Weekly News Round Up: IRS and ACA Requirements; Big Data for Audits; Financial Restatements Increases; and Retirement Confidence High
April 27, 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 IRS Commissioner John Koskinen believes that the agency has done well with regards to filing implications and the ACA. In addition, a new study shows that an increasing number of Americans are feeling more confident in their ability to afford retirement.
Koskinen: IRS Did a Good Job on the ACA
Despite budget cuts and withheld funding, the IRS is holding up its end of the chore of filing implications created by the Affordable Care Act, according to Commissioner John Koskinen.
Barriers to Use of Big Data for Audits
“Big data” and analytics promise to transform auditing, but there are still a number of barriers to successfully integrate them into the audit, according to a new study.
Watchdogs Call for Shorter Window for Activist Disclosures
Several watchdog groups are petitioning Congress to shorten the time period for activist investors to disclose their purchase of large stakes in corporations.
Financial Restatements by Big Companies Increased Last Year
While the number of financial restatements has leveled off in recent years, there was an increase in restatements by large public companies known as accelerated filers for the fourth year in a row, according to a new report.
Taxpayer Advocate Recommends Merging FATCA and FBAR Reporting Rules
The National Taxpayer Advocate has recommended that the reporting rules under the Foreign Account Tax Compliance Act and for foreign bank account reports in effect be merged to simplify the duplicative disclosure requirements.
Retirement Confidence Rebounding
American workers and retirees are expressing higher confidence about their ability to afford retirement this year, even though there is little sign they are taking the necessary steps to achieve that goal, according to a new survey.