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Weekly News Round Up: Many Large Corporations Paid Zero Income Taxes; U.S. Wages Picking Up; and M&A Boom is Not Over Yet

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 new government report stating that many large corporations did not pay any federal income taxes from 2008 to 2012. In addition, U.S. wages are picking up, and the CEO of Goldman Sachs believes that the M&A boom is still going strong.

Many Big Corporations Paid Zero Federal Income Taxes

Large, profitable American corporations paid only 14 percent of their profits in federal income taxes on average from 2008 through 2012, and approximately one-fifth of them paid nothing at all in each of those years, according to a new government report.

Fed Survey Shows Wages Picking up in U.S.

U.S. economic activity is continuing to expand, with wages picking up in almost all of the country as the labor market strengthens, according to the Federal Reserve.

Venture Capital Has Best Quarter in 10 Years

Venture capitalists posted their strongest quarter in 10 years to start 2016, suggesting investors are betting that the downturn in initial public offerings is coming to an end.

FBI Warns of Rise in Business Email Scams

The FBI has issued a warning to businesses about fast-growing email scams in which fraudsters posing as company executives order staff to transfer money to accounts controlled by criminals.

IRS Exposed Taxpayer ID Numbers on Offers in Compromise

The Internal Revenue Service failed to fully redact Social Security Numbers and Employer Identification Numbers from hundreds of its Offer in Compromise files that are available to the public, according to a new report.

PCAOB Proposes Changes in Audit Supervision

The PCAOB has proposed new guidance for lead auditors’ supervision of other auditors, citing inspections that have found deficiencies in other auditors’ work.

Blankfein: The M&A Boom Isn’t Over Yet

Goldman Sachs CEO Lloyd Blankfein recently stated that they M&A boom is still going strong.

 

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