WebCPA Breaking News Roundup

IRS Narrows Tax Gap

The Internal Revenue Service is managing to make some progress on devising a strategy to narrow the tax gap, but significant challenges remain, says a new report by the Treasury Department Inspector General for Tax Administration. TIGTA said the current IRS strategy is more comprehensive and detailed than previous efforts, but still depends on several risk factors beyond the IRS's control, including additional funding for extra compliance resources, the enactment of legislative changes, successful implementation of information technology enhancements and the IRS's ability to manage other risks.

Interpublic Settles with SEC for $12M for Accounting Fraud

Global advertising network McCann-Erickson Worldwide, its parent Interpublic Group of Companies, and two of its former executives have been charged with accounting fraud by the Securities and Exchange Commission. Without admitting or denying the allegations, IPC and McCann agreed to pay the SEC $12 million to settle the charges. The SEC complaint alleges that McCann, which owns hundreds of regional and local advertising agencies around the world, fraudulently misstated its financial results by failing to expense intercompany charges that were instead recorded as receivables.

Orrtax's New Name: IntelliTax

Orrtax Software Solutions has changed its name to IntelliTax to emphasize its current software line.
The new name reflects the company's professional tax preparer software products: IntelliTax Individual, IntelliTax Business and IntelliTax FastFile. In conjunction with the name change, IntelliTax has also revamped its Web site.

House Hears About Education Tax Incentives

The House Ways and Means Subcommittee on Select Revenue Measures held a hearing to discuss tax incentives for post-secondary education. The variety of different educational tax credits has been producing confusion among parents and students about which are the right incentives to choose and avoid violating rules that prevent double dipping.

U.S., New Zealand to Negotiate Amended Tax Treaty

The Treasury Department announced that the United States and New Zealand plan to begin negotiation of a protocol to amend the bilateral income tax treaty, which went into effect in 1983. The first round of negotiation is scheduled to take place in Washington in June.

IRS Offers Guidance on Reportable Transaction Lists

The IRS has issued Revenue Procedure 2008-20, providing guidance relating to the obligation of material advisors to prepare and maintain lists with respect to reportable transactions under Section 6112. It provides that material advisors may use the Form 13976, "Itemized Statement Component of Advisee List" (or a successor form) to maintain the itemized statement component of the list.  .

Weiser Appoints General Counsel

Weiser LLP has named Scott M. Univer as the New York-based firm's general counsel. A 30-year legal veteran, his experience includes professional liability, strategic counseling, compliance design and supervision, and litigation prevention and management.

Stone Carlie Hires Staff Accountant

Stone Carlie & Co. has added Kristen Rugen as a staff accountant in the firm's tax and business services department in Clayton, Mo.

PKF Texas Wins Gold Quill Award

Pannell Kerr Foster of Texas has won a Gold Quill award for excellence in communication, presented by the International Association of Business Communicators. PKF Texas captured an award of merit in the multi-audience communication category for the launch of the career section of its Web site, www.pkftexas.com/careers.

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