News

Automatic Data Processing has increased its forecast for revenue growth for its year based on strong improvement in important metrics for its third quarter ended March 31. The company increased its forecast to 9-percent-to-10-percent growth from the prior estimate of a 7-percent-to-8-percent increase for the year ending June 30.

H&R Block has named William C. Cobb, a former eBay executive, as its new president and CEO who will replace Alan Bennett, who is retiring in September. Meanwhile, the company said the number of returns it prepared for the tax season was up by 6.1 percent over the 2009 tax season, as the number of online tax returns increased. However, the overall growth lagged both rival chain, Liberty Tax, and sales of Intuit's TurboTax, which both rose by 11.1 percent for the same period.

A Florida CPA who challenged a 24-month suspension of practice before the Internal Revenue Service has ended up with an 36-month bar.  Lawrence Legel, who was suspended for helping a client hide income, had challenged the longer suspension sought by the IRS's Office of Professional Responsibility and had won a two-year ban on a ruling by an administrative judge.

The Securities and Exchange Commission will conduct a roundtable at its headquarters in Washington D.C. to discuss the benefits and challenges of incorporating International Financial Reporting Standards into the financial reporting system for issuers in the United States. The IFRS event is scheduled for July 7 at the facility at 100 F. Street N.E.