Practice Management

A long-standing decision against building supplies retailer Menard, in which $20 million in compensation to its founder and CEO was ruled a dividend and therefore non-deductible, has been reversed by the Seventh Circuit Court.

The Internal Revenue Service has begun offering self-assistance options at some of its offices that give taxpayers limited access to computers and phones so they can reach the IRS’s Web site and toll-free phone lines without waiting in a long line, but those efforts can still be frustrating.

Financial Accounting Standards Board Chairman Robert Herz was pressed to make changes in mark-to-market accounting standards in as soon as three weeks during a contentious congressional hearing.

The adoption of International Financial Reporting Standards in the U.S. looks to be increasingly in doubt.

An Ohio CPA urges the National Taxpayer Advocate to lobby elected officials to do their own taxes.

Michigan CPA firms Frank & Freedman and Hirsch, Subelsky & Associates have merged to form Frank, Hirsch, Subelsky & Freedman.

There is an additional standard deduction for those who don’t qualify to itemize their tax deductions, but who do pay state or local real estate taxes, according to the Internal Revenue Service. This deduction is available for the 2008 and 2009 tax years.

In the wake of its decision not to renew contracts with two private debt collection agencies, the Internal Revenue Service now appears set to review other types of outside contracts.

The Internal Revenue Service has decided not to renew its contracts with two private debt collection agencies.

The Internal Revenue Service said that taxpayers are filing their taxes earlier and receiving larger refunds so far this year, citing early filing season statistics.