Weekly News Round Up: IRS Left Taxpayer Data Vulnerable; Next Debt Ceiling D-Day; and the PCAOB Gives Credit for Cooperation
November 25, 2013
Welcome to the Weekly News Round Up from the SC&H blog. Each week, we will be showcasing a series of news stories that span everything from government contracting to personal finance to state and local tax issues.
This week, we have compiled stories about the IRS not addressing cybersecurity weaknesses, more accounting firms adopting cloud-based services, and state tax incentives for businesses.
IRS Left Taxpayer Data Vulnerable To Attack, Report Says
According to the Treasury Inspector General for Tax Administration, the Internal Revenue Service (IRS) failed to demonstrate that it fully addressed security weaknesses in recent years.
Budget Office: Next Debt Ceiling D-Day Could Come in March
The government will exhaust its emergency borrowing authority sometime between March and June 2014, if Congress does not suspend or increase the nation’s debt limit again.
AICPA: Accounting Firms Increasing Adoption of Cloud Services
More CPA firms are embracing cloud solutions to transform their business, and with a greater focus on data security than a year ago, according to a recent survey.
PCAOB Now Gives Credit For Cooperation
The PCAOB issued a policy statement regarding its enforcement investigations to consider extraordinary cooperation, including voluntary and timely self-reporting, remedial or corrective action, and providing substantial assistance during the investigative process.
High Valuations Curb M&A Appetite
Surging stock markets have pushed up market capitalizations overall, which is one factor behind a 15 percent drop in M&A activity this year.
Accounting Professionals Optimistic On Economy, Job Security
When it comes to job security and their outlook on the nation’s economy, most finance and accounting professionals remain optimistic, according to a new study.
Do State Tax Incentives Really Work?
While many states recently states have also been aggressive in their efforts to generate additional tax revenue in order to help close budget shortfalls, they are also offering lucrative tax incentive deals to businesses that commit to creating new jobs in the state. But, does this strategy actually work?
Zombie Personal Finance Books of 2014
Be on the lookout in 2014 for a spate of personal finance books that tap into the culturally ubiquitous zombie theme.