Weekly News Round Up: CFOs Concerned About European Slowdown; IRS and Retirement Plans for 2015; and an Interview with Western Union’s CFO
October 27, 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 on how CFOs are worried about the impact of the economic slowdown in Europe. In addition, middle-class Americans are not saving for retirement, and the IRS has issued its annual cost-of-living adjustments for pension plans and other retirement plans for 2015.
CFOs Concerned about Slowdown in Europe
Chief financial officers in both the U.S. and Europe are concerned about the financial prospects for their own companies as well as global economic conditions, according to a new survey.
Taxpayers Can Invest up to $18,000 in 401(k) Plans in 2015
The Internal Revenue Service posted the annual cost-of-living adjustments for pension and other retirement plans for 2015, which now allow taxpayers to contribute up to $18,000 in their 401(k) plans in 2015.
Uncertain Tax Positions Lure IRS Agents, Lawyer Claims
Contrary to previous assurances by the Internal Revenue Service, agents are using corporate financial reports of uncertain tax positions as a tool to go after more tax revenues, according to a corporate tax lawyer.
Middle-Class Squeeze Hits Retirement Savings
Thirty-four percent of middle-class Americans are not currently contributing to a retirement accounts, according to a new survey.
Budget Cuts Derail IRS Plans to Automate Taxpayer Advocate Service
The Internal Revenue Service is planning to improve the technology used by its Taxpayer Advocate Service to better handle the many requests it receives from taxpayers seeking help with their IRS problems, but the project has been put on hold due to budget cuts.
Western Union CFO: Compliance Is Key
Be sure to check out this CFO Journal interview with Western Union Chief Financial Officer, Rajesh Agrawal, who discusses how the company is rising to emerging challenges.