Practice Management

The Internal Revenue Service said Tuesday that interest rates for tax overpayments and underpayments would remain the same in the first quarter of the year.

Grassi & Co. is merging in Pustorino, Puglisi & Co., another New York-based accounting firm, on January 1.

Embattled Republican Presidential candidate Herman Cain has released an animated campaign video in which his “9-9-9” tax plan slays a monster: the federal Tax Code.

MNP, one of Canada’s largest chartered accounting firms, said it would merge with Mississauga, Ont.-based practice EvansMartin, effective Jan. 1, 2012.

The U.S. Tax Court has ruled in favor of a taxpayer who made a data entry error when using Intuit’s TurboTax tax prep software.

The Internal Revenue Service has extended a safe harbor for investors who claim theft loss deductions from fraudulent investment arrangements, such as Ponzi schemes, even when the leading figure behind the fraud has died.

Senate Majority Leader Harry Reid, D-Nev., said Monday that he plans to introduce legislation this week that would extend the payroll tax cut that is due to expire at the end of the year.

The Internal Revenue Service’s Modernized E-file System, which is supposed to replace the current electronic filing system by the 2013 filing season, is still unable to assure the accurate processing of individual tax returns.

With new cost-basis reporting requirements in effect for the 2011 tax year, Charles Schwab is warning investment advisors to brace for a hectic tax season and prepare for a flood of questions from clients who for the first time will receive a revised 1099-B form packed with new transaction information.