Tax Strategies

Mphasis, which provides information technology and business process outsourcing through its operations in India, has launched an application service provider model of its Virtual Tax Room, used in outsourcing tax return preparation.

Triggered by congressional concerns over the marketing of abusive tax shelters by some accounting firms, the Public Company Accounting Oversight Board has proposed new rules restricting the ability of accountants to provide tax services to audit clients.

The Internal Revenue Service has teamed with the Department of Housing and Urban Development in an effort to expand the agencies' outreach to low-income taxpayers.

The majority of tax professionals who enter the financial planning business do so by hooking up with an independent broker/dealer firm, according to a report by market research and consulting firm Tiburon Strategic Advisors.

The Internal Revenue Service is co-sponsoring a free Webcast aimed at helping tax and payroll professionals who prepare individual federal tax returns to get ready for the upcoming filing season.

Putting to rest rumors that he would replace John W. Snow as Treasury Secretary, President Bush has reportedly asked Snow to remain in his cabinet.

President Bush this week signed into law a less intrusive version of a sweeping $388 billion legislative package that covers the spending of early every federal agency.

Publisher Tax Analysts has tapped former Treasury official Pamela F. Olson and former Internal Revenue Service director Larry Langdon for seats on its board.

The Internal Revenue Service has issued final instructions for Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More.

As White House administration officials hint that Treasury Secretary John W. Snow will depart his post sooner rather than later, media reports are already swirling about who will be his successor.