Weekly News Round Up: IRS Fights Identity Theft; Healthcare M&A Heats Up; and Worst States for IRS Audits
April 13, 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 IRS is making inroads in curbing identity theft, as well as how the FASB has issued an accounting standards update aimed at simplifying the presentation of debt issuance costs. In addition, M&A activity for the healthcare sector heated in up in Q1 2015.
IRS Criminal Investigators Make Gains against Identity Theft
The Internal Revenue Service is seeing some success in its fight against identity theft and tax fraud despite successive rounds of budget cuts.
FASB Simplifies Presentation of Debt Issuance Costs
The Financial Accounting Standards Board has issued an accounting standards update on simplifying the presentation of debt issuance costs.
Revised Auditing Standard Puts Onus on Auditor to Read Annual Reports
The International Auditing and Assurance Standards Board has released a revised International Standard on Auditing that encourages auditors to thoroughly read through a company’s annual report when auditing.
Declining IRS Workforce Leaving Calls Unanswered
Frustrated taxpayers are encountering longer wait times on phones when seeking assistance from the Internal Revenue Service as tax season draws to a close, according to the head of the union representing IRS employees.
Worst States for IRS Audits
California and Colorado taxpayers had a higher chance of an IRS audit than taxpayers in any other states, according to a new study.
Employee Retirement Plans See Uptick in Personalized Management
Managed accounts in workplace retirement plans have really come into their own in the past three to five years, growing by 29 percent in 2014 alone, according to Fidelity.
Healthcare Sector Leads Feverish M&A Activity
In the first three months of 2015, the total value of healthcare deals reached $95.3 billion, accounting for 12 percent of all merger and acquisition activity this year.