Weekly News Round Up: Consumer Spending on the Rise; Smartphone Sales Drop; and M&A Activity to Remain Robust

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 on the rise, and that taxpayer income rose overall in 2014. In addition, the President of Goldman Sachs believes that the M&A outlook for 2016 will remain robust. It also turns out that summer camp is tax deductible.

Consumer Spending Rises at Fastest Pace Since 2009

Personal spending climbed 1 percent in April, while the saving rate declined to 5.4 percent of after-tax income, according to the U.S. Commerce Department.

Income Jumped in 2014, IRS Reports

According to the IRS’s Spring 2016 Statistics of Income Bulletin, adjust gross income rose to $9.7 trillion in 2014, an increase of 6.1 percent compared with the prior tax year.

Smartphone Sales to Rise Only 3.1 Percent in 2016

“Phone fatigue” may be increasing, as market research firm IDC reduced its forecast for 2016 global smartphone shipments growth and predicted iPhone sales will decline more sharply than originally expected.

Expats Object to Paying U.S. Taxes

A new survey of U.S. taxpayers living abroad finds widespread opposition to the Foreign Account Tax Compliance Act, or FATCA, and similar tax compliance requirements.

Goldman’s Cohn Says M&A Outlook Remains Bright After Strong ‘15

Goldman Sachs President Gary Cohn said the same forces that helped fuel near-record mergers and acquisitions in 2015 remain in place today and the outlook remains bright.

IOSCO Surveys Audit Committee Oversight of Auditors

The International Organization of Securities Commissions has released a new report providing an overview of how audit committees around the world oversee audit firms, with an eye toward improving audit quality at public companies. 

Summer Camp Expenses May Be Deductible

Summer isn’t too far away, and many parents are wondering if they can afford to send their kids away to summer camp this year. Fortunately, some of the expenses for summer camp, like medical expenses, are tax deductible.