Weekly News Round Up: Tax Refunds Could be Delayed; Average Tax Prep Time Down; and M&A Outlook
January 19, 2015
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 complied stories that focus on the upcoming tax season, as well as how the M&A arena is shifting towards being a sellers’ market. In addition, we found an interesting story about optimizing your financial close.
IRS Commissioner Warns Tax Refunds Could Be Delayed by Budget Cuts
Taxpayers who file their tax returns on paper could face delays of a week or more on their refunds this tax season because of budget cuts, Internal Revenue Service Commissioner John Koskinen warned.
Senate Forms Tax Reform Working Groups
Leaders of the Senate Finance Committee have formed five bipartisan working groups with the goal of analyzing the tax code and developing policy recommendations for comprehensive tax reform.
Average Tax Prep Fee Inches Up to $273
The average fee for preparing a tax return, including an itemized Form 1040 with Schedule A and a state tax return, will increase a few dollars to $273 this year, a 4.6 percent increase over the average fee of $261 last year, according to a survey by the National Society of Accountants.
Tax Prep Time for Medium-Size Firms Down to 264 Hours
The times it takes for medium-sized companies to do their taxes dropped another four hours last year as electronic filing and payment systems continue to make compliance easier, according to a new study.
M&A Outlook: Buyers Still Rule – But the Market is Shifting Quickly
It’s still a buyers’ market for companies involved in mergers and acquisitions, but that is changing, according to an annual survey of U.S. mid-market company executives.
How to Safely “Race” to an Optimized Financial Close
According to Financial Executives International, the characteristics of an optimal accounting close processes are similar to those of a successful race car team.