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BY MICHAEL COHN, Accounting Today

Thomson Reuters has released a special report for tax professionals on how to respond to Internal Revenue Service examinations.

The report, Handling the Increasingly Common Automated IRS Examination, examines two compliance programs used by the IRS to address underreporting: the correspondence examination, also known as the “corr exam,” and the automated underreporter, or AUR, program.

In fiscal year 2013, the IRS conducted over 1 million corr exams and closed 4.1 million AUR cases, compared to 344,000 field exams, according to the report.

The report discusses these compliance programs, addresses problems associated with...

If you are, please accept a big pat on the back! But if you're like most people, you aren't ready.

Scary thought, huh? A couple or three thousand bucks a month if you've worked hard all your life and less if you haven't. If you're married, you can double it.

You're not going to buy any yachts with that kind of income but you won't starve or waste away on the streets...which is why Social Security is around in the first place. No politician wants to see old folks dying of starvation or malnutrition - kinda ruins the chances of re-election. So we have Social Security.

And it's a darn good thing we have it because we as a culture are pretty bad at saving money these...

Should you refinance your mortgage? What type of retirement account should you set up? As accounting professionals, these are some of the questions that are posed to us on a daily basis by our accounting firm's customers and clients. Neikirk, Mahoney & Smith is providing some interactive financial calculators and other tools to assist you with some of the day-to-day questions and concerns that may arise. While these financial tools are not a...

The Internal Revenue Service is suffering from several new deficiencies in its internal controls, although it has managed to address a number of older problems, according to a new report...

Fox News - WASHINGTON –  The Supreme Court, in a 5-4 decision, ruled Monday that public-sector unions in Illinois cannot collect fees from home health care workers who don't want to be part of a union.

The ruling is a setback for labor unions that have boosted their bargaining power -- as well as their bank balance -- in states like Illinois, by signing up thousands of in-home care workers and forcing them to fork over union dues.

The ruling, however, was limited to health care workers and not all private-sector unions. It also stopped short of overturning decades of practice that allowed public-sector unions to pass representation costs to non-members.

Fox News -  The Supreme Court ruled Monday that certain "closely held" for-profit businesses can cite religious objections in order to opt out of a requirement in ObamaCare to provide free contraceptive coverage for their employees.

The 5-4 decision, in favor of arts-and-crafts chain Hobby Lobby and one other company, marks the first time the court has ruled that for-profit businesses can cite religious views under federal law. It also is a blow to a provision of the Affordable Care Act which President Obama's supporters touted heavily during the 2012 presidential campaign.


As we prepare to wrap up the end of Q2 of 2014, here's a recap of the week's top stories and articles.

Businesses are cutting back on supplying cell phones to employees

Do you feel a tad screwed when your employer calls you on your personal cell phone and doesn't offer to reimburse you? Well, get used to it because, according to the Sage Mobile Device Survey, its not happening much these days.
Fewer businesses are supplying their employees with mobile devices this year over last, according to the second annual mobile device survey from Sage, with a little more than half of responding companies (54 percent) giving their staff devices, down from 69 percent in 2013...

Disgraced IRS official Lois Lerner and a number of her colleagues have lost their emails. That's right. The emails that congress had subpoenaed some 18 months ago are now mysteriously missing.
Here's what the media has to say about the subject:

Fox News

Republican lawmakers are slamming the Internal Revenue Service, with one calling for an immediate investigation, after the agency notified Congress Friday that it was unable to recover former official Lois Lerner’s e-mails from January 2009 to April 2011 because of a computer crash.

The agency made the disclosure in a...

Bloomberg BNA is offering a free 7 day trial subscription to their Daily Tax Report. Even if you're already working with the accounting firm of Neikirk, Mahoney & Smith CPAs, you might find this a handy tool. 
Sign up here ->  ...
The Internal Revenue Service said Thursday that only three weeks after the opening of tax season, it has already received about one-third of the individual income tax returns it expects to receive in 2014.
The IRS reported that...