The Government Accountability Office said that the Internal Revenue Service should work with federal agencies to make sure companies follow rules prohibiting tax deductions for fines and penalties paid in civil settlements.

The American Institute of CPAs has released a nonpartisan tax reform report, titled, "Understanding Tax Reform: A Guide to 21 st Century Alternatives." The report is meant as an overview to understanding major issues in the debate over making changes to the country's system.

Gov. Phil Bredesen has told Nashville business leaders that he will not seek a state income tax if re-elected in 2006. Bredesen made the same promise before his first term, but had refused to extend the pledge as he campaigns for a second term.

The Internal Revenue Service could revoke the tax-exempt status of about 20 credit-counseling firms, just as the country's new bankruptcy laws are set to go into effect on Oct. 17.

With the President's Advisory Panel on Federal Tax Reform due to report Nov. 1, we asked industry leaders, many who made Accounting Today's recently released 2005 Top 100 Most Influential People list, to tell us what sort of tax system they would create.

Bolstered by higher sales and lower costs, consulting giant Accenture posted a 25 percent hike in fourth-quarter profits, to $229.1 million, versus the year-ago period.

Meeting for the first time since July, the President's Advisory Panel on Federal Tax Reform began focusing discussions on what recommendations will be included in its report, due on Nov. 1.