Weekly News Round Up: Tax Refunds Hit $125 Billion; CFOs Optimistic About the Economy; and Noncompliance by Tax Preparers
March 2, 2015 - 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 a story about how the IRS has already issued refunds worth nearly $125 billion. In addition, a new study shows that CFOs are feeling optimistic about the economy, and NYC is dealing with noncompliant tax preparers.
Tax Refunds Hit $125 Billion
The IRS has issued nearly 40 million tax refunds worth almost $125 billion for this season as of February 20. The average refund is $3,120.
CFOs More Optimistic About U.S. Economy This Year
CFOs began 2015 with improved optimism about the U.S. economy and their businesses, despite mounting concerns about the global economy, according to a new survey.
Small Firms Pay Bigger Slice of Revenue in Audit Fees
Small reporting companies constitute less than 3% of the total market capitalization of U.S. public companies but pay a higher percentage of revenue in audit fees than larger and accelerated filers, according to a new study.
IRS Won’t Penalize Those Who Received Wrong Tax Info from Health Insurance Marketplaces
The Internal Revenue Service will not try to collect additional taxes from those taxpayers who have already filed their taxes after receiving incorrect information from the federal health insurance marketplace, Healthcare.gov.
IRS Begins Rule-Making for Tax on ‘Cadillac’ Plans
The Internal Revenue Service has begun the process of implementing the looming Obamacare excise tax on employer-sponsored health plans that, according to one recent analysis, could cost large companies subject to the tax $2.1 million per year from 2018 to 2024.
NYC Finds Widespread Noncompliance by Tax Preparers
New York City’s Department of Consumer Affairs found that one in four tax preparers do not comply with the city’s Consumer Protection Law.