Weekly News Round Up: Labor-Market Index and Continued Growth; Growing Cyber Insurance Market; and Student Financial Literacy Realities
September 21, 2015 - 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 latest U.S. labor-market indicators point to potentially strong job growth. In addition, the cyber insurance market is growing, and there is a disconnect between perception and reality when it comes to college students and financial literacy.
Labor-Market Index Suggests Continued Growth
A compilation of U.S. labor-market indicators rose sharply in August, suggesting the economy could continue to create a steady supply of new jobs for the rest of this year and push the unemployment rate below 5 percent.
IRS Updates Per Diem Rates for Lodging and Meals
The IRS has set the special per diem rates to start Oct. 1, 2015, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.
Cyber Insurance Market to Triple by 2020
The cyber insurance market will triple in size to $7.5 billion in annual premiums by 2020, according to a new study.
AICPA Calls Senate Proposal to Regulate Paid Preparers Too Broad
The AICPA recently commended the Senate Finance Committee for its efforts to combat identity theft and tax fraud, but spelled out concerns regarding granting broad authority to the Treasury and the IRS to regulate paid tax return preparers.
Big Firms Expanding Voluntary Audit Disclosures
Large U.S. companies have significantly increased voluntary audit committee-related disclosures over the past four years, reflecting the demands of investors, policymakers, and other stakeholders for greater transparency, according to a new study.
AICPA Finds Disconnect Between College Students’ Perception of Financial Literacy and Reality
A newly released survey from the AICPA found that college students who rated themselves as having “excellent” or “good” personal financial management skills outweighed those who rated their skills as poor or terrible by a more than a five-to-one margin.