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 employers keep adding more jobs, which is driving down the overall U.S. unemployment rate. In addition, small businesses are voicing their opposition to an obscure IRS rule that could result in a significant healthcare tax penalty.
Employers Added 223,000 Jobs in June
The U.S. Bureau of Labor Statistics reported that total nonfarm payroll employment increased by 223,000 jobs in June, sending the unemployment rate down two-tenths of a point to 5.3 percent.
New Tax Penalty Starts on Small Business Health Insurance
Small business groups are sounding a warning about an obscure IRS rule that imposes heavy fines on small businesses that helps to defray the cost of their workers’ insurance or medical expenses.
PCAOB Proposes Form to Disclose Audit Engagement Partner and Suggests Audit Quality Indicators
The PCAOB proposed to require firms to file a new PCAOB form to make public the name of the audit engagement partner and information about certain other participants in the audit.
SEC Approves Use of Twitter for Startup Fundraising
The Securities and Exchange Commission has taken another step into social media, saying startups can turn to Twitter to raise funds.
IRS Plans to Release Electronic Nonprofit Tax Forms Next Year
The Internal Revenue Service is developing a technology that would make it easier for the public to search for information about nonprofit finances and operations.
U.S. M&A Hits Record $1 Trillion in First Half of Year
M&A activity in the U.S. surged past $1 trillion in the first six months of the year as corporations took advantage of historic low interest rates and record cash availability.
Seven Apps to Teach Your Kids Personal Finance Skills
US News & World Report has compiled this definitive list of mobile apps for teaching children about personal finance.