Weekly News Round Up: Big Data Overwhelms the C-Suite; M&A Appetite Increases; and Personal Finance Lessons from Prince

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 Big Data can be overwhelming for C-level executives, and that the IRS is offering relief for Houston-area storm victims. In addition, we provide personal finance lessons from Prince.

Big Data Overwhelms the C-Suite

Thirty-two percent of C-suite executives around the world say that big data has hindered, not helped, decision-making, according to this recent study.

Delaware’s $1 Billion Opacity Industry Gives U.S. Onshore Tax Haven

For more than a century, Delaware has lured companies to file incorporation papers by offering a specialized court system, laws that allow for avoiding other states’ taxes and a registration system that requires little public disclosure.

IRS Offers Relief for Houston-Area Storm Victims

Texas storm victims have until September 1 to file their returns and pay any taxes due, according to the IRS.

FASB Finalizes and Defers Credit Loss Standard

The Financial Accounting Standards Board has voted to proceed with issuing a long-awaited standard on credit losses on loans and other financial instruments.

IRS to Tighten Program Offsetting Tax Refunds against Tax Debts

The Internal Revenue Service plans to make changes in its procedures and computer systems to better identify a taxpayer’s outstanding tax debts and subtract them from the tax refunds they receive, particularly for owners of small businesses.

M&A Appetite Continues to Grow

In 2016, the M&A outlook remains positive with more non-tech companies acquiring tech companies, according to this report.

IRS Reports an Increase in the Tax Gap

The Internal Revenue Service reported that the average annual tax gap has increased to $458 billion for tax years 2008-2010, compared to $450 billion for tax year 2006.

What Prince Can Teach You About Personal Finance

According to this Forbes article, there’s one important lesson we all can take from Prince – setting up a will.