Weekly News Round Up: Durable Good Orders and Home Sales Fall; GASB Releases Implementation Guidance; and IRS Prosecutions Decline
March 28, 2016
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 durable good orders have fallen and existing home sales declined as well. Though the good news is that there has been an uptick in the labor market. In addition, IRS criminal prosecutions are on the decline and we offer an analysis on how to restart the IPO market.
Durable Goods Orders Fall, But Better News on Jobs
The strong dollar and low oil prices continue to drag on the economy as new orders for durable U.S. manufactured goods fell 2.8 percent in February. However, this news was offset by an uptick in the labor market.
Existing Home Sales Fall 7.1 Percent in February
Sales of existing homes in the United States fell more sharply than expected in February as rising prices and low supply cooled off the market after a strong start to the year.
U.S. Charges Iranians with Cyber Attacks Against Banks, Dam
The U.S. government has charged seven Iranians with conducting a coordinated campaign of cyber attacks against U.S. banks and a New York dam on behalf of the Iran government.
IRS Delays Estate Basis Reporting Due Date
The Internal Revenue Service has issued a notice delaying the estate basis reporting due date from March 31 until June 30, 2016.
GASB Releases Implementation Guidance on Recent Standards
The Governmental Accounting Standards Board has issued implementation guidance containing questions and answers to clarify some of its recent standards.
IRS Criminal Prosecutions Continue to Decline
The odds of being criminally prosecuted by the Internal Revenue Service have fallen as a result of budget cuts at the hands of Congress, decreasing from 13.3 per million population in FY 2013 to 9.2 per million in FY 2015, according to new research.
Restarting the IPO Market
To get the initial public offerings market going again, issuers may have to make their deals more enticing to investors, according to this analysis from CFO Magazine.