Weekly News Round Up: IRS Changes ID Theft Policy; Private Sector Job Growth; and Data Breach Costs Rising

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 IRS has agreed to change its policy on identity theft – providing more transparency to the victims. In addition, the private sector added 201,000 jobs in May, though a Department of Commerce report found that personal income increased only 0.4 percent in April.

IRS Changes Identity Theft Policy

The Internal Revenue Service has agreed to change its policy on identity theft and provide victims with copies of the fraudulent tax returns that have been filed under their names by scammers.

Private Sector Added 201,000 Jobs in May

Employment in the private sector increased by 201,000 jobs last month in another healthy sign of an improving economy, according to a recent study.

April Data Show Modest Recovery From Q1 Slump

According to the U.S. Department of Commerce, personal income increased $59.4 billion, or 0.4 percent in April. However, consumer spending was flat, falling $2.6 billion, or less than 0.1 percent.

Data Breach Costs Climb to Average of $3.8 Million

The total average cost of a data breach for companies around the world has increased to $3.8 million, up from $3.5 million a year ago, reflecting in part a higher frequency of malicious or criminal cyber attacks, according to a new study.

IRS Issues New Guidance on FBAR Penalties

The Internal Revenue Service has released new guidance on penalties for failing to file a foreign bank account report, capping the maximum percentage of the penalty and providing new requirements for documentation and approval by IRS examiners.

Accounting Rule to Force U.S. Cities to Report Health-Care Bills

U.S. state and local governments will have to report billions of dollars in health-care liabilities on their balance sheets under an accounting change aimed at improving disclosure of retiree benefits. 

How One Couple Became Millionaires in Their 30s

It is possible to climb out of debt and become a millionaire when you are in your 30s. Forbes highlights the story of one couple that achieved this goal.