Weekly News Round Up: IMF Global Emergency Plan; Private Sector Job Growth; and IRS Phishing Scam
March 6, 2016 - By: SC&H Group
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 IMF is calling for a plan to stimulate global economic growth, while the private sector in the U.S. continues to create more jobs. In addition, there are a number of new IRS scams, and we showcase a campaign to help consumers save more money.
IMF Urges Emergency Plan for Global Economy
With the global economy weakening amid financial market turbulence and falling asset prices, G20 nations should take “bold multilateral actions” to stimulate growth and limit risk, according to an International Monetary Fund report.
Private Sector Added 214,000 Jobs in February
According to a new study, the private sector added 214,000 jobs in February, which experts point to as another healthy sign for the economy.
New FASB Lease Standard Could Inflate Balance Sheets
The Financial Accounting Standards Board recently updated its lease accounting standard. It states that companies that lease property or equipment will be required to recognize on their balance sheets assets and liabilities for leases with terms of more than 12 months.
IRS Experienced Identity Theft of IP PINs
Many of the special personal identification numbers given out by the Internal Revenue Service to protect victims of identity theft may have been stolen, according to a new report.
IRS Warns of New Phishing Scheme Involving W-2s
Last week, the IRS issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to come from company executives and requests personal information on employees.
Trump’s 12 Years of Audits ‘Very Unusual,’ Ex-IRS Agent Says
Donald Trump’s disclosure that his tax returns have been under review by the Internal Revenue Service for the past 12 years reflects a “very unusual” level of scrutiny by tax authorities, according to a former Internal Revenue Service agent.
A 30-Day Crash Course on Saving Money
Forbes Magazine just launched a new campaign aimed at enhancing financial literacy called #30DaysOfMoney (Twitter Hashtag).