Practice and client management

In an early spurt of spring cleaning, I came across an ancient, yellowed clipping from the New York Post. Although there was no date on it, it is clearly from 1986, the year the Bears won the Super Bowl and Ronald Reagan got his tax reform. It tells the story of then-Treasury Secretary James Baker, who in his enthusiasm for both rap music and a simpler tax code, broke out into rhyming couplets during a rally to tout tax reform. His poetic achievement was based loosely on the Chicago Bears’ “Super Bowl Shuffle,” which members of the team recorded en route to their victory in Super Bowl XX, and which reached No. 41 on the Billboard charts before actually landing a Grammy nomination.

The American Institute of CPAs has asked Congress to restrict the issuance of patents for tax strategies.

An Internal Revenue Service pilot project is asking the very tax lawyers and accountants who create shelters and take advantage of tax code loopholes to assist in drafting new tax rules, according to published reports.According to a recent New York Times article, its becoming increasingly common for the federal government to ask outsiders to do more of the work in drafting such rules -- a practice that critics say could create a conflict of interest if those outsiders have their own clients’ interests to consider.

Halfway through the filing season, the Internal Revenue Service said that 35.6 million taxpayers had chosen to have their refunds -- totaling more than $100 billion -- deposited directly into a savings or checking account this year.

The Internal Revenue Service announced that its revised taxpayer application for an offer in compromise, Form 656, is now available.

Intuit recently announced that more than 6,000 small businesses and midsized companies have switched to its QuickBooks Enterprise Solutions from more complex solutions.These customers are part of the 38,000 who have already selected the software to help run their businesses.

Making its annual announcement, the Internal Revenue Service said that it is holding more than $2.2 billion in unclaimed refunds for about 1.8 million people who failed to file a federal income tax return for 2003.

Independently-owned Los Angeles firm RBZ LLP has named three partners to share the firm’s managing partner position.

J.H. Cohn LLP has announced firm revenues of $175.2 million for its 2007 fiscal year, up 22 percent from the same period a year ago.

I believe there are two keys to success, whether a sole practitioner or a regional firm. They are simple when you say them, but that simplicity can be deceiving. The two are providing quality service, and establishing a reputation for doing so and continuing to do so.

The Internal Revenue Service announced that taxpayers are continuing to file their tax returns electronically from home computers at a record pace, up almost 7 percent from the same period last year.

The Internal Revenue Service announced that farmers and fishermen affected by the mid-February snowstorms could ask the agency to waive any estimated tax penalties.

The Tax Court has ruled that although a taxpayer spent more than 1,000 hours playing video poker in 2003, he was not a professional gambler.As part of its decision, the court implied that playing video poker might never constitute a trade or business under Section 162 of the tax code. After noting that the petitioner, a Chicago building operating engineer, never adjusted his gaming strategy even when it became apparent that he never had a winning year, the court also said that it remained unconvinced that the petitioner’s gambling activity meets the standard for being a trade or business.

Responding to extension requests, restaurants and bars will have a few extra months -- until June 30 for this year only -- to elect to participate in the Internal Revenue Service’s Attributed Tip Income Program.

In a unanimous vote, 412-0, the House said that it will require a trio of accounting regulators to provide regular updates on the work being done to reduce the complexity of financial reporting and develop principles-based accounting standards.Through 2012, either the chairmen or other designees from the Securities and Exchange Commission, the Public Company Accounting Oversight Board and the Financial Accounting Standards Board will now provide annual testimony to the House Financial Services Committee.

A Congressman wants the Treasury and the Federal Trade Commission to explore shutting down a trio of Web sites that taxpayers could easily mistake for the Internal Revenue Service’s official site.Rep. Edward J. Markey, D-Mass., chairman of the House Energy and Commerce subcommittee on telecommunications and the Internet, sent a recent letter to the agency heads, as well as IRS Commissioner Mark Everson, arguing that the disclaimers at the bottom of the sites explaining that that they are not affiliated with the government, does not do enough to provide protection to consumers.

Any given week, it seems that there are plenty of PR people out there circulating trend surveys that -- to put it kindly -- are built on somewhat a dubious foundation.

I am a loyal Jet Blue flyer, a.k.a. customer. I got the below e-mail from, I believe, David Neeleman, president of Jet Blue. I wasn’t on any of the delayed flights but I sent him a response. It read, “That's okay, and I hope David gets this message.”

Of the nearly 2,500 missing children whose pictures have appeared in the paper versions of tax forms over the past five years, 87 have been located thanks to leads generated by taxpayers, according to a recent report from the Treasury Inspector General for Tax Administration.Since 2000, the Internal Revenue Service has partnered with the National Center for Missing and Exploited Children to help locate missing children by publishing their pictures in printed instructions and publications as part of the IRS Picture Them Home Program.

The Internal Revenue Service has launched a new Internet-based version of its popular Exempt Organizations Workshop covering tax compliance issues confronted by small and midsized tax-exempt organizations, including charities and churches.The online workshop, "Stay Exempt - Tax Basics for 501(c)(3)s," consists of five interactive modules on tax compliance topics, including maintaining tax-exempt status; unrelated business income; employment issues; handling the Form 990; and required disclosures.