Practice Management

As the Internal Revenue Service moves towards its goal of 80 percent e-filing for individuals, it is placing more emphasis on the e-filing of corporate returns.In 2005, over 200,000 corporations voluntarily e-filed, and beginning in 2006, many corporations will be required to file electronically. Recently issued regulations require corporations with assets of $50 million or more that file over 250 returns each year to file Forms 1120 and 1120S electronically, starting with tax periods ending on or after Dec. 31, 2005.

The start of a New Year is a traditional time to take stock of the events of the past year to better prepare for what's coming. Taking inventory as it relates to tax law can produce many dividends.2005 proved to be no exception in getting prepared for 2006. Looking forward to 2006, here is a "Top 10" list of 2005 tax events that will have an impact on what will happen to many taxpayers in 2006.

Enterprise software provider Epicor has acquired privately held CRS Retail Systems of Newburgh, N.Y., in an all-cash transaction valued at roughly $121 million.The acquisition of CRS, a provider of merchandising and point-of-sale software to the retail industry, adds the retail sector to Epicor's market penetration of enterprise solutions.

In violation of a longstanding court order, the Internal Revenue Service has stopped providing detailed statistics about how the agency enforces the nation's tax laws, according to a motion filed in the United States District Court for the Western District of Washington.The legal challenge was brought by Susan B. Long, a professor of management information and decision sciences at Syracuse University's Martin J.Whitman School of Management.

The CPA and business advisory firm of Whittlesey & Hadley has merged in the firm of Snyder & Haller. Both firms are headquartered here.

New York-area CPA and business advisory firm Citrin Cooperman has merged in Shulman, Cohen, Furst & Co., a boutique firm in New York City.

Commerce Bancorp Inc., parent to some 375 Commerce Bank branches in the New York, Philadelphia and Southeast Florida markets, has acquired online wealth manager eMoney Advisor for $32 million.

Treasury Secretary John Snow predicted that Congress would probably extend a number of tax cuts when it returns in session, according to reports.

Bolstering its presence in the Philadelphia market, BMC, a CPA and business consulting firm formerly known as Beard Miller Co., has merged in Paoli, Pa.-based McDade Abbott.

Mueller & Co., a Chicago-area CPA and financial services firm, has merged with Aurora, Ill.-based Nickels, Beilman & Co. effective immediately.