Weekly News Round Up: U.S. Trade Deficit Widens; Supply Chain Fraud Increases; and Optimizing Your Personal Finance Efforts
April 11, 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 the U.S. trade deficit widened in February, and how manufacturing goods orders have dropped. In addition, the IRS issued a warning about tax scams in the D.C. metro region, and a new study found that supply chain fraud has become a serious issue.
U.S. Trade Deficit Widens 2.6 Percent to $47 Billion
The U.S. trade deficit rose in February to its highest level in six months, indicating foreign trade will continue to be a drag on broader economic growth in the first quarter.
Manufactured Goods Orders Fall in February
In another sign that U.S. economic growth slowed further in the first quarter, new orders for manufactured goods fell 1.7 percent to $454 billion in February.
Supply Chain Anti-Fraud Measures Lacking
A large percentage of companies continue to experience supply chain fraud and many of those may not be doing enough to address the problem, according to a new survey.
IRS Warns of Tax Scam in D.C., Maryland and Virginia
The Internal Revenue Service recently warned taxpayers about a new phishing scam targeting Washington, D.C., Maryland and Virginia residents.
DOL Finalizes Regulations and Related Exemptions on ERISA Fiduciary Definition and Conflicts of Interest in Investment Advice
The DOL has finalized much-discussed regulations regarding who is an ERISA fiduciary when providing investment advice to a retirement or other employee benefit plan or plan participants, as well as related prohibited transaction exemptions.
IRS Funding Boost Helped Taxpayer Service
The Internal Revenue Service’s extra $290 million in funding this year helped the IRS improve its level of responsiveness to taxpayer phone calls, according to a new report.
IRS Seeks IRPAC Applicants
The IRS is requesting nominations for its Information Reporting Program Advisory Committee, a federal advisory committee that advises the service on various tax administration issues.
Personal Finance Has Everything and Nothing to Do With Money
Here’s an interesting take on how personal finance is all about optimizing your values and priorities.