Practice Management

States are creating fiscal risks for themselves by neglecting to control the costs of tax incentives for economic development, according to a new report from the Pew Center on the States.

The Internal Revenue Service said Thursday that low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead.

The Internal Revenue Service has given businesses an extra year to make sure they are compliant with new rules on how to treat service charges.

Richmond, Ky.-based accounting firm Baldwin CPAs has merged with Louisville professional services firm Christopher L. Hatcher, CPA.

Republicans in Congress hardened their resistance to President Barack Obama’s proposed higher taxes for top earners and demanded a spending-cut plan, as lawmakers in both parties said it’s becoming less likely an agreement can be enacted before the Christmas holiday.

With less than 30 days left in 2012, there is still time to do some year-end tax planning. This 2012 tax year is more difficult in that no one knows how the tax laws may change before the end of the year.

Montreal-based Richter, formerly RSM Richter Chamberland, merged with Toronto-based SBLR LLP Chartered Accountants.

President Barack Obama reduced his demand for tax increases to $1.4 trillion from $1.6 trillion as he and House Speaker John Boehner traded another round of offers and inched toward a budget agreement.

Billionaire investors Warren Buffett and George Soros are calling on Congress to increase the estate tax as lawmakers near a decision on tax policies that expire Dec. 31.

Former U.S. Congressman Wester Cooley was sentenced to a year and a day in prison following his guilty plea last year to hiding $494,000 in income from the Internal Revenue Service.