Weekly News Round Up: Massive IRS Data Breach; U.S. Supreme Court ERISA Case; and CFOs Collaborating with CIOs
June 1, 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 made headlines with the news of a major data breach of its Get Transcript application. In addition, the U.S. Supreme Court passed a law making it easier to sue plan sponsors, and we offer a list of personal finance books that will “change your life.”
IRS Detects Massive Data Breach in ‘Get Transcript’ Application
The Internal Revenue Service warned of a huge data breach of its online Get Transcript application that allowed the tax returns of approximately 104,000 taxpayers to be accessed by identity thieves.
High Court Sides With Workers in ERISA Case
The U.S. Supreme Court recently handed pension plan participants a victory by making it easier for them to sue plan sponsors for imprudently managing investments.
FASB Proposes to Simplify Accounting for Measurement-Period Adjustments
The Financial Accounting Standards Board has released a proposed accounting standards update to simplify the accounting for measurement-period adjustments in business combinations.
IRS May Be Closing Corporate Tax Debt Cases Too Soon
The Internal Revenue Service’s collection employees might not be taking all the actions they could to collect tax debts owed by defunct companies before closing out the cases, according to a new report.
CFOs Collaborating More With Their CIOs
Chief financial officers are increasingly collaborating with their chief information officers to manage cybersecurity, establish IT strategies and processes, transition to a digital IT function, and create an analytics-driven organization, according to a new study.
Personal Finance Books Financial Experts Say Will Change Your Life
Forbes has provided this definitive list of personal finance books that “will change your life.”