Practice Management

Somerset CPAs said it plans to launch a consulting program to help CEOs cope with the economic downturn.

A House subcommittee plans to conduct a hearing into the tax treatment of derivatives next week.

When you think about filing your tax return, do you have more questions than answers? The entire process can be confusing and frustrating, but a little information can make the experience much more bearable. Here are some common tax-season questions, along with practical answers, from the New Jersey Society of Certified Public Accountants (NJSCPA):

At this time of year, people are organizing their records in preparation for filing their tax returns. This is often a challenging task, and that may be particularly true for those who are serving in the armed forces.

The Internal Revenue Service said it would add distressed-asset trust transactions to its list of tax avoidance transactions, signaling that such transactions need to be disclosed and may be subject to penalties.

The House has again passed an energy tax bill that would increase taxes on major oil and gas producers by $18 billion while providing incentives for renewable energy.

The Internal Revenue Service said it is beginning enforcement actions against more than 100 U.S. taxpayers who have been sheltering their funds from taxes by depositing them in secret bank accounts in the tax haven of Liechtenstein.

The many Boomers partners of firms who are planning to retire or slow down is being viewed as generating firm succession and staffing issues. Similarly, another expressed concern is the declining number of Ph.Ds. in accounting, which hurts the pipeline of incoming accounting graduates to the profession. A partner in a national firm also commented that he was alarmed by the many college professors teaching accounting who don’t have a familiarity with U.S. businesses.

The Internal Revenue Service has introduced an electronic filing system that allows small tax-exempt organizations to file Form 990-N "e-Postcards" to report their annual income.

House Democrats plan to reintroduce a bill this week that would shift tax breaks from oil and gas to renewable energy sources.