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 the nearly $300 billion in capital expenditures recession cuts have not been replaced. In addition, the IRS is experiencing delays in processing taxpayer correspondence, and there are new credits and incentives for historic improvements in Baltimore.
U.S. Wholesale Stocks Climb 0.3 Percent in January
U.S. wholesale inventories rose unexpectedly in January as sales tumbled, suggesting that inventory overhang will continue to be a drag on economic growth, according to the Department of Commerce.
$300 Billion Capex Lost in Recession Goes Un-Replaced
Nearly $300 billion in capital expenditures cut by U.S. companies during the recession had not been replaced through May 2015, according to a new study.
IRS Suspends IP PIN Service for Identity Theft Victims
The Internal Revenue Service has temporarily suspended the Identity Protection PIN tool on its website after security vulnerabilities were discovered in the service, which is intended to help victims of identity theft.
SEC and FASB Update GAAP Taxonomy for 2016
The Securities and Exchange Commission has accepted the Financial Accounting Standards Board’s 2016 GAAP Financial Reporting Taxonomy.
IRS’s Delays in Responding to Taxpayer Correspondence Take Mounting Toll
The Internal Revenue Service’s delays in processing taxpayer correspondence are lengthening, leading to delayed tax refunds and bigger interest payments from the IRS, according to a new report.
Credits and Incentives: Baltimore Historic Improvements, Restorations, and Rehabilitations Credit
Effective February 29, 2016, the City of Baltimore has enacted Ordinance No. 16-454, Council Bill No. 15-0585, which amends the city’s historic improvements, restorations, and rehabilitations property tax credit.
Six Trends Impacting Healthcare M&A in 2016
From hospital expansions with large insurance deals to physician group consolidation, the continued outlook for health care mergers and acquisitions in 2016 is expected to be rampant, according to this National Law Review article.