Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase a series of news stories that span everything from government contracting to personal finance to state and local tax issues.
This week, we have compiled stories about how lower corporate tax receipts are boosting the U.S. deficit estimates, and how middle-market executives are confident about raising capital before the end of 2014. In addition, many experts believe that tax inversions will be detrimental to the U.S. economy.
Lower Corporate Tax Receipts Boost U.S. Deficit Estimate
While the Congressional Budget Office is holding to its forecast for a reduced U.S. federal budget deficit this year, the CBO has had to boost its estimate from the forecast made in April. The increase stems mostly from lower-than-anticipated receipts from corporate income taxes.
Middle-Market Execs Bullish About Financing
CFOs, CEOs and other middle-market executives are confident about raising capital before the end of 2014, according to a new study.
Inversion Will Put a Tax on U.S. Economy
A rising tide of U.S. companies is expected to flood foreign shores in the next 12 months, shifting their legal domicile overseas to save billions in punitive U.S. taxes, according to experts.
IRS Releases Long-Awaited Draft Instructions for Obamacare Employer Mandate
The Internal Revenue Service has released a set of long-delayed draft instructions for the forms that companies need to file to comply with the employer mandate in the Affordable Care Act.
Comment Period Opens for Proposed 2015 GAAP Taxonomy
Individuals interested in reviewing the proposed 2015 U.S. Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31st to submit their written comments.
AICPA Announces 2014 Accounting Scholars Leadership Workshop Graduates
The American Institute of CPAs (AICPA) has announced the 2014 graduates of its Accounting Scholars Leadership Workshop (ASLW) program.