Weekly News Round Up: Fewer Audits Means $3 Billion Loss for Government; Road Ahead for Accounting Standards; and Tough Financial Questions for Americans

Welcome to the Weekly News Round Up from the SC&H 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 fewer audits of high-wealth individuals will equate to a $3 billion loss for the U.S. government.  In addition, the House voted to revive the corporate tax credit for research, and most Americans cannot answer three simple financial questions.

IRS: Fewer Audits Mean $3B In Lost Tax Revenue

According to recent testimony by IRS Commissioner John Koskinen, fewer audits of high-wealth individuals will equate to a $3 billion loss in revenue for the government.

House Votes to Revive Expired Corporate Research Tax Credit

The U.S. House of Representatives voted to revive the tax credit for corporate research, expand it and make it permanent.

Accounting Standard-Setters Offer Glimpse of ‘Road Ahead’

The Financial Accounting Foundation (FAF) has issued its 2013 Annual Report, entitled “The Road Ahead,” outlining the future direction of the FAF and the standard-setting boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board.

PCAOB Seeks Input on Reorganization of Auditing Standards

The Public Company Accounting Oversight Board (PCAOB) is planning a reorganization of its auditing standards and asking for the public’s feedback on the proposal.

Insurance CFOs Are Primed to Make Riskier Investments

One-third of the insurance industry’s finance chiefs believe investment opportunities are improving, compared with one-quarter of chief investment officers, according to a new survey.

Agencies Hit Small Business Contracting Goals for First Time Since 2005

Federal data shows that the federal government reached its goal of awarding 23 percent of agency contracts to small businesses during its 2013 fiscal year, according to a Deltek report.

The Average American Can’t Answer These Three Simple Finance Questions

Reinforcing the need for enhanced financial education in the U.S., Business Insider ran this story about how Americans cannot answer three simple money-related questions.