Rea & Associates, an accounting and consulting firm based in New Philadelphia, Ohio, has promoted three CPAs to principal and elevated three others to director-level positions. The three new principals are Chris Ricker, Kyle Stemple and Chad Welty.

H&R Block is dropping its bid top acquire TaxAct Software after a federal judge last  month ruled the purchase of 2SS Holdings, which owns TaxAct, would violate anti-trust laws. Block, which planned to pay $287.5 million for the deal, said it would not appeal the judge's decision. In an SEC filing, Block said it was terminating the Octobe 2010 merger agreement. The original plan was to combine TaxAct with Block's At Home digital business in a single unit. Read more...

The Internal Revenue Service plans to inform preparers who have been identified as "high risk" that it has noticed questionable traits on a number of the Schedules A, C or E that they have prepared. The IRS will send letters to these preparers and will also contact those whose clients' returns have traits associated with questionable Earned Income Tax Credits. Read more...