Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.

Students In Free Enterprise, an international non-profit network of students, academics, and business leaders working with businesses and higher education organizations, is in the midst of its regional and national competitions.

Severance pay has become an unfortunate fact of life for many companies and employees. But based on a recent court case, there may be some good news for both.

Thomas “Hitman” Hearns, who earned more than $40 million in his legendary boxing career, may find himself homeless soon, proving that it’s not just ordinary folks who are dealing with the threat of foreclosure.

Where will your clients obtain much-needed cash when their expenses run high (e.g. an emergency medical bill or the mortgage payment) and their bank accounts are low? Basically, there are four common sources for emergency money: IRAs, 401(k)s, home equity (for those who still have any), and life insurance. Each of these has its own set of tax rules, affecting how much of the cash will be available to the client and how much must instead be paid in taxes.

The tax and accounting business of Thomson Reuters recently updated its Mexico Tax, Law, and Business Briefing book, which is designed to help companies comply with Mexico's new tax and finance legislation changes, explore opportunities for minimizing the change impacts, and proactively manage audit risk.

The Internal Revenue Service has announced that some taxpayers who file paper income tax returns will send them to different processing centers this year. 

The news for comedian Sinbad seems to grow worse every day. So far, he owes the state of California $2.5 million, and his growing total debt to the federal government now stands at $8.15 million. Meanwhile, a famous author and mistress has lost her home and faces a large tax debt.

If you can't depend on your accountant to be honest with the numbers, who can you depend on?   Robert Denboer Jr., age 33, of Houghton Lake, Michigan is looking at 41 to 51 months in federal prison for various schemes that bilked clients out of more than $900,000.