The Internal Revenue Service has awarded roughly $9 million in matching grants to low income taxpayer clinics for the 2008 grant cycle, which runs from Jan. 1, 2008, through Dec. 31, 2008. LITCs are organizations independent from the IRS that provide low-income taxpayers with pro bono or nominal fee representation in federal tax controversies with the IRS. The clinics also provide tax education and outreach for taxpayers who speak English as a second language. IRS Publication 4134, Low-Income Taxpayer Clinic List, provides information on local clinics and contains details about the languages each clinic serves in addition to English. Through the LITC program, the IRS awards matching grants of up to $100,000 a year to qualifying organizations. For the 2008 grant cycle, the IRS awarded LITC grants to 154 organizations representing all 50 states, plus the District of Columbia, Puerto Rico and Guam.
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Top 10 firm CBIZ released a new AI solution, Vertical Vector AI, developed specifically for middle-market businesses.
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The AICPA Peer Review Board wants to update its requirements as more accounting firms get outside funding.
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