

It was just two months ago that Internal Revenue Service Commissioner Mark W. Everson touted his agency's enforcement results for the 2005 fiscal year.

Corporate tax payments hitting an all-time high last month helped offset record federal spending.

The Internal Revenue Service sent out 17.7 million 1040 tax packages during the first of January to taxpayers who have previously filed paper returns. The number of paper tax booklets being mailed to Americans continues to decline as more people opt for electronic filing.

LarsonAllen strengthened its commitment to the East Coast with a Philadelphia-area merger that will see it acquire 50-year-old firm Ostroff, Fair & Co. PC.

Wiss & Co. announced that it has merged in the operations of Warren, N.J.-based accounting firm Casey, Townsend & Killian LLP, a specialist in the construction industry, as of Jan. 1. Terms of the deal where not disclosed.

Today's accounting profession is challenged by the classic high demand/low supply of experienced professionals. In this competitive arena, CPA firms should arm themselves with the following arsenal of 10 ways to recruit and retain qualified accountants:1. Have a well-planned "First Year" program, encompassing an extensive orientation and mentoring policy to build good will between management and new accountants while building better professionals.

TAX OVERHAUL MAY BE ANOTHER YEAR AWAY: Reports from inside the White House are that President Bush's administration may wait until 2007 to begin pushing a proposal to overhaul the tax code.A proposal was originally planned as a key part of President Bush's second-term agenda, but Republican sources have said that any push would have problems gaining traction in a mid-term election cycle. The Treasury is currently reviewing the recommendations issued by the President's Advisory Panel for Tax Reform before submitting a plan to the president.

As the Internal Revenue Service moves towards its goal of 80 percent e-filing for individuals, it is placing more emphasis on the e-filing of corporate returns.In 2005, over 200,000 corporations voluntarily e-filed, and beginning in 2006, many corporations will be required to file electronically. Recently issued regulations require corporations with assets of $50 million or more that file over 250 returns each year to file Forms 1120 and 1120S electronically, starting with tax periods ending on or after Dec. 31, 2005.

The start of a New Year is a traditional time to take stock of the events of the past year to better prepare for what's coming. Taking inventory as it relates to tax law can produce many dividends.2005 proved to be no exception in getting prepared for 2006. Looking forward to 2006, here is a "Top 10" list of 2005 tax events that will have an impact on what will happen to many taxpayers in 2006.