Weekly News Round Up: IRS Shortens Tax Exemption Form for Nonprofits; CFOs Believe Economy is Improving; and Public Sector Governance
July 7, 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 on how the IRS has introduced a new form that will speed up the process for nonprofits to achieve their tax-exempt statuses. In addition, a new study finds that CFOs think the economy is headed in the right direction, and the SEC is aiming to be stricter in catching accounting manipulators.
IRS Shortens Form for Small Nonprofits Seeking Tax Exemption
A new form introduced by the IRS is expected to help speed up the approval process for small charities and nonprofit groups that have applied for 501(c)(3) tax-exempt status.
US Supreme Court Granted Cert in 2 State Tax Cases
Many Finance Execs Like the Way the Economy Is Heading
For the first time since 2006, more than 50 percent of CFOs believe the U.S. economy will show signs of improvement over a six-month span rather than remain the same or worsen, according to a new study.
IRS to Impose Direct Deposit Limits to Prevent Identity Theft
As part of an effort to combat fraud and identity theft, the Internal Revenue Service is developing new procedures to limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three.
IFAC and CIPFA Offer Framework for Improving Public Sector Governance
The International Federation of Accountants and the Chartered Institute of Public Finance and Accountancy have developed a new International Framework for Good Governance in the Public Sector to encourage more effective public sector governance.
The Sterner, Stricter SEC
The Securities and Exchange Commission is determined to catch accounting manipulators, says Mary Jo White, the agency’s chair.
In a Shift, CFOs Trail Their Bosses in Pay Hikes
For the first time in several years, CEO compensation went up more than CFO pay in 2013, according to a new study.
AICPA Adds Two More Audit Interpretations on GASB Pension Rules
The Auditing Standards Board of the American Institute of CPAs (AICPA) has issued two new audit interpretations intended to help auditors navigate the pension accounting guidelines for state and local governments that were issued by the Governmental Accounting Standards Board (GASB).
What Your Parents Never Taught You About Personal Finance
They showed you how to tie your shoes, but your parents may have glossed over some money issues, according to USA Today.