Practice Management

The American Institute of CPAs submitted a letter last week to the Internal Revenue Service and the Treasury Department recommending relief for surviving spouses who would like to elect portability of their deceased spouse’s unused estate tax exemption.

Internal Revenue Service Commissioner John Koskinen met with the heads of some of the major tax software companies, tax preparation chains, state tax commissioners and other officials in an effort to combat the growing problem identity theft and tax fraud.

Selling an accounting practice is a once-in-a-lifetime experience for most practice owners. There is much time, energy and money invested in an accounting practice, so finding the right buyer is crucial. Since it is such a rare event, sellers should be educated about some of the key misconceptions about the process.

The use of captive insurance by U.S. companies to manage costs and risks and realize tax benefits has been a legitimate activity for years. However, the IRS has recently focused significant audit resources on small and mid-market companies that are forming small or “micro” captive insurance companies.

Accountants see their small and midsize business clients making plenty of mistakes once tax season rolls around, but tax season may be too late to warn them.

The Internal Revenue Service is sending letters to verify the identity of taxpayers as part of its effort this tax season to combat the growing problem of identity theft.

This week’s edition of the Blotter includes not just our usual collection of preparer-related fraud, but also a chilling story about a preparer whose clients turned violent.

The Minnesota Society of CPAs has compiled a list of red flags that could trigger an audit from the IRS if they apply to your clients' tax returns.

Although tax reform remains a top priority for the business community, tax executives are not optimistic a bill will reach President Obama’s desk this year.

Highlights of some of our favorite tax-related blogs from the past week.