Weekly News Round Up: IRS Urged to Avoid Bias in Auditing Nonprofits; CFOs Frustrated with FP&A Investments; and Lockheed to Buy Sikorsky

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 a GAO study that urges the IRS to find ways to avoid employee biases when doing audits of nonprofits. In addition, home prices surged in June and Lockheed Martin announced that it is acquiring Sikorsky Aircraft for $9 billion.

IRS Should Avoid Bias Risk in Auditing Nonprofits, GAO Finds

The IRS needs stronger ways to prevent nonprofit groups from facing audits because of employees’ biases, according to a recent Government Accountability Office report.

CFOs Frustrated With Return on FP&A Investments

A new study finds that many CFOs are frustrated with their investments into their financial planning and analysis (FP&A) capabilities.

710,000 ACA Tax Credit Recipients Didn’t File Tax Returns

Approximately 710,000 taxpayers who received the Advanced Premium Tax Credit for buying health insurance last year have not filed their tax returns or an extension.

IASB Follows FASB in 1-Year Delay on Revenue Recognition Standard

The IASB recently confirmed a one-year deferral of the effective date of the revenue recognition standard to stay in alignment with the FASB, which also recently decided to defer the standard for companies in the U.S.

IRS Streamlines Determination Letter Process for Retirement Plans

The Internal Revenue Service plans to make changes in its determination letter program for retirement plans in an effort to save money.

Homes Sales and Prices Surge In June

Existing home sales increased in June to their highest pace in more than eight years, according to the National Association of Realtors.

 Lockheed Martin to Buy Sikorsky Aircraft for $9 Billion

Lockheed Martin will acquire Sikorsky Aircraft for $9 billion and conduct a “strategic review” of commercial and government businesses for potential sale or spinoff.