Expertise Beyond the Numbers

Weekly News Round Up: Consumer Prices Rise; U.S. Spending on Healthcare and the ACA; and Hospital M&A Update

Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.

This week, we highlight how consumer prices inched up in May, and U.S. spending on healthcare is going to be less than expected under the Affordable Care Act. In addition, there’s now an Orlando-related IRS scam, and many CFOs believe that millennials are ready to lead.

Consumer Prices Rise for Third Straight Month

Higher energy costs and the biggest increase in shelter costs in nine years kept U.S. consumer prices inching upward in May.

Fed’s Oversight of Cybersecurity Being Audited

The Office of Inspector General of the Federal Reserve’s Board of Governors is currently reviewing how the U.S. central bank is providing adequate oversight of financial institutions’ information security controls and cybersecurity threats.

U.S. Spending On Healthcare to Be Less Than ACA Estimated

The United States is on track to spend $2.6 trillion less on healthcare between 2014 and 2019, compared with initial projections made right after the 2010 passage of the Affordable Care Act.

IRS Overlooks Noncompliance in Offshore Voluntary Disclosure Program

The Internal Revenue Service is missing out on imposing approximately $21.6 million in penalties on taxpayers who are denied entry or withdraw from its Offshore Voluntary Disclosure Program, according to a new report.

AICPA/CIMA Proposal Approved in Landslide

A new international accounting association proposed by the American institute of CPAs and the Chartered Institute of Management Accountants was overwhelmingly approved in separate votes by the organizations’ members.

Beware Orlando-Related Scams: IRS

The IRS has issued a consumer alert about possible fake charity scams in the wake of the recent mass shooting in Orlando, Fla.

Majority of CFOs Believe Millennials Are Ready to Lead

According to a new survey, the overwhelming majority of CFOs are confident that millennials possess the abilities to become future leaders.

Hospital M&A Driving Variation in Healthcare Costs by Site

Two AHIP leaders found that healthcare cost variations are significantly different based on site of care because of an increase in hospital mergers and acquisitions.