Tax

Tennessee Governor Phil Bredesen has tapped a CPA, Charles L. Harrison, to lead the state’s “implementation” of the stimulus funding it receives.

Michigan CPA firms Frank & Freedman and Hirsch, Subelsky & Associates have merged to form Frank, Hirsch, Subelsky & Freedman.

There is an additional standard deduction for those who don’t qualify to itemize their tax deductions, but who do pay state or local real estate taxes, according to the Internal Revenue Service. This deduction is available for the 2008 and 2009 tax years.

In the wake of its decision not to renew contracts with two private debt collection agencies, the Internal Revenue Service now appears set to review other types of outside contracts.

CCH has closely integrated its CorpSystem Sales Tax Office software with Microsoft Dynamics GP.

A Florida man has been sentenced to 30 years in prison for hiring a hit man to murder an Internal Revenue Service employee who was auditing him and his construction business.

The Internal Revenue Service has decided not to renew its contracts with two private debt collection agencies.

The Internal Revenue Service said that taxpayers are filing their taxes earlier and receiving larger refunds so far this year, citing early filing season statistics.

All taxpayers dread the prospect of facing an Internal Revenue Service audit. Here is some advice from the New Jersey Society of CPAs on some steps taxpayers can take to minimize the likelihood they will be audited or ensure a more positive experience if they are:

Treasury Secretary Timothy Geithner told lawmakers that he was open to finding other ways to close the budget deficit besides limiting tax deductions for charitable contributions and mortgage interest for high-income taxpayers.