On Thursday, February 16, the AICPA became aware of a fraudulent email using an AICPA banner and referencing the recipient’s possible involvement in an unlawful income tax refund activity that was sent to numerous individuals, CPAs, non-CPAs and members of the general public.

The Internal Revenue Service has issued guidance that allows certain estates of married individuals who died during the first six months of 2011 an extension of the deadline to make the portability election.

On Thursday, February 16, the New Jersey Supreme Court threw out a case that accused KPMG LLP of negligence for failing to uncover accounting fraud by a Monroe Township company purchased by the owners of a former giftware and collectibles manufacturer in 2000.

The Internal Revenue Service has issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients.