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.
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I first came across the term a number of years ago when consultants stressed to me the importance of identifying where a business was in its life cycle. These consultants believed businesses and industries have a life cycle, and the key is identifying where the business is at that time. In the case of a business, its life cycle includes progressive identifiable stages, such as the “seed,” start-up, growth, established, etc.
July 9 -
Mahoney Cohen & Co. CPA PC has launched an international tax and consulting practice.
July 9 -
India’s Supreme Court found that Morgan Stanley did not have to pay tax in that country for income earned from its business process outsourcing unit, giving multinational companies a lift in their outsourcing arrangements.
July 9 -
Now that summer is here, tax preparers have time for trial runs of different software to see if there's a program that might be a better fit for their practices.Vendors, meanwhile, see this time as an opportunity to get a head start on the next filing season by offering special discounts and promotional pricing.
July 8 -
CONGRESS EYES INTERNET TAXESWASHINGTON, D.C. - Two bills circulating on Capitol Hill are looking at different ways to generate tax revenue from the Internet.
July 8 -
Blues singer Robert Cray is singing the blues about his accountants, and taking them to court. Cray filed a suit in Los Angeles Superior Court against Chapnick, Smuckler & Associates, and its principals Jerry Chapnick and Keith Smuckler, according to CBS. He accuses the firm of cheating him, his wife, and their company, charging them with fraud, negligence, and breach of contract and fiduciary duty. The Crays claim the firm did not inform them it was drawing up to $235,000 from their credit line. They say Chapnick, Smuckler also did not check on whether the Crays were entitled to a $55,000 refund in taxes they paid in the United Kingdom. In addition, the Crays blame the firm for a $2,000 penalty on unpaid property taxes. After they engaged the firm around the end of 2001, the Crays learned the firm was not licensed to operate in the state of California. They sacked the firm in August 2006.
July 8 -
The U.S. Department of Justice has filed suit against Mary Powell, a tax preparer in East St. Louis, Ill., and is seeking an injunction to shut down her service.
July 8