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The Internal Revenue Service has increased its audits of taxpayers at upper-income levels.

Direct Edge said it received approval to launch a market maker program for its two national exchanges.

The SEC accelerated approval of rule changes to allow the Chicago Board Options Exchange to acquire the National Stock Exchange at the end of December.

Stocks closed mixed ahead of Friday’s much-anticipated December non-farm payrolls report as the Dow trimmed 2.72 points to finish at 12,415.70 while the Nasdaq and S&P 500 mustered small gains.

The acquisition of Legent Clearing gives the 2012 merger and acquisition period a strong start.

The Securities and Exchange Commission has charged an Illinois-based investment adviser with using LinkedIn and other social media channels to attempt to sell $500 million in fictitious securities.

Advisers seeking better client communication tools are likely to have their wish come true, according to a new report from Celent, a Boston-based financial research and consulting firm. The wealth managers surveyed in the report indicated that they are likely to add or enhance client-relationship management systems and client-reporting and client-facing technology tools within the next two years.

Steve Sanduski, the Prosperous Advisor, says it’s important for financial advisors who want to succeed to understand the “why” behind each of their goals. They also must ask themselves if they’re setting these goals for the right reasons and whether they’re in the best interests of their clients.

William Polk Carey, founder of investment management firm W.P. Carey & Co., died on Jan. 2 at age 81, the company announced.

This week, IRA expert Ed Slott fields some questions from investors about non-deductible IRAs and RMDs on inherited IRAs.