Weekly News Round Up: U.S. Industrial Output Falls; Small Business CFOs and Cyber Attacks; and IRS Business Audits Plummet
March 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 industrial production in the U.S. fell in February, while consumers expect an increase in inflation in the near future. In addition, small business CFOs are reporting fewer cyber attacks, and recent deal activity shows how the M&A bubble won’t be popping anytime soon.
U.S. Industrial Output Falls 0.5 Percent in February
U.S. industrial production fell in February as significant declines in the mining and utilities sectors offset a second straight increase in manufacturing.
U.S. Consumers Expect 2.7 Percent Rise in Inflation
U.S. consumers’ expectations for inflation increased in February, with a particularly sharp rebound in gas prices expected over the next year, according to a new survey by the Federal Reserve Bank of New York.
Small Business CFOs Report Fewer Cyber Attacks
Less than one-fifth of finance executives at small and midsize businesses say their companies have experienced a cybersecurity attack in the last 24 months, according to a survey conducted by CFO Magazine.
IRS Business Audits Plummet Due to Budget Cuts
The Internal Revenue Service’s audits of business tax returns have declined steeply in recent years, thanks to successive rounds of budget cuts, according to a new analysis.
Taxpayers Willing to Delay Tax Refunds to Curb Identity Theft
Many Americans are willing to delay receiving their tax refunds for up to two months if it would provide the IRS time to combat identity fraud, according to a new survey.
AICPA Works on Combating Tax Refund Fraud
With a 400 percent surge in reported phone and email phishing and malware schemes this tax season, the American Institute of CPAs is working with Congress, the Internal Revenue Service and its members to combat tax-related identity theft and tax return fraud.
FASB Streamlines Move to Equity Method of Accounting
The Financial Accounting Standards Board has issued an accounting standards update making it easier for companies to transition to the equity method of accounting.
These Deals Show Why the M&A Bubble Won’t Pop Soon
According to Fortune Magazine, the rise of bidding wars doesn’t mean that “merger mania end times” are here – reinforcing how the M&A bubble won’t pop soon.