Weekly News Round Up: New Home Sales Surge; IRS Procedure for IRA Roll Over Deadlines; and M&A Activity to Remain Strong in 2016
August 29, 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 home sales surged last month, and the IRS is offering a new procedure for those who accidentally miss the 60-day time limit for rolling over their retirement plan distributions. In addition, Wall Street bankers expect more significant M&A deals in 2016, and the AICPA proposes changes to the current peer review reports.
New Home Sales Surge 12.4 Percent to 9-Year High
New home sales in the U.S. rose sharply last month to their highest level in nearly nine years, as the housing market showed continuing strength that could support economic growth in the third quarter.
IRS Offers New Procedure for Those Who Miss IRA Rollover Deadline
The Internal Revenue Service unveiled a new procedure to help people who accidentally miss the 60-day time limit for rolling over their retirement plan distributions into another qualified retirement plan or individual retirement account.
The AICPA Proposes Changes in Peer Review Reports and Firm Representation Letters
The American Institute of CPAs is proposing to change the current peer review report so it clearly indicates if a Single Audit was chosen.
IRS Responds to Taxpayer Advocate Recommendations
National Taxpayer Advocate Nina Olson has posted responses from the Internal Revenue Service to her recommendations for improving taxpayer services.
Accountants Can Expect Bigger Salary Boosts Next Year
Salaries for accountants and finance professionals are expected to go up 2.8 percent in 2017, an increase from the 2.4 percent anticipated for this year, according to a new study.
Wall Street has Big M&A Expectations
According to this recent CNBC report, since debt is cheap and markets are still high, bankers are expecting more significant M&A deals to close out 2016.
5 Must-Haves for Personal Finance Success
Wise Bread is offering five personal finance “must haves,” which include ways to save on school and work lunches, and shopping tips for Kohl’s customers.