Weekly News Round Up: Trump Victory and Impact on Financial Arena; Retail Sales Rise; and 2016 Malware Moments
November 21, 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 President-elect Trump’s potential impact on the U.S. debt rating, as well as the financial services sector overall. In addition, retail sales are up and we highlight the top malware trends for 2016.
Trump Victory Could Threaten U.S. Debt Rating
Donald Trump’s presidential election victory doesn’t pose an immediate threat to the United States’ pristine debt rating but the impact of his fiscal policies would be negative over the medium term, according to a new report.
Retail Sales Rise Better-Than-Expected at 0.8 Percent
U.S. retail sales rose more than expected in October, almost equaling the previous month’s growth amid strong demand for cars and a surge in online shopping.
Growth Rate for Health Costs Sank This Year
According to a new study, the rate of growth in employers’ medical costs averaged just 2.4 percent in 2016, which was the second-lowest figure since 1997.
Financial Executives Prepare for New Administration
Finance executives are getting ready for the incoming Trump administration with a multitude of changes expected on the regulatory side while also dealing with all the new accounting standards rolling out in the next few years.
IRS Extends Distribution (Not Filing) Deadline for ACA Reporting and Continues Good Faith Standard
The IRS recently announced (see Notice 2016-70) an extension to the distribution (but not filing) deadline for the Affordable Care Act (ACA) reporting requirements set forth in Sections 6055 and 6056 of the Internal Revenue Code (the “Code”).
Trump, Republican Victory to Boost Biotech M&A
A combination of lower corporate taxes, a sense that deregulation for meds is coming and pricing issues will be dropped, bumped-up stocks and an influx of foreign cash will combine to create a perfect storm for a major biotech M&A spree, according to analysis from Reuters.
IRS Delays Tuition Reporting Changes; Colleges Not Ready
The Internal Revenue Service recently announced an extension of penalty relief for tuition statements filed for the 2017 calendar year that continue to report the aggregate amount of qualified tuition and related expenses billed, instead of meeting the new requirement to report aggregate amount of payments received.
Big Malware Moments of 2016
SC Magazine is offering these insights into the biggest malware moments of 2016.