Practice Management

The Internal Revenue Service has issued correction procedures for employers who have paid benefits in excess of $130 per month in 2015 and wish to make corrections on their fourth quarter Form 941 in response to recent legislation.

Panalitix, an Australian developer of software tools for public accountants, has acquired 2020 Group USA, a membership and educational group for accounting firms founded by CPA consultant Chris Frederiksen.

Democratic presidential candidate Hillary Clinton on Monday tweaked opponent Bernie Sanders for not yet releasing his tax proposals, adding yet another issue to her list of policy complaints about the Vermont senator who is rapidly gaining on her in many polls.

Hillary Clinton is calling for a 4 percent tax surcharge on Americans making more than $5 million annually, a move that would lead to the highest top U.S. income tax rate in 30 years.

Rep. Tom Reed, R-N.Y., has proposed to require nonprofit colleges and universities to dedicate 25 percent of their annual endowment income to financial aid. If they don’t, they could lose their tax-exempt status.

The European Union ordered Belgium to recover about 700 million euros ($762 million) in illegal tax breaks given to at least 35 companies, including Anheuser-Busch InBev NVand BP Plc, as regulators continued a crackdown on overly generous tax schemes throughout the 28-nation bloc.

Sassetti LLC has merged in Brennan & Brosnan LLC in Naperville, Ill., effective Jan. 1, 2016, expanding Sassetti’s accounting, auditing and tax practice in the suburbs of Chicago.

UHY Advisors has merged in MohnAllen P.C., doubling the firm’s size in the Maryland area.

Former billionaire entrepreneur Samuel Wyly told a federal judge that he filed for bankruptcy to avoid burdening his children with a $2 billion claim by the Internal Revenue Service.

Few words strike as much fear into people’s hearts as “IRS audit.” How can you nursemaid clients through the terror of an audit notice?