Weekly News Round Up: Audit Deficiencies Decreasing; Trump and Deductions; and M&A Activity May Slow Down in 2017
December 5, 2016
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 audit deficiencies are decreasing, and President-elect Trump may get rid of itemized deductions as a way to offset the revenue loss from his proposed tax-rate cuts. In addition, foreign tax havens are hurting small businesses, and Google experienced a Malware attack.
Deduction Limits Pose Test for Donald Trump’s Tax-Cut Plan
Itemized deductions are on the chopping block as President-elect Donald Trump looks for ways to offset the revenue loss from his proposed tax-rate cuts.
AICPA’s FinREC Responds to FASB’s Proposed Hedging Improvements
The American Institute of CPAs’ Financial Reporting Executive Committee (FinREC) submitted comments to the Financial Accounting Standards Board regarding FASB’s targeted improvements to accounting for hedging activities.
Audit Deficiencies Decreasing, But Still High
Audit deficiencies at public companies decreased for the first time in five years in 2015, but remain high, according to a new analysis.
Foreign Tax Havens Cost U.S. Small Businesses
Small businesses in the U.S. on average pay an extra $5,128 in taxes to make up for revenue lost to the use of offshore tax havens by multinational corporations, according to a new study.
Oracle Boosts Cloud Offerings With Dyn Deal
Oracle has agreed to acquire domain-name service provider Dyn in a move to enhance its cloud computing offerings, where it has historically struggled to compete with Amazon.
More Than One Million Google Accounts Hit By Malware
More than one million Google accounts have been breached by malware that infiltrated older Android devices, according to cyber security firm Check Point Software Technologies Ltd.
M&A in 2017: Starting to Cool Off?
After a banner year for mergers and acquisitions in 2015 and a choppy but overall good market in 2016, a solid majority of respondents to an M&A outlook survey don’t expect the market to strengthen next year.