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The great majority of chief audit executives acknowledge that the internal audit function at their organization needs to be improved, according to a new survey.

XBRL US launched on Wednesday its second annual XBRL Challenge, a contest to discover the top open source analytical tools that can mine XBRL-formatted corporate financial data from the SEC’s EDGAR database.

Senate Democrats, who are united in support of higher income tax rates for millionaires and billionaires, are paralyzed by disagreements on how to tax the estates of the wealthiest Americans.

The International Accounting Standards Board is headed toward a more multilateral approach in the formation of International Financial Reporting Standards, as the U.S. appears increasingly unlikely to throw its support behind IFRS this year.

With an eye toward wins in the November elections, House Republicans introduced legislation Tuesday that aims to streamline the procedures for enacting tax reforms next year.

The Internal Revenue Service closes an unusually high percentage of audits of S corporation tax returns with no recommended adjustments, suggesting that many of the audits are unnecessary and unproductive, according to a new government report.

Missing and incomplete documentation for the Adoption Tax Credit prompted the Internal Revenue Service to delay processing 43,295 claims for the credit and approve more than $11 million in erroneous claims, according to a new report.

The House Judiciary Committee held a hearing Tuesday on legislation to force online retailers to charge sales taxes to customers, even as industry groups banded together to oppose the bill and others like it.

Cloud-based enterprise resource planning and customer relationship management software provider Acumatica has formalized its channel partner program, offering partnership levels, new certification requirements and improved training.

Democrats on the House Ways and Means Committee introduced legislation Tuesday to extend the Earned Income Tax Credit, the Child Tax Credit and the American Opportunity Tax Credit for tuition and related expenses.

House Republicans introduced legislation Tuesday to prevent the Bush tax cuts from expiring.

Casey Ballard climbs the ladder in the Forensic Litigation & Valuation Services Department

LBMC Technologies, the technology arm of Tennessee CPA firm Lattimore, Black, Morgan & Cain, has developed IntegraterPlus, an application that integrates Intacct’s cloud financial management and accounting applications with Microsoft Dynamics CRM.

Cloud accounting software provider Wave Accounting has launched new tools to connect accountants and bookkeepers with Wave's nearly 300,000 small business customers, in an effort to help the accounting community grow their business, as well as that of the company.

An increasing number of business entities, including investment funds like the Carlyle Group, along with private hedge funds, private equity firms and venture capital funds, largely escape Internal Revenue Service audits due to the way they are organized, according to a new report.

I have a confession to make: I love business cards. Let me explain.

Electronic confirmation service Confirmation.com pointed out Monday that its system helped uncover a more than $200 million fraud perpetrated by Peregrine Financial Group’s PFGBest unit.

Top 100 Firm Moss Adams, LLP agreed to merge with Rabanal & Smith, LLP for an undisclosed amount. The transaction is expected to close on Aug. 1.

New estimates from Congress’s Joint Committee on Taxation indicate that millionaires would benefit a disproportionate amount from extending the tax cuts for income at all levels.

SingerLewak Systems, part of the technology consulting arm of California CPAs SingerLewak, will no longer be a value-added reseller for Intacct, while its manager Jim Hart has joined cloud accounting VAR Sererra as director of business development.