News

The Department of Justice has sued a Newark, N.J.-based tax preparer who it alleges falsified reported income and listed fake dependents so his customers could claim the maximum earned income tax credit. The agency seeks to bar Luvander Hollaway from preparer federal tax returns for others.

Bloomberg  has completed its acquisition of The Bureau of National Affairs in a cash tender deal worth about $1 billion. BNA is now a stand-alone, wholly-owned subsidiary of Bloomberg and is part of the Bloomberg Industry Verticals Group.

Financial planning firm GilmanCioccia reported a $1.8- million loss for the year ended June 30, up from the $1.6 million in red ink the prior year. Revenue for fiscal 2011 was $41.5 million, down 4.2 percent from $43.3 million in 2010.

Sage North America has allied with CPE Link to provide product training and training on other topics to accountants, including members of the Sage Accountants Network. Presentations will feature live and recorded webinars that will be presented by Sage and its partners.