Practice Management

The fact that the new regulations under Code Section 199, released on May 24, 2006, are the final regulations should not be interpreted as an indication that the Treasury and the Internal Revenue Service will not be looking at Code Sec. 199 for a while.For one thing, the final regulations were accompanied by temporary and proposed regulations covering specific issues, and a statement that none of the regulations, final or proposed, address the changes made to Code Sec. 199 by the newly-enacted Tax Increase Prevention and Reconciliation Act of 2005. As predicted by the Treasury in originally opposing the adoption of Code Sec. 199, this is becoming one of those all-too-common code sections where even lengthy guidance is never enough and the questions keep coming.

CPA and business advisory firm Joseph Decosimo and Co., has merged in the practice of FIS Associates,of Knoxville, a 36-year-old-firm specializing in physician services including practice evaluation, billing and coding compliance, and physician recruitment.Terms of the merger, which became effective July 1, were not disclosed.

The energy industry hopes that anticipated public guidance regarding Section 45 of the Internal Revenue Code will provide significant clarity on tax credit issues for projects producing electricity from open-loop biomass projects."Currently, there's a logjam when it comes to doing deals involving open-loop biomass projects as the industry does not have clear guidance on various issues," said David S. Lowman Jr., a tax partner in the Energy Practice Group at Hunton & Williams LLP in Richmond, Va., who works with clients on issues related to various energy tax credits.

Dixon Hughes PLLC has acquired South Carolina's Trammell & Co. PA, an accounting firm focused on the construction industry.Financial terms of the deal, which became effective June 1, were not disclosed. Trammell's office in Spartanburg, in the northern part of the state, will now operate under the Dixon Hughes name.

With all the talk about attracting and retaining talent in our profession, there may be a solution that's as close as your office. In fact, it's inside your office. Helping women CPAs realize their rainmaking potential motivates them to "be all that they can be," while contributing to your firm's growth.What's the problem?

The Internal Revenue Service announced regulatory revisions that the agency hopes will remove impediments to e-filing for corporations and shareholders."This is a win-win situation for businesses, shareholders and the IRS," said Commissioner Mark W. Everson. "Businesses and shareholders will be relieved of excessive reporting obligations that really no longer made sense, while the IRS will still receive the information it needs for compliance. As a bonus, a number of roadblocks to IRS e-file also will be removed."

Rothstein Kass CPAs has acquired the assets of San Francisco-based Stadtler, Rosenblum & Saris in a deal effective July 1.

The Internal Revenue Service will issue guidance clarifying the 20 percent penalty for executives divesting a deferred compensation arrangement.

At the beach earlier this week, my sister found herself on the receiving end of a delivery from a seagull -- much to her horror at the moment, and the amusement of everyone I've told the story to since.

Accounting firm Kreischer Miller, which serves clients in the greater Philadelphia region, has announced that it will merge with neighbor Hege Kramer Connell Murphy & Goldkamp PC in a deal effective July 1.