Weekly News Round Up: Industrial Production Rises; Global Oil Market Update; and a Personal Finance Day
May 23, 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 industrial production increased in April, and the global oil markets seem to be nearing a balancing point. In addition, the House passed legislation to protect identity theft victims, and we found a sound piece of personal financial planning advice.
Industrial Production Rises on Higher Utility Demand
Higher demand for electricity and natural gas drove an increase in industrial production in April, though factory output grew more modestly, according to the Federal Reserve.
SEC Leads Crackdown on Non-GAAP Measures
Reacting to what it sees as the growing prevalence of non-GAAP measures and suspecting that they’re increasingly misleading, the Securities and Exchange Commission is cracking down on the practice.
Macy’s Earnings Drop 40 Percent on Sluggish Sales
Sluggish sales amid weaker consumer spending dragged down Macy’s earnings for the first quarter.
Global Oil Market Is Near Balance
The global oil market is near balance, as higher output from members of the Organization of Petroleum Exporting Countries has more than offset deepening declines in non-OPEC countries, according to a new report.
House Passes Bill to Help Victims of ID Theft Tax Fraud
The House recently passed bipartisan legislation to prevent taxpayer identity theft and help victims whose tax refunds have been stolen by identity thieves.
AICPA, NSA Urge Meaningful Access to IRS and Improved Technology
Timely and meaningful access to the Internal Revenue Service is what is most important to taxpayers and tax preparers, according to Troy K. Lewis, chair of the AICPA’s Tax Executive Committee.
CPACA Releases Book on CPA Profession Leadership
The CPA Consultants’ Alliance has published a new book to help the CPA profession close the divide between current and emerging leaders.
Pick One Day a Month to Be Your Personal Finance Day
The editor of the My Mixed Up Money news site suggests that everyone should pick one day a month to deal with all personal finance issues.