Weekly News Round Up: IRS ‘Dirty Dozen’ Scams; ACA and Tax Prep Burdens; and M&A Activity Up in 2014
February 2, 2015 - By: SC&H Group
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 complied stories that highlight how the IRS is warning taxpayers about unscrupulous tax preparers, and yet another study showed a sharp increase in M&A activity in 2014. In addition, according to federal officials, the ACA will not have a significant impact on tax preparation for citizens.
IRS Lists Fraudulent Tax Preparers among ‘Dirty Dozen’ Scams
The Internal Revenue Service is warning taxpayers to be on the lookout for unscrupulous tax preparers, citing preparers as one of the most common “Dirty Dozen” tax scams seen during tax season.
Federal Officials: ACA Won’t Be a Tax Prep Burden for Most
The Affordable Care Act will have almost no effect on most taxpayers’ tax preparation and filing experience, according to federal officials.
Obamacare Penalty to Be Owed by as Many as 6 Million Taxpayers
As many as 6 million U.S. taxpayers will have to pay a penalty of as much as 1 percent of income because they went without health insurance in part or all of 2014, according to the Treasury Department.
FASB Nearing Decision on Delaying Revenue Rule
The Financial Accounting Standards Board (FASB) could decide early in the second quarter whether to propose a delay in implementing the new standard on recognizing revenue from contracts with customers.
SEC Official Sees ‘Positive Change’ in Private Equity Firms
Private equity firms have remedied some of their “more objectionable” deficiencies but more enforcement actions may be brought against them, according to a U.S. Securities and Exchange Commission official.
FAF Updates Print Edition of FASB Standards Codification
The Financial Accounting Foundation has released its annually updated print edition of the FASB’s Accounting Standards Codification, providing the authoritative source of U.S. GAAP for public and private companies and not-for-profit organizations.
2014 Saw Sharp Increase in Tech M&A, IPOs
Last year saw a 58 percent increase in the number of global technology transactions from 2013, the most in over five years, according to a new report from CB Insights.