Weekly News Round Up: Employer Retention on Rise; AICPA Extends Reach of Standards; and New Malware Threat
October 31, 2016 - By: SC&H Group
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 employers are developing retention programs for keeping top performers. In addition, the IRS aims to collect billions of dollars from non-filers, and there’s a new malware threat disguised as a Microsoft installer.
Employers to Focus on Retention Programs in 2017
According to a new study, pay raises are expected to remain consistent at 3 percent in 2017, but companies plan to increase spending on programs designed to keep top performers.
IRS Misses Billions in Backup Withholding
Billions of dollars in incorrect backup withholdings are overlooked by the Internal Revenue Service, according to a new report.
AICPA Extends Reach of Its Standards
The American Institute of CPAs is broadening the range of services to which its Statements on Standards for Accounting and Review Services apply, covering not only reviews of financial statements, but also preparation of financial statements and compilation of prospective financial information.
IRS Hopes to Collect Billions in Taxes from Non-filers
The Internal Revenue Service plans to make changes in how it deals with people who don’t file tax returns to collect billions of dollars in lost tax revenue, according to a new report.
Fake Microsoft Installer Leads to Malware
Malware that uses a fake but realistic looking Windows message to convince users it’s a Microsoft Security Essentials installer has been making the rounds through drive-by download attacks, experts warn.
FASB Amends Standards for Variable Interest Entities
The Financial Accounting Standards Board has released an accounting standards update on how to treat consolidations of interests held through related parties that are under common control.
AT&T, Time Warner Take Merger Mania to New Heights
AT&T’s plan to buy Time Warner is just one of more than $100 billion in deals announced recently, according to Reuters.