Weekly News Round Up: IRS Audit Rate Hits New Low; Defense Spending Down; Managing Fraud; and ESOPs
April 21, 2014
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 the IRS’ audit rate hitting a new low and how it is doing more audits of larger partnerships. In addition, the defense budget cycle is expected to decline, according to the Director of National Intelligence, and corporations are facing higher levels of fraud.
IRS Audit Rate Hits New Low
The IRS audited less than 1 percent of individual tax returns in 2013, the lowest rate since 2005, and the number of individual returns that will be audited this year will decline even further, according to IRS commissioner John Koskin.
IRS Doing More Audits of Large Partnerships
Although individual tax return audits are on the decline, the number of large partnerships involving 100 or more direct partners continues to grow, according to a new government report.
Clapper: Decreasing Budget Cycle Will Continue
The Director of National Intelligence (DNI), James Clapper, addressed the GEOINT 2013* Symposium attendees last week, and warned that the current budget cycle of the U.S. federal government will see no reprieve from current spending imperatives.
Managing Corporate Fraud and Corruption
Corrupt and fraudulent behavior remains a significant issue for businesses worldwide. Advances in technology and globalization mean that those committing fraud now have access to a much larger pool of potential victims. In addition, more complex business processes make crimes easier to conceal – creating an even larger challenge for today’s corporations.
ESOPs Attractive to Baby-Boomer Business Owners
ESOPs are an attractive option for baby-boomer business owners, as highlighted by this local business in Pittsburgh, PA.
Personal Finance: When Choosing Colleges, How To Calculate The Money Factor
With college costs at budget-breaking levels, it can be a confusing, daunting and discouraging process of the college-acceptance experience. Here are some insights into how to calculate the money factor.