Tax

The Treasury Department issued a report to Congress on three international tax issues: U.S. earnings-stripping rules, transfer-pricing rules and the misuse of tax treaties.

KPMG International saw combined revenues from its member firms rise 17.4 percent to $19.8 billion in fiscal year 2007.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of the Senate Finance Committee saying it is "gravely concerned about the serious risks to the 2008 filing season" if legislation to change the alternative minimum tax is delayed much longer.

The Internal Revenue Service has issued the optional standard mileage rates for calculating the deductible costs next year of operating an automobile for various purposes.

Presidential candidate Fred Thompson issued a tax plan that would give taxpayers the option of choosing a simplified flat tax.

CPA firm Habif, Arogeti & Wynne has acquired another Atlanta-based accounting firm, Miller Ray Houser & Stewart, in a multimillion-dollar deal.

WebCPA presents a free online session discussing various facets of philanthropy and its potential benefits for accountants.

It began in college, continued in law school, and still exists today, my fascination with court and disciplinary opinions that provide an inside view of something the involved parties would rather had never come to light. The most recent one is a PCAOB disciplinary order involving an accountant who worked for KPMG.

Tax planning is one of the few forward-thinking services that accountants can offer their clients. Given the fact that the accountant has most of the data and is the clients’ most trusted advisor, it makes sense for them to show clients how to save money on taxes in the year ahead.“They generally see the direct benefit of tax planning, and they don’t mind getting a bill for planning services,” said Rob Carmines, a partner at Newport News, Va.-based Carmines, Robbins & Co. PLC.

Avalara aims to make the process of calculating sales tax less taxing and more relaxing.The company is so serious about their message that they’ve adopted an island theme for their exhibition booth at technology trade shows, complete with tiki-hut-like decorations and margaritas.