Practice Management

A federal judge here has reportedly denied a request by BDO Seidman LLP to force a group of its former tax shelter clients to arbitrate their complaints out of court, according to a published report.

Just as homeowners have felt the impact of factors such as fluctuating interest rates when hanging up a "For Sale" sign, CPA firms in a selling mode have seen a series of seismic shifts alter the buyer-seller market within the accounting profession.

Midwestern accounting and consulting powerhouse Virchow, Krause & Co. kicked off the New Year by flexing its acquisition muscle.

New regulations to Circular 230 calling for "highest quality representation" may encourage malpractice litigation involving tax advisors, according to some observers.

The American Jobs Creation Act of 2004 permits taxpayers to deduct either their state and local income taxes or their state and local sales taxes as an itemized deduction for 2004 and 2005.

BLOCK FINANCIAL ADVISORS SETTLES WITH NASD: H&R Block Financial Advisors, the investment arm of the tax prep giant, agreed to pay a $500,000 fine and to return $325,000 in clients' mutual fund trading profits to settle charges brought against it by the National Association of Securities Dealers related to the market-timing of mutual fund shares by two of its former financial advisors. The company, which did not admit or deny the NASD's allegations, said that the settlement won't have a material effect on its operations.

The Internal Revenue Service has appointed 12 new members for the Internal Revenue Service Advisory Council, the group that serves as a forum for IRS officials and public representatives to discuss relevant and emerging tax issues.

Top-ranked accounting and consulting firm Rothstein Kass, based here, which specializes in serving the alternative investments industry, said that it is selling its interests in RK Consulting, the firm's investment fund administration affiliate, to stave off independence issues.

Regional firm Kahn, Litwin, Renza & Co., based here, is expanding into Newport with the merger of Casten, Victor & Co. into its fold.

Operating under the theory that bigger is better, regional CPA firms Reinsel & Co. LLP and Kuntz Lesher LLP have joined forces to strengthen their presence in Southeastern Pennsylvania.