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The Internal Revenue Service reported that audits of individuals topped 1 million in fiscal year 2012 for the sixth year in a row, a coverage rate of 1.03 percent of all tax returns filed, while audits in the upper income ranges remained substantially higher than other categories.

Recent events make fundamental tax reform, already a heavy lift, much less likely.

It all started with Goldman Sachs, which began publishing the daily market value of the assets held in its money market mutual funds in the United States on January 9.

Brett Meili joined U.S. Bancorp Fund Services as legal counsel to provide support for the organizations’ growing alternative investment products and services.

Janus Capital Group has launched the Janus Diversified Alternatives Fund (DAF), which will bet on the equity, fixed income, commodity, and currency asset classes.

Deferred prosecution agreements involving HSBC's money laundering scandal and similar cases have practical advantages. But they also raise concerns that big banks are getting off easier than small ones.

Institutional investors' investment philosophy is changing with the times. The products they're asking for are becoming more and more in-line with larger social and macro-economic trends, according to a report from Boston-based consulting firm Cerulli Associates and the Institutional Investor Institute.

Dallas-based Pyxis Capital has added a wholesaler to cover the New York Metropolitan area.

Janus Capital Group has launched the Janus Diversified Alternatives Fund (DAF), which will bet on the equity, fixed income, commodity, and currency asset classes.

Hartford Mutual Funds has named Jac McLean as head of distribution, a newly created position, responsible for retail sales, institutional sales and key account management.

A client advisory board is a powerful tool advisors can use to better understand their clients and receive feedback on how to be more attractive to their ideal client.

First Trust Advisors has launched the First Trust Short Duration High Income Fund.

Helping other businesses can help you, too.

The Financial Stability Oversight Council has extended the comment period for proposed recommendations for money market mutual fund reforms.

As a tool for advisors, Riskalyze is new to the scene. The original risk profiling product was meant for individual investors, but a professional version specifically for investment advisors was recently launched.

Morgan Stanley advisor Anthony C. Jones, who ranks at number 22 on the Top 40 Under 40 list, focuses on helping entrepreneur clients move away from concentrated stock portfolios.

Regulators and banks should develop a system allowing lenders to go bust without damaging the world economy to help restore public trust in the industry, JPMorgan Chase CEO Jamie Dimon said.

Regions Financial reported fourth-quarter earnings that beat analysts' estimates as its net interest margin, a gauge of lending profitability, widened.

Brett Meili recently joined U.S. Bancorp Fund Services as legal counsel to provide support for the organizations’ growing alternative investment products and services.

Jay Nolan has joined RiverNorth Capital Management, LLC as a portfolio specialist to act as a liaison between investors and portfolio managers.