Weekly News Round Up: U.S. Productivity Weakens; IRS Miscalculates Obamacare Tax Credits; and Personal Finance Gifts for Graduates
May 9, 2016
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.
This week, we highlight how U.S. worker productivity dipped in the first quarter of 2016, while small business employment continues to rise. In addition, the IRS miscalculated the tax credits for Obamacare, and we offer the top personal finance gifts for recent college graduates.
U.S. Productivity Weakness Continues in Q1
The productivity of U.S. workers dipped again in the first quarter, possibly reflecting the influx of new hires as companies built up their workforces in the wake of the recession.
IRS Miscalculating Tax Credits for Obamacare
The Internal Revenue Service’s computer systems miscalculated the allowable Premium Tax Credits for more than 27,000 taxpayers who received subsidies for health insurance under the Affordable Care Act, according to a new report.
Steady Increase in Small Business Employment in 2016
A new study points to a modest increase in small business employment for the fourth consecutive month in 2016.
Global M&A Activity to Decline in Q3
According to Forbes Magazine, M&A deal activity in Q1 2016 decreased by 0.8 percent versus the same period in 2015, which will translate to a weaker Q3 for global announced M&A.
IRS Increases Fees for Pre-filing Agreements
The Internal Revenue Service is changing its procedures for resolving issues with corporate taxpayers through pre-filing agreements while also increasing the fees.
IRSAC Applicants Wanted
The IRS is accepting applications for its Internal Revenue Service Advisory Council, which provides an organized public forum for IRS officials and representatives of the public to discuss relevant federal tax administration issues.
Personal Finance Gifts for the New Graduate
Huffington Post is offering these personal finance gift ideas that are ideal for any new college graduate.