With Thomson Reuters continuing to point to the future for good results from its financial services businesses, it was recently able to discuss double-digit growth for its Tax & Accounting operations. As net income dropped and revenue was flat, Tax & Accounting produced a 12.3-percent rise in operating profit on a 14-percent upturn in income for the third quarter ended June 30.

The American Institute of CPAs has filed suit to block a new voluntary tax preparer program being rolled out by the Internal Revenue Service. The AICPA called the new program "an end-run" around a court ruling that struck down the IRS' attempt to regulate preparers last year.

The Internal Revenue Service will limit the number of refunds that can be electronically deposited to a financial account of pre-paid debit card. The New IRS procedures limiting the number to three take effect in January 2015 as part of an effort to combat fraud and identity theft.

A federal court has permanent barred a Mississippi woman and her Jackson, Miss.-based firm from preparing federal tax returns for others. An injunction has been placed on Kavivah Branson, aka Kavivah Bradley, of Clinton, Miss. The action stemmed from an audit by the Internal Revenue Service which found 97 percent of returns examined understated clients’ tax liabilities by an average of $5,006.