Weekly News Round Up: IRS Losing Billions Due to Erroneous Tax Returns; New Era of Mergers; and Families Divided Over Personal Finance Decisions
July 14, 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 on how the IRS is seeking to modernize its process for filing amended tax returns to minimize losses from erroneous returns. In addition, a new study shows how the rate of mergers in the U.S. could be good for CFOs, and a new report highlights the challenges of retirement.
IRS Loses Billions on Erroneous Amended Tax Returns
The Internal Revenue Service is being urged to modernize the process of filing amended tax returns in a new government report that estimates the IRS could be losing billions of dollars from erroneous tax refunds claimed on amended tax returns.
Growth in Big Mergers Grabs CFOs’ Attention
According to a new study, theU.S. has been dominating the world stage when it comes to racking up multi-billion dollar deals, which could be good for CFOs.
House Passes Faster Tax Write-Offs for Equipment, Permanently Extending Bonus Depreciation
The U.S. House of Representatives voted to let companies write-off more than half the cost of investments in the first year, providing a tax boost to businesses.
House Hearing Considers Cash Accounting for Small Biz
A subcommittee of the House of Representatives’ Committee on Small Business recently held a hearing to discuss the value of using the cash basis of accounting in small businesses, and whether they should be required to use the accrual basis.
Kentucky Students Attend CPA Summer Camp
The Kentucky CPA Society has been running a summer camp for teens interested in becoming accountants, immersing the students in everything from auditing to business etiquette.
Study: Families Divided Over Personal Finance Decisions
A new study found thatmany Americans are underprepared to live comfortably in retirement or rally their family during a financial crisis.