Weekly News Round Up: IRS and Troublesome Preparers; AICPA and Material Participation by Trust or Estate; and Top Six Financial Planning Apps
October 6, 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 is improving its methods for targeting problematic tax preparers, and the AICPA offered its comments regarding the issue of material participation by a trust or estate. In addition, compensation for CFOs at S&P 500 companies increased by 7 percent in 2013.
IRS Could Improve Oversight of Troublesome Preparers
The IRS could improve the way it picks problematic paid preparers for further enforcement actions, according to a recent report.
AICPA Gives Views to IRS on Material Participation of Trusts and Estates
The American Institute of CPAs has submitted comments to the Internal Revenue Service and the Treasury Department relating to the issue of material participation by a trust or estate in a trade or business for purposes of section 469 of the Tax Code.
Study: CFO Pay Up 7 Percent for S&P 500 Companies in 2013
A new report found that the median total direct compensation for CFOs at S&P 500 companies increased by 7 percent last year to $3.13 million.
Sustainability Accounting Standards Released for Transportation Sector
The Sustainability Accounting Standards Board has released a set of provisional standards for companies in the transportation sector.
PCAOB Urges Auditors to Follow Standards on Going Concern
The Public Company Accounting Oversight Board (PCAOB) recently reminded auditors that they should continue adhering to the board’s existing standards when considering an organization’s ability to operate as a going concern.
Six Must-Have Personal Finance Apps
According to the New York Post, these are the top six budgeting and bill-paying apps that will make your financial life simpler.