Tax
Tax News & IRS Insights for Accounting Professionals
Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.
-
Thomson Tax & Accounting released an online tax research service, QuickFinder Tax Manager, aimed at sole practitioners and small accounting firms.
November 6 -
The continuing business boom, rising client demand and the movement of tax professionals toward other accounting niches has generated varied responses to staffing needs, as firms turn to remote technology, outsourcing, part-time former employees and retirees and college students to fill the personnel void.Meanwhile, the overall demand for accountants has dried up the available supply of tax professionals, according to industry observers.
November 5 -
Jackson Hewitt Tax Service has ousted chair and chief executive Michael Lister after more than 125 of the company's franchises faced charges of fraudulent tax return preparation.Michael Yerington succeeded Lister as CEO, while Margaret Richardson was elected non-executive chair of the board. Yerington joined the company in 2006. Richardson, who joined the company's board in 2004, was a former commissioner at the Internal Revenue Service.
November 5 -
The Internal Revenue Service is sending out free copies of its CD-ROM, the Small Business Resource Guide, to help small business owners comply with federal tax laws, and it's ready to ship them in bulk.
November 5 -
A federal judge sentenced a man to a year and a day in jail for flying an airplane without a license and failing to file federal income tax returns four years in a row.
November 5 -
The House Ways and Means Committee has passed a bill by a margin of 22 to 13 that would keep the Alternative Minimum Tax from spreading to more than 23 million families, which the full House is expected to debate this week.
November 5 -
Small and midsized companies are facing increased scrutiny from tax authorities both in the U.S. and in foreign jurisdictions to ensure that the transfer pricing of transactions among their subsidiaries is treated as if they were at arm's length - or what two unrelated parties would pay."Transfer pricing is something that a lot of small and medium-sized companies need to be paying attention to and thought they were under the radar in the past," said Meril Markley, a principal at UHY Advisors in Houston. "But because of FIN 48, they're really going to have to take a close look for the first time."
November 5