Weekly News Round Up: Consumer Spending Up; Private Sector Added More Jobs; and a Millennial’s Bad Financial Choices
September 6, 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 consumer spending is up, and private sector employers experienced a bump in new hires. In addition, IT spending is expected to increase over the next five years, and we offer a glimpse into a Millennial’s bad financial choices.
Consumer Spending Up for 4th Straight Month
U.S. consumer spending maintained its momentum in July, fueling expectations that economic growth will pick up in the third quarter.
Private Sector Added 177,000 Jobs in August
Private sector employers added a healthy 177,000 jobs in August, according to a new study.
IT Spending to Grow 3.3 Percent in Next 5 Years
Worldwide spending on IT products and services will increase at a compound annual rate of 3.3 percent, according to International Data Corp.
CBO Increases 2016 Deficit Forecast to $590 Billion
The Congressional Budget Office has raised its projected U.S. budget deficit estimate for 2016 to $590 billion, reflecting lower-than-expected tax revenues and increased spending on Social Security and Medicare.
IRS Does Not Effectively Notify Taxpayers, SSA of Employment ID Theft
The IRS does not notify taxpayers it identifies as victims of employment-related identity theft and has not established an effective process to send the required notice to the Social Security Administration, according to the Treasury Inspector General for Tax Administration.
Applicants Sought for IRS Tax-Exempt Advisory Committee
The IRS is looking for applicants for vacancies on its Advisory Committee on Tax Exempt and Government Entities, which provides a venue for public input on relevant areas of tax administration.
My Roommate is the Most Entitled Millennial in America. Do I Tell Her?
MarketWatch’s “The Moneyologist” helps a reader deal with a Millennial roommate who has no money to cover living expenses, but easily jets off to Cancun and other destinations.