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IRS INTEREST RATES UNCHANGED FOR THE FIRST QUARTER OF 2005: Interest rates for calculating the amount owed on refunds and deficiencies will remain unchanged for the calendar quarter beginning Jan. 1, 2005, the Internal Revenue Service said.The rates will remain at 5 percent for overpayments (4 percent for corporations); 5 percent for underpayments; 7 percent for large corporate underpayments; and 2.5 percent for the portion of a corporate overpayment exceeding $10,000. The rates are computed from the federal short-term rate based on daily compounding determined during October 2004.
January 10 -
President Bush has named two former senators to lead a new nine-member bipartisan panel charged with arriving at options to reform the tax code.
January 10 -
Integrated human resources and benefits services provider RSM McGladrey Employer Services Inc. has acquired SourceWeb, an HR/payroll and self-service product from Minneapolis-based Ceridian Corp.
January 10 -
With the tax law becoming increasingly complex, it is no surprise that there often can be several well-intentioned interpretations of a particular provision. Also no surprise is the expectation of many clients that a fee for planning advice should almost always result in an exponential decrease in overall tax liability.
January 10 -
In a display of bipartisan cooperation, the Senate and the House on Thursday unanimously approved legislation allowing extra time for 2004 deductions for tsunami relief donations, just two days after it was proposed by Senate Finance Committee chair Chuck Grassley, R-Iowa, and ranking member Max Baucus, D-Mont.
January 7 -
Operating under the theory that bigger is better, regional CPA firms Reinsel & Co. LLP and Kuntz Lesher LLP have joined forces to strengthen their presence in Southeastern Pennsylvania.
January 6 -
LBMC Technologies, an affiliate of top-ranked CPA firm Lattimore Black Morgan & Cain, has merged with IT Solutions.
January 6 -
Taxpayers who misreported their income to snare unjustified Earned Income Tax Credits are draining $2 billion a year from the U.S. Treasury, auditors at the Government Accountability Office told Congress.
January 5 -
Senate Finance Committee chair Chuck Grassley, R-Iowa, and ranking member Max Baucus, D-Mont., announced a plan Tuesday to extend the period of time in which Americans can claim tax deductions for charitable donations to assist victims of the earthquake and tsunami that hit Southeast Asia on Dec. 26.
January 5 -
Local CPA firms Grimaldi & Associates CPAs and Nelkin, Griesel and Graves CPAs have merged their practices to form Grimaldi & Nelkin CPAs.
January 5