Practice Management

Bank of New York Mellon Corp. was prohibited by the U.S. Tax Court from claiming $199 million of foreign tax credits generated in a transaction arranged by Barclays Bank Plc and KPMG LLP.

The Internal Revenue Service is cautioning tax preparers about delays in processing tax returns claiming the Child Tax Credit because of incorrectly filled out forms.

A pair of influential Senate Democrats have introduced legislation aimed at stopping multinational corporations from taking advantage of tax havens abroad.

Seven in 10 business owners in the United States expect to exit their company in the next 10 years, according to research from SellabilityScore.com. When we asked business owners who they would turn to for advice on selling, 64 percent said they would seek the advice of their accountant, thus ranking the CPA as the most trusted professional among all of the advisor categories we measured.

Pacion Ajder PC has merged into the Northbrook, Ill.-based practice of Lipschultz Levin & Gray LLC. Terms of the deal were undisclosed.

Gofrank & Mattina PC has merged with the Lapeer, Mich.-based accounting firm Brown & Kent PC. The combined firm now has a total of 29 employees, including 19 CPAs.

The Seventh Circuit Court of Appeals has affirmed the dismissal of a class action that sought damages by class members as a result of the 2008 UBS tax evasion scandal.

Google Inc.’s planned litigation against the U.S. Internal Revenue Service centers on a domestic, not international, tax dispute, the company said.

A recent Tax Court case involving listed transactions is important for what did not happen: the Internal Revenue Service did not “throw the book” at the taxpayer.

The Internal Revenue Service announced that it would begin accepting tax forms covering depreciation on Sunday, February 10, and forms covering education credits on Thursday, February 14.