Weekly News Round Up: Obama and Tax Increases; Retail and Energy Job Cuts; and Cash is King in Today’s M&A Arena

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 President Obama’s latest budget calls for tax increases on high-income taxpayers. In addition, the retail and energy sectors are experiencing heavy downsizing, and cash is “king” in today’s M&A arena.

Obama Budget Includes Tax Increases and Tax Preparer Regulation

The Obama administration released its fiscal year 2017 budget containing a number of tax increases on high-income taxpayers, oil and foreign income, and tax breaks for the middle class and small businesses.

Retail, Energy Lead Surge in U.S. Job Cuts

After hitting a 15-year low in December, U.S. job cuts surged last month amid heavy downsizing in the retail and energy industries, according to a new report.

Small Businesses Optimism Sags

Optimism among small business owners fell in January, according to the National Federation of Independent Business’s latest Small Business Economic Trends report.

Worldwide IT Spending to Reach $2.8 Trillion in 2019

IT spending across the globe is expected to grow from $2.46 trillion in 2015 to more than $2.8 trillion in 2019, according to a new study.

Obama Seeks $19 Billion for Cybersecurity Plan

President Barack Obama’s latest budget includes $19 billion for a package of “sweeping” measures to beef up the security of the nation’s computer networks.

IRS Prodded to Better Track Corporate Tax Gap

Senate Finance Committee ranking member Ron Wyden, D-Ore.  is asking the Internal Revenue Service to put a system in place to track the specific sources of unpaid corporate taxes.

IRS Adjusts Tax Breaks for Inflation

The Internal Revenue Service has issued inflation adjustments for several tax breaks involving schoolteacher expenses, transit fringe benefits and Section 179 expensing of certain depreciable assets.

Cash Is King in M&A Again

According to the Wall Street Journal, wild swings in the stock market are making shares an unpredictable currency lately, and corporate buyers are leaning on cash to get deals done.