Practice Management

A former CPA who now owns a medical supply company has been charged in a $7.6 million health care fraud scheme, along with three other defendants.

The Internal Revenue Service and the Securities and Exchange Commission plan to collaborate more closely to monitor and regulate the municipal bond market and industry.

The Internal Revenue Service said it has unclaimed refunds totaling more than $1.3 billion awaiting nearly 1.4 million people who did not file a federal income tax return for 2006, including over $150 million in the state of California alone.

The Internal Revenue Service has made an administrative determination to accept the position that medical residents are excepted from FICA payroll taxes based on the student exception for tax periods ending before April 1, 2005, when new IRS regulations went into effect.

New York City’s Department of Consumer Affairs has investigated nearly 800 income tax preparers in a month-long investigation and issued 2,010 charges for violations, including illegally advertising refund anticipation loans as “instant” or “rapid” refunds.

IMGCAP(1)]To gather information for law enforcement, particularly drugs and organized crime, Congress has long required U.S. persons owning or having signatory authority over foreign financial accounts to file a report with the Department of the Treasury disclosing information about the accounts.

A California tax preparer was sentenced to more than five years in prison and ordered to pay $377,468 in restitution after she was convicted of tax fraud.

Senate Democrats have introduced legislation to extend unemployment benefits, a 65 percent subsidy for COBRA health insurance for the unemployed, and a large set of tax breaks that expired at the end of last year.

The Internal Revenue Service has released statistics indicating a drop-off in both the number of tax returns filed for 2008, and the amount of income, showing the effects of the recession.

Accounting firm Clayton & McKervey has opened a Chinese Web site to attract Chinese businesses expanding to the United States.