News

TaxAct, whose purchase by H&R Block was halted by the government, has a new prospective buyer. The bidder is InfoSpace, an online search company based in Bellevue, Wash., which has signed a definitive agreement to buy the tax preparation software company for $287.5 million in cash. Meanwhile, InfoSpace CEO William J. Ruckelshaus indicated interest in additional acquisitions in the space to consolidate the online tax market.

Greg McCaffery, who served as president and COO of the Bureau of National Affairs, has become CEO and president of the unit that is now known as Bloomberg BNA. He replaces Paul Wojcik who had held the job since 2007 and remains as chairman. The changes stem from BNA's acquisition last year by Bloomberg.

A Mesa, Ariz., man who stole from a tax preparer who conducted a Ponzi scheme was sentenced to 63 months in prison for his role in money laundering and defrauding the Internal Revenue Service. Wayne A. Mounts and his co-defendant, Gino Carlucci, were convicted in a trial in July for stealing large sums of money from tax preparer, Joseph Flickinger, who went to prison for mail and wire fraud, and from Flickinger's clients and associates. The two also set up Flickinger for arrest.

A Dix Hill, N.Y.-based tax preparer has pleaded guilty to preparing at least 56 false federal tax returns. Howard Levine, who owned and operated Milaur Associates, made the admission this week in U.S. District Court in the Eastern District of New York in Central Islip, N.Y. He faces up to six years in prison and a fine of up to $500,000.