Practice management

Many clients of CPA firms are Boomers who will be retiring in increasing numbers over the next decade. What does that mean? Obviously that means firms will be looking to continue to retain many of those retirees as clients,and it will also mean there will be a need to find a steady supply of new clients.

The Internal Revenue Service has inadequate security controls over its routers and switches, jeopardizing sensitive taxpayer information, according to a report by the Treasury Department's inspector general.

The Senate passed an amendment to the compromise housing bill that will allow money-losing businesses to elect to use accumulated alternative minimum tax credits and research and development credits early.

The Internal Revenue Service has been getting an average of more than 50,000 extra phone calls per day as a result of questions about the economic stimulus payment, and has received 379,000 tax returns from individuals filing solely to receive the stimulus payment.

The Internal Revenue Service said it would open many of its offices for another Saturday to help taxpayers who don't normally file tax returns receive their economic stimulus payments.

Lisa Hrizco Blechman of Santa Clarita Valley, Calif., apologized at her sentencing hearing for trying to sick her two dogs on an IRS employee who taped a summons on her front door.

The Internal Revenue Service has issued final regulations for determining whether income is derived from sources within a U.S. possession or territory, and whether it is effectively connected with the conduct of a trade or business within a territory.

Treasury Inspector General Faults IRS Security

The Internal Revenue Service is postponing its tax-filing deadline for victims of the recent floods, storms and tornadoes in four states.

The Internal Revenue Service is looking for new members to apply for its Information Reporting Program Advisory Committee, including tax preparers.

The Justice Department's Tax Division hailed its victory in what it called an "important tax shelter case" that was decided in a Texas district court.

Senate Democratic and Republican leaders have reached a compromise on a bill to provide tax breaks and refinancing assistance to beleaguered homeowners hit by the mortgage crisis.

A new coalition wants to eliminate the taxation of Americans working abroad.

DiCicco, Gulman & Co. Gets World Series Trophy Visit

It didn't take long for critics to start throwing eggs at Treasury Secretary Henry Paulson's plan for overhauling the structure of the government's financial regulatory agencies.

New York State lawmakers have dropped a plan by former Governor Eliot Spitzer to raise taxes on millionaires.

BDO Consulting said it is forming a corporate advisory practice to provide strategic and financial consulting services to companies in distress.

NetWorth Services said it is offering a special promotion for its online cost basis calculation service, Netbasis, allowing users to buy one transaction and get one free until April 15.

IRS LAUNCHES E-POSTCARDS FOR TAX-EXEMPTSWashington, D.C. — The Internal Revenue Service has introduced an electronic filing system that allows small tax-exempt organizations to file Form 990-N “e-Postcards” to report their annual income.

If you thought that the tax legislation passed at the end of 2007 — both the Alternative Minimum Tax relief legislation and the mortgage debt forgiveness relief legislation — finally resolved the issues that would have to be addressed for the 2007 tax return filing season, you were mistaken. Congress was not done creating issues that would impact those returns. The Economic Stimulus Act of 2008, signed by President Bush on Feb. 13, 2008, has created additional issues for 2007 return filers.Most of the direct impact will be on lower-income individuals — individuals who are not normally required to file tax returns but who may wish to do so in order to qualify to receive a rebate check authorized under the new legislation.