Weekly News Round Up: Offshore Tax Evasion Crackdown; Facebook Mega-Deal; Government Brain Drain, and IRS’ Dirty Dozen Scams
February 24, 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 about the upcoming Senate hearing on offshore tax evasion, Facebook’s acquisition of WhatsApp and how federal workers are looking to leave their government jobs.
Offshore Tax Evasion Crackdown to Be Focus of Senate Hearing
The U.S. Senate Permanent Subcommittee on Investigations will hold a hearing this week on a crackdown of offshore tax evasion that has stalled as prosecutors conduct criminal probes of 14 banks, including Credit Suisse Group AG.
IRS Commissioner Sees Further Appeals on Tax Preparer Lawsuit as Unlikely
Internal Revenue Service commissioner John Koskinen said the IRS is still looking at various options after losing an appeal on its authority to regulate tax preparers, but now sees a further appeal as unlikely.
Facebook’s WhatsApp Mega-Deal: 5 Rivals
Pundits couldn’t get over the price of Facebook’s WhatsApp deal. But consider these five other sky-high acquisitions from the last decade.
Nonprofits and Those Who Support Them Should Talk Openly About Finances
Nonprofit leaders and funders should spend more time talking about financial health, according to this Chronicle of Philanthropy Op-Ed.
Fed Flight, Contractor Delight?
According to a poll of 370 federal workers conducted by Market Connections and FierceGovIT, fifty percent of federal employees are considering looking for jobs outside of government. This could spell opportunity for the government contractors, who could fill the gaps from a potential “brain drain.”
4 Ways The Rich Will Pay More This Tax Season
Thanks to the fiscal cliff deal and the Affordable Care Act, the top 1 percent of taxpayers – and many in the top 3 percent– will have to pay a bigger tax bill come April 15, according to this CNN Money article.
IRS Warns of Dirty Dozen Tax Scams of 2014
The Internal Revenue Service has released its annual “Dirty Dozen” list of tax scams, cautioning taxpayers to protect themselves against a wide variety of schemes ranging from identity theft to tax return preparer fraud.