Weekly News Round Up: Early Tax-Filing Volume Up; IRS Should Stop EITC Fraud; and Harris Acquisition of Exelis
February 9, 2015
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 a story about how the IRS is seeing the early tax-filing volume increase from last year. In addition, January proved to be a strong month for job gains and wage increases, and the Harris acquisition of Exelis could spark more M&A activity in the defense sector.
IRS Sees Early Tax-Filing Volume Increase over Last Year
The Internal Revenue Service reported that tax season is off to a strong start this year, with the tax-filing volume running ahead of last year so far.
Congressmen Urge Social Security and IRS to Stop EITC Fraud
Three Republican lawmakers are calling on the Social Security Administration to work with the Internal Revenue Service to do more to stop fraudulent claims for the Earned Income Tax Credit, particularly by the self-employed.
SEC Questions PCAOB’s Focus on Disclosure
The U.S. Securities and Exchange Commission has again expressed concern about the performance of the Public Company Accounting Oversight Board, suggesting the audit regulator is focusing too much on promoting more disclosure to investors.
Jobs, Wages Moved Higher in January, Government Says
January was a strong month for both job gains and wage increases, according to the U.S. Bureau of Labor Statistics.
IRS Updates Automobile Depreciation Deduction Limits for 2015
The Internal Revenue Service has issued a new revenue procedure for this year providing the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans).
Harris’ Acquisition of Exelis to Trigger M&A Activity in Defense
Harris is buying aerospace company Exelis in a deal valued at $4.75 billion, which many believe will trigger more M&A activity in the defense sector.