Practice management

The Securities and Exchange Commission has filed enforcement actions against global advertising network McCann-Erickson Worldwide, its parent company Interpublic Group of Companies, and two of its former executives, charging them with accounting fraud.

The Taxpayer Advocate Service needs to do a better job of processing requests from taxpayers for relief from Internal Revenue Service enforcement actions, said a new report from the Treasury Department's watchdog group.

The Internal Revenue Service said that economic stimulus payments directly deposited to individual retirement accounts and other tax-favored accounts may be withdrawn tax-free and penalty-free.

IRS Narrows Tax Gap

The government won its second victory in the past month in a lease-in, lease-out tax shelter case, after the Court of Appeals for the Fourth Circuit agreed with a federal district court that BB&T Corp. is barred from obtaining a tax refund of approximately $4.5 million.

How often do you visit other accounting firms? Many firm associations, when holding a meeting in a city where a firm member is located, often arrange for the attendees to visit that firm’s office in a guided presentation. The Practical Accountant editorial staff also periodically visits accounting firms, and the payoff for us, and also ultimately for our readers, is astounding. The last firm that we visited was Weiser in New York City, and the result was the same.

The Internal Revenue Service stepped up its compliance activities last year and saw its revenues jump, according to a new report.

Entertainment and sports accountant Mike Vaden and his Vaden Group have allied with regional accounting and business advisory firm Joseph Decosimo & Co. to form a business management practice aimed at the entertainment industry and high-net-worth individuals.

Accounting firm Plante & Moran said it was seeing optimism among the businesses it surveyed in the Midwest despite general worries about the economy.

President Bush said the Treasury Department would begin distributing the first batch of tax rebates by direct deposit on Monday.

Financial planning and advisory services have helped fuel an increase in revenues at CPA firms, according to a new study by the American Institute of CPAs and Moss Adams.

The federal government has lost a Son of Boss tax shelter case involving taxpayers who invested in foreign currency options.

SurePayroll has upgraded its online payroll service for accountants with same-day enrollment, Saturday customer support hours, and free human resources and compliance tools.

The Senate Finance Committee held a hearing on the tax aspects of a cap-and-trade program to control carbon emissions.

An Ohio jury ruled that Fifth Third Bancorp is not entitled to a $5.6 million tax refund for its 1997 tax year after the bank sought to take tax deductions related to complex leasing transactions involving passenger rail cars.

The Internal Revenue Service has withdrawn proposed regulations that would have treated mortgage loans as capital assets and restricted the deductibility of mortgage defaults.

CPA firm Marcum & Kliegman has expanded into the executive search industry, launching M&K Executive Search.

The Senate Finance Committee proposed a new tax bill that seeks to prevent the alternative minimum tax from spreading to more taxpayers next tax season.

Tax preparer Matthew Carl Berry was convicted of federal tax fraud charges for operating a scheme that earned him, family members and associates more than $1 million, according to the Justice Department.

Right on time for the conclusion of tax season, the House has passed a bill that promises to make tax preparation easier, while also repealing the IRS Private Debt Collection Program.