Weekly News Round Up: IRS Launches Cybercrime Unit; FASB and Revenue Recognition Guidance; and Corporations Hiring More Tax Pros
May 18, 2015 - By: SC&H Group
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 is creating a new cybercrime unit to help fight identity theft-related tax fraud, and the AICPA is further supporting the not-for-profit sector. In addition, in M&A news, Verizon announced that is acquiring AOL for $4.4 billion.
IRS Creates Cybercrime Unit to Battle Identity Theft
The Internal Revenue Service’s Criminal Investigation division has created a cybercrime unit to combat the growing trend of identity theft-related tax fraud as the problem morphs into data breaches and becomes more international in scope.
FASB Proposes Tweaks to Revenue Recognition Guidance
The Financial Accounting Standards Board has released a proposed an accounting standards update to clarify the guidance on performance obligations and licensing contained in the new revenue recognition standard.
AICPA Debuts Not-for-Profit Section
The American Institute of CPAs has created a new membership section for practitioners and others who serve or work for the not-for-profit sector.
IRS Prodded to Ease Compliance with Obamacare Individual Mandate
Delays in employer and insurer reporting of health insurance information have reduced the IRS’s ability to determine whether taxpayers and their dependents have basic health insurance as required under the Affordable Care Act’s individual mandate, according to a new government report.
Corporations Looking to Hire More Tax Pros
According to a recent study, companies are expanding their hiring of tax professionals.
SEC Approves Program for Small-Cap Companies
The Securities and Exchange Commission is piloting a program to widen the minimum quoting and trading increments – or “tick sizes” – for stocks of some smaller companies.
Verizon to Buy AOL for $4.4 Billion
Last week, it was announced that Verizon has agreed to buy AOL in a deal worth $4.4 billion.