Weekly News Round Up: Mega Deals Driving Up M&A Sector; IRS Guidance for Bitcoin; and Millennials and Personal Finance

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 about the IRS providing guidance for the taxing of virtual currencies, how a string of mega M&As is driving up the sector overall, as well as personal finance advice for millennials.

IRS Allows Improper Retirement Plan Deductions Worth Millions

The IRS is permitting millions of dollars in potentially improper self-employed retirement plan deductions to be claimed, according to a new government report, which estimates that up to $71.4 million over five years could be saved with better controls.

A String of Mega Deals Drives Global M&A Recovery in First Quarter

A string of large transactions drove the value of global mergers and acquisitions (M&A) activity up by 54 percent in the first quarter compared to the same period last year, reflecting greater deal-making confidence among CEOs.

IRS’s Virtual Currency Guidance May Benefit Bitcoin Users

The guidance issued by the Internal Revenue Service that treats virtual currencies such as Bitcoin as property rather than currency for federal tax purposes may end up helping Bitcoin investors.

New ISACA Guide Shows How Updated COSO Framework Relates with COBIT 5

A new guide released by ISACA shows how the latest versions of the COSO Internal Control—Integrated Framework and COBIT —relate and helps professionals who use both frameworks to create business value for enterprises in all industries and geographies.

Amid Uncertainty, Federal Contractors Pulling Back On D.C. Leasing

Federal contractors in the Washington area are increasingly taking a shorter view on real estate leasing in the D.C. area, an outgrowth of several factors including a drop in federal spending and intensified Congressional scrutiny over how contractors spend Uncle Sam’s money.

PCAOB’s Franzel Sees ‘Perfect Storm’ of Internal Control Problems in Audits

PCAOB member Jeanette Franzel described a “perfect storm” of issues that auditors are facing with the internal controls of organizations at the Institute of Internal Auditors’ 2014 General Audit Management Conference.

Millennials, Is It Time to Spring Clean Your Personal Finances?

With taxes due shortly, now is a great time for millennials to reevaluate their financial choices for the rest of the year, according to Forbes.