Weekly News Round Up: House Passes $42 Billion Plan to Revive Tax Breaks; M&A Outlook Looks Good for 2015; and SOX Compliance
December 8, 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 a story about the House of Representatives passing a $2 billion plan to revive 2014 tax breaks. In addition, the M&A outlook for 2015 is looking very bright, and a new research paper recommends that fees that publicly-traded companies agree to pay auditors should be disclosed at the time they are negotiated.
House Passes $42 Billion Plan to Revive U.S. Tax Breaks for 2014
The House of Representatives voted to revive dozens of lapsed U.S. tax breaks for this year and set them to expire again on Dec. 31. The vote would provide $42 billion in temporary relief to taxpayers, including companies that rely on the research tax credit and the production tax credit for wind energy.
M&A Pros Expect Very Active Deal Scene in 2015
M&A professionals expect 2015 to be an extremely active year for deals, reflecting confidence that economic and market conditions in the U.S. will remain positive, according to a new survey.
AICPA Issues Advisory on Auditing Benefit Plans
The American Institute of CPAs’ Employee Benefit Plan Audit Quality Center has released an advisory document on the importance of hiring a quality auditor to perform employee benefit plan financial statement audits, along with information to help select a quality auditor.
ISACA Updates IT Control Objectives for SOX Compliance
The Information Systems Audit and Control Association has released the third edition of its book IT Control Objectives for Sarbanes-Oxley to help information technology professionals focus on performing an IT assessment for financial reporting controls in line with the Sarbanes-Oxley Act of 2002.
FAF, FASB and GASB Draft Strategic Plan
The Financial Accounting Foundation and the two standard-setting boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, have created a draft strategic plan of their vision, mission and top priorities, and are asking for comments.
Study Urges Faster Disclosure of Audit Fees
The fees that publicly-traded companies agree to pay auditors should be disclosed at the time they are negotiated, a new research paper recommends, saying investors and markets could benefit substantially from accelerated disclosure.