August 28, 2015

Finance News-in-Brief

Association News

Government Accountability Office detailed deficiencies in the IRS’s audit processes for tax-exempt organizations in a report that was released last week. GAO found “several areas” where the IRS Exempt Organizations Division’s internal controls for selecting groups for examination were not well designed or implemented. The report found that IRS processes could allow staff to deviate from standard procedures for selecting organizations for examination, and that EO management does not consistently monitor selection decisions to ensure fairness. IRS commissioner John Koskinen said at a hearing of the Ways and Means Oversight Subcommittee that the GAO report found no evidence of organizations being selected in an unfair or biased manner, but that the agency welcomes suggestions for improving its processes.

Merchants Payments Coalition said evidence shows that five years after passage of the Dodd-Frank financial-reform law, debit-card fees are more competitive and fairer for small merchants and consumers. MPC contends debit swipe fee reform has saved consumers almost $6 billion each year since it went into effect, based on a study by the prominent economist Robert J. Shapiro, and supported 37,500 jobs a year as well. Five years ago, Congress required the Federal Reserve to limit how much price-fixing card companies can do for their banks. The coalition's member associations collectively represent about 2.7 million stores with approximately 50 million employees.

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