How debt perceptions can affect financial choices | To combat fraud, IRS steps up ERC claim enforcement | Sustainable aviation fuel incentives take off
July 31, 2023
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Top Story
Many people say that financial stress is affecting them on a personal and professional level, but it's possible to manage this kind of stress with a four-step plan that starts with developing a budget and working to bring debt under control.
Full Story: MarketWatch (tiered subscription model) (7/29) 
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Financial Focus
Research suggests that people tend to perceive debt differently when thinking about their own finances than when they are thinking about someone else's. This could ultimately lead to suboptimal choices when making certain financial decisions.
Full Story: Chicago Booth Review (University of Chicago) (7/28) 
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Tax Spotlight
Having made significant progress in the ongoing effort against fraudulent employee retention credit claims, IRS Commissioner Danny Werfel said the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.
Full Story: Journal of Accountancy (7/28) 
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The Inflation Reduction Act created a tax credit to incentivize the production of cleaner fuel for the aviation industry. Many documentation and substantiation requirements must be met to support the credit.
Full Story: The Tax Adviser (6/2023) 
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Technology
If you're collaborating with someone on an Excel spreadsheet, you can seamlessly communicate with them using mentions in the document. Read more for how to set up that capability.
Full Story: Journal of Accountancy (7/2023) 
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Most companies are aware they need a framework for data governance, but no one solution fits all situations. Here is a look at different philosophies about data governance and some of the key components of a successful framework.
Full Story: TechRepublic (7/27) 
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Strategic Focus
There are downsides to using large language models to develop organizational strategy, but, when used appropriately, they can help leaders broaden their thinking and consider what is happening outside the organization.
Full Story: INSEAD Knowledge (7/31) 
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Hybrid work demands a fresh approach from business leaders, and those who mourn the loss of post-4 p.m. meetings may need to rethink their philosophy. Holding conversations with employees about the best times, places and methods for collaborative or focused work is a good start.
Full Story: Vox (7/22) 
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Policy & Regulatory
Neel Kashkari, president of the Minneapolis Federal Reserve, said that it is unclear how many more interest rates might be needed and that "we need to get inflation all the way back down to 2%." The economy has made "good progress" in the inflation fight, but "we don't want to declare victory," Kashkari said.
Full Story: The Hill (7/30) 
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Market Update
The personal consumption expenditures price index climbed 3% in June on a year-over-year basis, down from a 3.8% increase in May. A core measure that excludes food and energy costs was up 4.1% in June from a year earlier, marking a deceleration from the prior month.
Full Story: CNBC (7/28) 
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AICPA News
Artificial intelligence is on everyone's mind, and for good reason. Join this free CPE webinar Wednesday at 2 p.m. ET to hear industry experts discuss the pitfalls and possibilities of using AI to safeguard against cyber threats while maximizing the potential for your marketing strategy.
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The AICPA has issued TQAs 9560.01−.06 that provide nonauthoritative guidance related to the inclusion of information about controls over cryptographic keys in management's description of a service organization's system in a SOC 1 report.
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The Association of International Certified Professional Accountants® (the Association), representing AICPA® & CIMA®, advances the global accounting and finance profession through its work on behalf of 650,000 members and students in 179 countries and territories. Building on the strength and rich legacy of both membership bodies, AICPA & CIMA driven by the Association, lead on management and public accounting issues through advocacy, specialized credentials, continuing professional education, conferences and thought leadership.
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