Practice Management

President Obama, chastened by Democratic losses in the midterm elections, said Wednesday he would work with Republican leaders in Congress on the Bush tax cuts and other issues after a “shellacking” in the midterm elections.

Enterprise Business Advisors CPAs has joined Walthall, Drake & Wallace, expanding WD&W’s Lake County presence in Northeast Ohio.

California voters rejected ballot measures that would legalize and tax marijuana sales, while Washington State voters defeated a proposal to impose a tax on upper-income taxpayers, and Massachusetts voters said no to a ballot question that would have lowered state sales taxes.

Republicans will gain greater leverage in Congress now that they have won control of the House and captured more seats in the Senate, giving them more influence over tax policy and financial regulation.

The balance of power shifted in Washington as Republicans captured enough seats in the midterm elections to win a majority in the House, but Democrats managed to hang on to a more evenly divided Senate.

Massachusetts accounting firms Abrams Little-Gill Loberfeld and Gold & Goldberg have merged.

The Internal Revenue Service was inconsistent in how it processed foreclosure cases and coordinated with local United States Attorneys’ Offices, and needs to improve its procedures, according to a new government report.

Wiss & Company has recently introduced The Wiss Economic Incentive Group to help businesses throughout the tri-state region of New York, New Jersey and Connecticut participate in government incentive programs.

Citrin Cooperman is expanding its presence in Connecticut by combining with the firm of Schwartz & Hofflich.

The Internal Revenue Service will be taking additional steps to check on whether sole proprietors are hiding sources of income during field audits.