Weekly News Round Up: Strategic Planning Priority for CFOs; IRS Scanning 10-Ks for Tax Data; and Small Business Growth
November 17, 2014 - By: SC&H Group
Welcome to the Weekly News Round Up from the SC&H Group 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 how a new study shows that strategic planning is a top priority for CFOs. In addition, the IRS is now scanning 10-Ks for tax data, and small businesses support the extension of the expired tax breaks.
Highest Priority for CFOs? Strategic Planning
Strategic planning, budgeting, compliance with domestic regulations, profitability analysis and cash forecasting are the five most pressing concerns of CFOs and finance executives, according to a new survey.
IRS Scanning 10-Ks for Tax Data, Report Finds
When CFOs and accounting standard-setters refer to the “users” of corporate 10-Ks, they usually mean investors, research analysts and rival companies. But new research suggests that another kind of user has been taking a keen interest in their companies’ annual reports: the Internal Revenue Service.
IRS Failed to Deploy Case Management System for Information Reporting and Document Matching
The Internal Revenue Service was unable to deploy an $8.6 million case management system for matching tax returns with information returns from banks and brokerage firms reporting data such as credit card transactions and the cost basis of trades, according to a new government report.
Chief SEC Accountant Revives IFRS Debate
The U.S. Securities and Exchange Commission’s new chief accountant isn’t saying whether he personally supports switching U.S. companies to global accounting rules. But in the near future, James Schnurr does hope to make a recommendation.
Small Businesses Urge Passage of Tax Extenders
Small businesses overwhelmingly support an extension of the expired tax breaks known as tax extenders during Congress’ “lame duck” session, according to a new survey by the National Small Business Association.
Small Businesses Expanding But Skeptical
A measure of small business confidence showed a slight uptick last month, but owners are slightly less optimistic about business conditions over the next six months, according to the National Federation of Independent Business.