Practice Management

H. Ty Warner, the billionaire creator of Beanie Babies plush toys, should go to prison for tax evasion, U.S. prosecutors told a federal judge.

The Internal Revenue Service started 1,492 criminal investigations into the use of tax returns to commit identity theft in the year that ended Sept. 30, a 66 percent increase, the agency said Tuesday.

The Internal Revenue Service audited 0.96 percent of individual tax returns in fiscal 2013, declining for the second straight year and reaching the lowest rate since 2005.

Small businesses, generally those organized as S corporations or partnerships, can run afoul of IRS guidelines governing “reasonable compensation” for individuals who are both owners/shareholders and employees of these companies.

Tostevin Accountancy Inc. has merged with PMB Helin Donovan, Consultants & CPAs.

The Internal Revenue Service has released draft instructions for Form 8960, the Net Investment Income Tax that was mandated as part of the Affordable Care Act.

Senators Elizabeth Warren, D-Mass., and Tom Coburn, R-Okla., have introduced bipartisan legislation to increase transparency around settlements reached by federal enforcement agencies, including disclosures of any tax deductions and tax credits.

Infor has purchased cloud-based human capital management analysis product maker PeopleAnswers for an undisclosed sum.

Many years ago my boss, Bernard D. Kleinman, had a client that was a creative genius in the advertising industry, and was being courted by many other firms. He liked his job, position and respect and had no desire or thoughts of leaving. But, as a gentleman, he listened to whoever approached him.

The acquisition is part of the firm’s initiative to expand its Small Business practice.