Weekly News Round Up: PCAOB Abandons Auditor Rotation; Big Defense Mergers Expected in 2014; and Marine Corps Passes Financial Audit
February 10, 2014
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 PCAOB abandoning its rule to boost auditor independence, the defense merger arena in 2014, and the top 11 personal finance books to read in your 20s.
PCAOB Abandons Auditor Rotation
Public Company Accounting Oversight Board’s three-year pursuit of a rule to boost auditor independence has ended, according to Chairman James Doty.
2014 Looks Like A Year For Big Mergers In Defense Services
According to Forbes Magazine, in 2014 we will likely see more mergers in the government contracting arena.
Marine Corps is First of Armed Services to Pass Financial Audit
The Marine Corps is the first of the armed services to pass its financial budget audit.
IRS Provides Safe Harbor for Taxpayers with Discharged Debts for Real Property
The IRS has issued a revenue procedure to help taxpayers with so-called “mezzanine” financing in workouts and similar circumstances when they have debts that have been discharged in connection with real property.
AICPA Issues Practice Standards for CPAs on Personal Financial Planning Services
Last Month, the AICPA released its guidance, Statement on Standards in Personal Financial Planning Services, which ensures that a “rigorous code of professional conduct” applies to all CPA financial planners.
Victory, and Tax Changes, for Same-Sex Couples
The New York Times recently ran a feature story about tax benefits for same-sex couples in the wake of DOMA. Stay tuned for the new SC&H column in Baltimore Gay Life, which will provide financial-planning insights for same-sex couples.
11 Personal Finance Books You Should Read Before You Turn 30
Business Insider has compiled a list of the top 11 must-read personal finance books for 20-somethings.