Practice Management

American Express' foray into acquiring and operating accounting firms has ended.

* IRS SUSPENDS PLAN TO CLOSE ASSISTANCE CENTERS: The Internal Revenue Service will scrap its plans to close 68 Taxpayer Assistance Centers after Congress insisted the agency further study the potential impact of the closures.

The AMT Credit Fairness Act has been introduced in the House with significant bipartisan sponsorship. The bill provides relief for incentive stock option alternative minimum tax victims by accelerating the refund of stranded ISO AMT overpayment credits that, under current law, would not be returned within the taxpayer's lifetime.

IRAs, 401(k)s and similar retirement savings vehicles have experienced phenomenal growth over the past several years, both in terms of the number of participants and in the sheer dollar value of those accounts. Unfortunately, the opportunities to run afoul of the qualified withdrawal rules also have grown. These missteps by account owners have not gone unnoticed by either the Internal Revenue Service or the courts.

BST Advisory Network LLC will merge its operations with Ferraro Andrie CPAs PC of Saratoga Springs effective Oct. 1, creating a fraud and forensic accounting team alternative north of New York City.

Looking to expand its geographic reach, accounting firm Wiss & Co. LLP has formally merged with The Distinctive Group in an agreement effective Aug. 1.

Studies conducted by the Treasury Inspector General for Tax Administration over the past two tax filing seasons criticize the Internal Revenue Service's use of training programs.

Schneider Downs & Co. Inc., with offices in Pittsburgh and Columbus, Ohio, announced a deal to merge with BKR Longanbach Giusti LLC, another Columbus-based accounting firm.

The Internal Revenue Service was recognized for its community-based partnerships linking low-income taxpayers with organizations that prepare tax returns for free, ensure they properly receive tax credits and assist them with ways to build financial savings.

Cherry, Bekaert & Holland LLP, a regional accounting and consulting firm headquartered in the southeast, merged northern Virginia's Soza Associates PC into its accounting and consulting group.