Weekly News Round Up: IRS Reaches Direct Pay Milestone; U.S. Voters back Action on Inversions; and Helping Children with Personal Finance
September 15, 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 compiled stories about how the IRS has reached a major milestone with its web-based payment system. In addition, a new study shows that U.S. voters back Congressional action against tax inversions, and more organizations are keeping IT operations in house.
House Lawmakers Support Preserving the Cash Method of Accounting
A bipartisan majority of the House of Representatives has signed a letter urging the House leadership to preserve the cash method of accounting for tax purposes, writing that proposals requiring a transition to the accrual method “will have a severely detrimental impact on thousands of businesses in our districts.”
IRS Reaches Direct Pay Milestone in 2014
More than 1 million tax payments have been processed so far in 2014 through IRS Direct Pay, a free web-based payment system that debuted earlier this year.
IT Budgets Move Away from Outsourcing
Organizations are continuing to keep more of their IT operations in-house as the economic recovery “reaches a more mature and sustainable phase,” according to a new survey.
Poll: U.S. Voters Back Congressional Action on Inversions
A new Wall Street Journal/NBC poll found that there is broad support among registered voters for Congress to enact legislation that would curb the practice of U.S. companies shifting their headquarters overseas to cut their U.S. tax bill.
IRS Offers Guidance on Power of Attorney for Tax Practitioners Working for Large Corporations
The Internal Revenue Service’s Office of Professional Responsibility has released guidance under Circular 230 regarding power of attorney for tax practitioners who are employed by large corporations.
Frequent Deficiencies in Auditing Revenue Focus of PCAOB Alert
Public Company Accounting Oversight Board (PCAOB) inspectors are finding “significant audit deficiencies” in the area of revenue, the U.S. audit watchdog stated in a staff audit practice alert issued last week.
3 Steps to Help Our Children Earn an “A” in Personal Finance
Huffington Post is offering these insights into helping the next generation master personal finance.