Practice management

COURT RULES IN FAVOR OF IRS AND FREE FILE ALLIANCE

With the availability of lower-cost offerings, and a userbase more educated about what business intelligence is and can do for them, BIis becoming an understandable, usable and affordable initiative for small tomidsized businesses and CPA firms.

The term "basic analysis" has evolved in recent years. Where once it referred to the ability to determine a client's financial position, net worth, goals and willingness to take risks with a portfolio, more recent definitions have focused more intensely on the process of asset allocation, re-allocation and portfolio balancing.

As CPAs and investment advisors partner to map out a strategy for clients, the delicate balance between tax effectiveness and control over assets should serve as a centerpiece. This will help to create a strategy that maximizes investments, minimizes tax exposure, and helps maintain clients' long-term financial objectives.

A federal grand jury has indicted a California tax preparer on charges of tax evasion and possession of stolen government money after he was accused of stealing over $320,000 in tax refunds.

The First-Time Homebuyer Credit turned the 2010 tax filing season into a briar patch for the Internal Revenue Service, a frustrating experience for many taxpayers, and a new opportunity for scammers to rip-off the public, an IRS official told Congress.

The Justice Department and the Internal Revenue Service have filed charges against seven individuals who collectively hid over $100 million in secret bank accounts at the Swiss bank UBS.

The Senate has approved a two-month extension of eligibility for unemployment benefits and tax credits to help cover the cost of health insurance premiums for the unemployed.

Internal accounting errors by the Internal Revenue Service reduced federal funding available for unemployment benefits by $63 million, according to a new report.

Recent tax law changes continue to bedevil the Internal Revenue Service, according to a new government report on tax season.

A new report by the International Federation of Accountants highlights the expanding role of small and midsized practices in advising their business clients.

Accounting firm Rothstein Kass has released a two-part survey report on the potential problems that can occur when preparing to sell a family business.

The House has approved a bill to help taxpayers enter into payment agreements with the IRS, relax the record-keeping requirements on cell phones, and improve IRS services for low-income taxpayers.

The House Ways and Means Committee held a hearing Wednesday on ways to provide energy-related tax incentives to encourage more “green” jobs.

The former partner of a convicted income tax evader has been indicted for continuing the same abusive trust scheme that sent her ex-partner to prison.

The House Ways and Means Committee has introduced legislation to help taxpayers enter into payment agreements with the IRS, relax the record-keeping requirements on cell phones, and improve IRS services for low-income taxpayers.

An El Segundo, Calif., tax return preparer has agreed to plead guilty to charges that he willfully failed to file his personal income tax return for 2005 and that he filed false claims for tax refunds on behalf of his clients.

The Internal Revenue Service said that members of the military and certain civilians providing earthquake relief in Haiti have additional time to file their 2009 returns and pay any taxes due.

California has the highest state sales tax rate in the country, according to a new report on sales and use tax rates.

By identifying higher wage earners who are having too few taxes withheld from their paychecks, the Internal Revenue Service could collect as much as $1.6 billion in additional taxes over a five-year period, according to a new report.