News

Washington D.C.-based tax prepared has been sentenced to three years in prison for willfully aiding and assisting in the preparation of a false income tax return for 2004. Onuoha "Iggy" Nwokoro was also ordered to pay $510,389 in restitution to the Internal Revenue Service.

An electrical short that occurred just under two weeks ago caused the problems that led to Intuit's online banking system being down for several hours. The problem and the efforts to fix it were outlined this week by CEO Brad Smith during this week's conference call regarding the company's results for the first quarter ended September 30.

Congress should set a  standard for withholding and payment of state income taxes for employees who work in more than one state, according to Barry Melancon, CEO of the American Institute of CPAs. Melancon outlined his position in a November 15 letter to members of the House Judiciary Committee in which he strongly supported H.R. 1864, the Mobile Workforce State Income Tax Simplification Act of 2011.

H&R Block is dropping its bid top acquire TaxAct Software after a federal judge last  month ruled the purchase of 2SS Holdings, which owns TaxAct, would violate anti-trust laws. Block, which planned to pay $287.5 million for the deal, said it would not appeal the judge's decision. In an SEC filing, Block said it was terminating the Octobe 2010 merger agreement. The original plan was to combine TaxAct with Block's At Home digital business in a single unit.