Tax

Two CPA firms on California's central coast have announced a merger: Bianchi, Lorincz, Huey, Hudson & Co. and Kasavan & Pope.

Grant Thornton CEO Edward E. Nusbaum has worked with the firm for 28 years, but since he took over the helm, the Chicago-based firm has more than doubled its revenue in the last four years, reaching $940 million in 2006.

The Internal Revenue Service has established new electronic filing rules that it hopes will help quickly identify fraud schemes such as phishing.

You might be surprised what qualifies as an unforeseen circumstance for the partial exclusion of gain on the sale of a personal residence. Under this special rule, taxpayers are allowed to exclude gain up to a reduced maximum exclusion amount under Section 121(c) if the sale is due to a change in place of employment, health, or unforeseen circumstances even though it was used for less than two of the five preceding years as the personal residence.

Three academics from the U.K. who have written a book about auditing, and a Virginia professor who has developed a taxation education curriculum, will receive awards from Deloitte & Touche’s not-for-profit Deloitte Foundation.

The Internal Revenue Service named Linda Stiff as the replacement for outgoing Acting Commissioner Kevin M. Brown.

Accounting firm Lovoy, Summerville & Shelton has acquired Granberry & Associates, allowing the firm to expand its client base beyond its home town of Birmingham to Granberry's turf in the Auburn-Opelika area of Alabama.

The Internal Revenue Service has granted relief to some homeowners struggling to rebuild after Hurricane Katrina devastated the Gulf area in August 2005 so they can continue to qualify for a low-income housing credit.

Following on the heels of his former boss, Internal Revenue Service Acting Commissioner Kevin M. Brown plans to leave the IRS in mid-September to become chief operating officer of the American Red Cross.

Nearly 55,000 tax-exempt organizations owed close to $1 billion in unpaid payroll and other federal taxes as of last September, according to a report released by the Government Accountability Office.