Weekly News Round Up: IRS Deduction for Home Businesses; FASB Rules for Evaluating Financial Disclosures; and Overlooked Real Estate Tax Breaks
March 10, 2014 - By: SC&H Group
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 reminding home-based business owners about a new deduction option, how healthcare costs hikes are modest for large companies and how the FASB is proposing new rules for evaluating financial disclosures.
IRS Reminds Home Businesses of Simpler Deduction Option
The Internal Revenue Service reminded home-based businesses and their tax preparers about a new simplified option for claiming the home office deduction that is available for the first time this year.
Healthcare Cost Hikes Stay Modest for Big Companies
According to new research, the average company with more than 1,000 employees will pay 4.4 percent more in healthcare costs in 2014 than it did last year.
Studies Find Weaknesses in Data Management Programs
Two separate benchmarking reports revealed that even though most companies claim to have information and records management programs in place, many are not up to par.
FASB Proposes Rules for Evaluating Financial Disclosures
The Financial Accounting Standards Board has taken another early step in a long journey to overhaul financial statement disclosures with a proposal for how the board would evaluate disclosure requirements when considering existing or potential new standards.
Oklahoma Requires Students Learn Personal Finance to Graduate
The Oklahoma state legislature has come up with a law that will require all public high school students to show they have a working understanding of personal finance in 14 areas in order to graduate.
3 Often Overlooked Real Estate Tax Breaks
Lots of people make real estate moves to minimize what they owe and maximize what they get back on their taxes. The first step is to make sure you’re not actually missing any critical tax deductions.