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 an AICPA study that highlights how personal financial satisfaction hits a new post-recession high, and an advocacy group found that 300,000 overpaid the IRS for Obamacare. In addition, M&A activity in the pharma sector is skyrocketing.
Americans’ ‘Personal Financial Satisfaction’ Increases to Eight-Year High, According to AICPA Survey
Americans’ personal financial satisfaction has hit a new post-recession high, according to the Q2 2015 PFSi (Personal Financial Satisfaction Index) released by the AICPA.
Advocate Finds 300,000 Taxpayers Overpaid IRS for Obamacare
More than 300,000 taxpayers overpaid the Individual Shared Responsibility Payment for health insurance on their tax returns processed through the end of April, according to a new report from the National Taxpayer Advocate.
Small-Business Confidence Drops Sharply
Small-business owners’ optimism about the economy took a surprisingly sharp turn for the worse in June, likely reflecting five months of “lousy growth,” according to the National Federation of Independent Business.
IRS Lacks Budget to Better Educate Taxpayers on IRA Minimum Distribution Rules
A new government report urges the Internal Revenue Service to do a better job of educating and notifying taxpayers about provisions of the tax code that require them to begin taking minimum distributions from their IRAs.
Clinton Calls For a Tax Code That Spurs Profit-Sharing
Democratic presidential candidate Hillary Clinton called for changing the tax code to incentivize businesses to share their profits with employees as part of her comprehensive economic plan.
Pharma M&A Shoots Up to $159 Billion for First Half of 2015
According to a new report, in the first 6 months of this year, global M&A activity in the pharma, medical and biotech industries hit its highest half-year value since 2001 with $211.2 billion worth of deals.