Weekly News Round Up: Job Growth Surge in June; Facebook Tax Probe; An Audit of the IRS; and Millennial Millionaires
July 18, 2016
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.
This week, we highlight how job growth surged in June, and the IRS is seeking records from Facebook. In addition, the IRS is lowering the user fee for applying to be a tax-exempt charity, and we offer some personal finance tips for Millennial millionaires.
Job Growth Surges in June After Spring Slump
Employers in the U.S. added far more jobs than expected last month, easing concerns about an economic slowdown fueled by May’s anemic job growth.
IRS Seeks Facebook Records in Tax Probe
The Internal Revenue Service is seeking records from Facebook as part of an investigation into whether the social network understated its 2010 tax liability by valuing intangible assets it sold to an Irish subsidiary too cheaply.
Colleges Brace for Investment Losses as Tuition Pushback Mounts
With U.S. university endowments down, many schools are embracing for significant investment losses, according to this recent Bloomberg article.
Group Plans to Audit the IRS
A self-styled tax watchdog group has launched an effort to independently audit the Internal Revenue Service, with the help of taxpayers.
SEC Proposes to Streamline Accounting Disclosures
The Securities and Exchange Commission voted to get rid of redundant and outmoded disclosures in response to recent changes in U.S. and international accounting standards and technology.
IRS Lowers Fee for Applying as Tax-Exempt Charity
The Internal Revenue Service has lowered the user fee for charities applying for tax-exempt status.
AICPA Proposes Standard for Auditor Involvement With Exempt Offering Documents
The American Institute of CPAs’ Auditing Standards Board has issued an exposure draft of a proposed standard for auditors who are involved with securities offerings that are exempt from registration with the Securities and Exchange Commission.
What Millennial Millionaires Are Getting Wrong About Personal Finance
Young, rich people are reportedly keeping a third of their wealth in cash – but it’s not a strategy peers with decades of potential compound interest should mimic, according to a new study.