Tax news October 2008

Tax

Demand for forensic CPAs increases

Demand for CPAs providing forensic accounting services has accelerated, according to a survey by the American Institute of Certified Public Accountants.Two out of three CPAs polled (68 percent) say their forensic practices have grown over the past year."The survey findings tell us that not only are forensic accounting services in demand, but specifically that CPAs with this expertise are in high demand," said Stephen Winters, AICPA director, firm practice management and specialized communities.
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Tax

400 colleges get letters from IRS

Approximately four hundred U.S. colleges and universities will begin receiving compliance questionnaires from the Internal Revenue Service in the next few days as part of the agency's focused effort to study key areas in the tax-exempt community. The college and university questionnaire will focus on unrelated business income, endowments, and executive compensation practices. The questionnaires are being sent to a cross-section of small, mid-sized and large private and public four-year colleges and institutions.
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Tax

2009 promises to be an interesting year for tax planners

No matter who the next president is, there will be major changes in the federal income tax rules. Faced with the expiration of the Bush tax cuts in 2010, it is widely expected that the new president and the U.S. Congress will make tax policy a priority for next year.As Election Day nears, the tax proposals from the two candidates are rapidly coming into focus.
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Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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