Practice Management

Top 100 Firm McGladrey LLP has agreed to acquire substantially all the assets of the Bay area firm PKF San Francisco and the St. Louis-based firm Wolfe Nilges Nahorski. McGladrey expects to close both deals on Aug. 1, 2015.

Making the case for mergers and acquisitions

Ideas for tax reform abound, though the prospects are not as bright as they once were.

Limited liability companies have become the entity of choice for small business owners and are commonly utilized by professionals in asset protection planning.

The Internal Revenue Service needs to make further improvements in how it audits partnership tax returns, including assessing how much additional tax the partners owe after a partnership return is audited, according to a new government report.

The National Football League’s central office will become a taxable entity, ending its tax-exempt status in a move with minimal financial effect and significant symbolic value.

Certain EAs who haven’t timely renewed their enrollment status need to do so as soon as possible:

The American Institute of CPAs is pushing to improve the quality of employee benefit plan audits, in part by discouraging unqualified firms from offering the service, in advance of an upcoming report from the U.S. Department of Labor that is expected to find continuing problems with the quality of one-third of the audits.

Chicago plastics manufacturer Stefan Edlis faced more than $20 million in U.S. capital gains taxes by selling his Andy Warhol painting to billionaire Steven A. Cohen eight years ago.

A New Jersey CPA and lawyer has been sentenced to 27 months in prison for conspiring with a mortgage broker to extort and defraud police officers and other victims by falsely claiming they were the subjects of Internal Revenue Service criminal investigations that he could resolve if they paid up to $20,000.