Practice Management

Outsourcing provider Xpitax has added accounting services for clients, including bookkeeping and write-up solutions, work paper conversion, and year-end accounting work and financial analysis, to its offerings.

Chicago (Sept. 21, 2004) -- KPMG LLP has sold its U.S. Corporate Recovery practice to privately held Mesirow Financial, a financial services firm based here.

Washington (Sept. 21, 2004) -- In its aggressive crackdown on credit counseling abuse, the Internal Revenue Service filed a $15 million suit against Germantown, Md.-based AmeriDebt Inc. in anticipation that the company's tax-exempt status would be overturned.

New York (Sept. 21, 2004) -- Metro New York area accounting and consulting firms Yohalem Gillman & Co. LLP and Cipolla Sziklay LLC have created a joint venture specializing in providing forensic accounting, valuation and litigation services to middle-market businesses and their attorneys.

IRS GETS TOUGH ON 527S: Having identified concerns about dozens of filings among the growing tax-exempt Section 527 political group segment, the Internal Revenue Service is moving to improve reporting and disclosure by those groups.

Finally, it appears that the Internal Revenue Service has had its say for a while on the rules governing the sale of a principal residence.

by Roger Russell

IRS INITIATIVE EYES TAX-EXEMPT GROUPS’ COMPENSATION: The Internal Revenue Service has started a new enforcement effort to identify and halt abuses by tax-exempt organizations that pay excessive compensation and benefits to their officers and other insiders.

by George G. Jones and Mark A. Luscombe

by Roger Russell