Weekly News Round Up: Economic Sentiment Positive; Geopolitical Risks and Earnings; and Tax Season Scams
January 30, 2017
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 there’s an improving sentiment when it comes to the U.S. economy, while geopolitical uncertainty could negatively impact corporate earnings. In addition, we highlight the U.S. cities most likely to be targeted by cybercriminals, and Uber rides top the list of employee expenses.
Leading U.S. Indicators Point to Continued Growth
Economic index of future business conditions increased 0.5 percent in December, to 124.6, based on improving sentiment about the U.S. economy, according to the Conference Board.
Mounting Geopolitical Risk Adds to Earnings Uncertainty
Geopolitical risks, shaped in large part by the U.S. elections, could have a greater impact on earnings than they did previously, according to research by the Association for Financial Professionals.
AICPA Awards $451K in Scholarships to Minority Students
The AICPA recently announced that 94 minority accounting students across the country have been awarded the Institute’s Scholarship for Minority Accounting Students for the 2016-17 academic year.
Uber is Tops on Corporate Expense Reports
The ride-hailing app Uber accounts for 52 percent of expenses in the ground transportation category, according to a new report, and is now the most expensed vendor overall across categories.
IRS Warns Again on Payroll Scam as Tax Season Begins
The IRS is cautioning businesses to beware of an email phishing scam using a corporate officer’s name asking for employee W-2 forms from payroll and human resources departments at companies.
The Top 10 Cities Likely to be Hit By Hackers
Here are the top 10 most infected cities and the number of infected devices — including PCs, laptops, tablets and smartphones — in each region.