Weekly News Round Up: IMF Cuts Growth Forecast; IPO Activity Falls; and IRS Provides Tax Relief to South Carolina
October 12, 2015
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 International Monetary Fund cut the global economic growth forecast, and the U.S. only added 142,000 new jobs last month. In addition, IPO activity has fallen, and the IRS is offering tax relief to flood victims in South Carolina.
IMF Cuts 2015 Growth Forecast to 3.1 Percent
The International Monetary Fund has cut its global economic growth forecast for this year, reflecting a continuing slowdown in emerging markets and a weaker recovery in advanced economies.
U.S. Adds Only 142,000 Jobs in September
The U.S. economy added only 142,000 jobs in September, well below experts’ predictions and possibly pushing an interest-rate hike into next year.
IPO Activity Falls in Third Quarter
IPO activity in the middle market plunged by more than half in the third quarter of 2015 but average deal size increased by almost 46 percent, suggesting there is still investor demand for select issues despite equity market volatility and uncertainty, according to a new study.
IRS Provides Tax Relief to South Carolina Flood Victims
The Internal Revenue Service is offering tax relief to victims of the historic flooding in recent days in South Carolina.
AICPA Urges Congress to Act Now on Tax Extenders
The AICPA has urged Congress to act immediately on legislation that would temporarily or permanently extend the more than fifty provisions in the Internal Revenue Code, which are commonly referred to as the “tax extenders.”
IRS Falls Short on Eliminating SSNs from Taxpayer Correspondence
The Internal Revenue Service has made only limited progress to date in eliminating the unnecessary use of Social Security Numbers in tax forms, letters and notices, according to a new report.
FedEx’s Fred Smith Says M&A Drive Will Continue
The rapid pace of mergers and acquisitions in transportation and logistics should continue in the near term as companies try to make up for slow growth by buying new businesses, according to FedEx Chief Executive Fred Smith.