Practice Management

The current economy has transformed valuation of property for tax purposes into an increasingly complex area and, at the same time, one that is increasingly critical for many taxpayers.

TAX REVENUES DIVE

The financial services sector can count on plenty of merger and acquisition activity in the near future, as insurance companies and retail banks try to turn themselves into financial supermarkets, according to a Tiburon Strategic Advisors report on mergers and acquisitions in the financial services industry that was released this morning.

The PKF North American Network has started a Center for Exit Planning Excellence to help accounting firms advise aging business owners on options for what to do when they are ready to retire or move on.

The Swiss government said it is ready to confiscate UBS client information to prevent the bank from violating secrecy laws by handing documents over to the U.S. government.

Under pressure from Congress, the Internal Revenue Service has agreed to temporarily suspend until Sept. 30 its efforts to collect penalties for some listed tax shelter transactions.

UHY Advisors has acquired Step3 Consulting, a provider of performance improvement services for companies in various industries.

A new service, AccountingMatch.com, aims to hook up small-business owners with accounting professionals who can help them, along with providing information on accounting, tax, and small-business management issues.

A federal judge has permanently barred eight men — including two CPAs and five tax preparers — from promoting an alleged tax fraud scheme involving bogus income tax credits based on fictitious methane production at landfills.

The IRS recently issued a revenue procedure to help companies that don’t want to claim the 50 percent depreciation deduction on new property included in the stimulus bill.