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The recent IPO by Facebook founders led to their creation of grantor trusts to avoid paying taxes of at least $200 million. It underlined new uses of a technique that has been around for a long time. Grantor trusts, including defective trusts, are still the hot new thing.

Despite the slowdown this year of the economic recovery, financial professionals surveyed by the Association of Chartered Certified Accountants and the Institute of Management Accountants believe that business conditions in the U.S. are improving, but they worry about conditions abroad.

The Financial Accounting Standards Board said it is taking a different approach than the International Accounting Standards Board in the impairment of financial instruments after a joint meeting Wednesday.

A team from the Philadelphia office of accounting, tax and business consulting firm Citrin Cooperman raised more than $5,500 for the American Cancer Society during Relay for Life in Ocean City, N.J., June 22-23.

Thomson Reuters has enhanced its ONESOURCE Transfer Pricing software with updated data collection features.

Eugene Ma and Kevin Starkey accepted into partnership at California firm

Mergers and acquisitions activity among corporations appears to gaining momentum this year, according to a midyear report by PricewaterhouseCoopers, which foresees M&A activity accelerating in the second half of 2012.

The single-engine airplane that was flown by an enraged pilot into an Internal Revenue Service building in Austin, Texas, in February 2010 cost the agency $38.6 million, according to a new government report.

The assurance, tax, and consulting firm intends to fill 300 to 500 positions to its new corporate headquarters

Rep. Sander Levin, D-Mich., the ranking Democratic member of the tax-writing House Ways and Means Committee, plans to introduce legislation that would require Presidential candidates to make public 10 years of tax returns and disclose any overseas accounts.