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Critical challenges facing Americans and their advisors

Legislation to deter U.S. companies from moving their addresses overseas should avoid retroactive taxes, prevent a net tax increase and move toward a revamp of the tax code, Senator Orrin Hatch of Utah said today.

In another blow to President Barack’s Obama’s signature legislation, a three-judge panel on the D.C. Circuit Court of Appeals has ruled in favor of the plaintiff, declaring the law’s premium subsidies are invalid in more than two dozen states due to the law’s specific language.

CPAs working in the forensic and valuation areas listed “big data” as the top issue facing them in the next two to five years, according to a new survey from the American Institute of CPAs.

The Internal Revenue Service did not establish processes to verify eligibility for the Work Opportunity Tax Credit, according to a new government report.

President Barack Obama’s health-care overhaul suffered a potentially crippling blow as a U.S. appeals court ruled the government can’t give financial assistance to anyone buying coverage on the insurance marketplace run by federal authorities.

A Renaissance Technologies LLC hedge fund’s investors probably avoided more than $6 billion in U.S. income taxes over 14 years through transactions with Barclays Plc and Deutsche Bank AG, a Senate committee said.

The Internal Revenue Service has released final regulations to amend the definition of research and experimental expenditures, providing guidance for taxpayers engaged in research activities on the treatment of amounts paid or incurred in connection with the development of tangible property, including pilot models.

A tax preparer and bookkeeper in Southern California was sentenced to 36 months in prison for using the stolen identities of her relatives and former clients to file fraudulent tax returns with the Internal Revenue Service.

Sarah Robinson and Scott Kind have been promoted from audit managers to partners at Teal, Becker & Chiaramonte CPAs PC.

The Institute of Internal Auditors wants more public sector entities to establish independent audit committees.

The Organization for Economic Cooperation and Development has released the full version of the OECD’s new standard for the automatic exchange of tax information across different countries.

Employers say the Affordable Care Act is driving the costs of their medical plans higher, according to a new survey by accounting firm Cherry Bekaert’s benefits consulting unit.

CPA and consulting firm Plante Moran announced support for the latest version of Epicor ERP.

Thomson Reuters has released a special report for tax professionals on how to respond to Internal Revenue Service examinations.

Vertex SMB and Net@Work announced a strategic partnership to bring a sales and use tax solution to the small and middle market.

This week's App of the Week will make sure you never get lost in a parking lot again.

Professional services organizations confronted declining revenues and other challenges last year, according to a new report.

The global strategy consultancy firm, The Parthenon Group, has signed an agreement to merge its operations with EY. The combination is subject to the satisfaction of agreed conditions.

At one point we had a client that was going out of business and they asked us to negotiate a final settlement with the IRS where the two partners could walk away broke but without being in debt to the IRS for unpaid withholding taxes.