Weekly News Round Up: AICPA and Private-Equity Audits; Banks Unprepared for New Accounting Standards; and Big Data and Personal Finance
August 18, 2014
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase a series of news stories that span everything from government contracting to personal finance to state and local tax issues.
This week, we have compiled stories about how certain tax-exempt organizations are delinquent on payroll taxes, as well as the AICPA seeking feedback on its Enhancing Audit Quality (EAQ) initiative. In addition, the Taxpayer Bill of Rights from the IRS is now available in six languages.
Tax-Exempt Organizations Delinquent on Payroll Taxes
A small percentage of tax-exempt organizations have a substantial amount of delinquent payroll taxes, according to a new government report.
Banks Unprepared for Upcoming Accounting Standards
Many banks are unprepared for changes in accounting standards next year on how to calculate losses on their loans and leases, according to a new survey.
IRS Handed Taxpayer Information to Contractors Without Background Checks
The Internal Revenue Service exposed more than 1 million taxpayers to “increased risk of fraud and identity theft” by giving their private information to contractors without background checks, according to a federal audit.
AICPA Seeks Feedback on Private-Entity Audit Quality Initiative
In one of the first steps of the new Enhancing Audit Quality (EAQ) initiative, a major effort to improve auditing of private entities, the AICPA has released a discussion paper seeking stakeholder perspectives.
IRS Taxpayer Bill of Rights Now Available in Six Languages
The Taxpayer Bill of Rights, a document that details the fundamental rights of U.S. taxpayers when dealing with the IRS, has now been translated into six languages
Accounting for America: Students Helping Small Businesses
Accounting For America seeks to pair greenhorn accountants, presumably recent college graduates, with small businesses in desperate need of accounting services.
Three Personal Finance Tips From Big Data
It turns out that with big data, it is possible to analyze spending habits to determine which savings actually make the most sense, according to Forbes Magazine.