Weekly News Round Up: IRS Budget Cuts Hurt Practitioners; M&A Reaches New Record; and U.S. Worker Productivity Up

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 IRS Commissioner John Koskinen’s warning that agency cuts would hurt both taxpayers and tax practitioners. In addition, M&A activity continues to soar, and U.S. worker productivity is on the rise.

IRS Commissioner Sees Budget Cuts Hurting Practitioners, Warns of Delayed Tax Season

IRS Commissioner John Koskinen told a group of tax practitioners that budget cuts at the agency are harming not only taxpayers, but tax practitioners as well, and warned that unless Congress acts on tax extenders legislation, tax season might need to be delayed next year.

M&A Approaching New Record

According to Forbes Magazine, global M&A has already surpassed 2015’s volume total, rising to $3.29 trillion.

Private Sector Added 182,000 Jobs in October

According to a new report, employers added 182,000 jobs in the private sector last month, although there were slowdowns in some areas, including professional and business services and among large companies.

AICPA Wins Reversal on IRS Tax Preparer Education Program, Lawsuit Can Proceed

The Court of Appeals for the D.C. Circuit handed the AICPA a victory in its dispute with the Internal Revenue Service over tax preparer credentials.

U.S. Worker Productivity in Q3 Better Than Expected

According to the Labor Department, U.S. worker productivity in the third quarter was better than expected on increased output, although workers put in fewer hours. 

Consumer Spending Up Only 1 Percent in September

According to the Commerce Department, consumer spending rose just 1 percent in September, the slowest pace since January.