In the News: Financial Literacy, Social Media
I hope everyone had a happy Thanksgiving holiday and has safely emerged from their tryptophan induced coma. It’s been a busy few weeks for AICPA and the profession, with lots of interesting news coming out. I’m particularly thankful (see what I did there?) to be able to spotlight a couple of my colleagues on the Communications Team who were mentioned in the media recently.
Melora Heavey, AICPA senior manager – communications (and AICPA Insights blogger) spoke to Fox Business about some of the ways that companies are taking steps to develop a more financially literate workforce – which serves to benefit both the employees and the organization itself. “Companies are trying to manage insurance costs, and having a workforce that has a thorough knowledge of their benefits and options help them to do this,” says Heavey. How prevalent are these programs? A study by the Society of Human Resource Management found that 30% of organizations surveyed offered one-on-one financial/investment advice, 24% offered in-group or classroom advice and 22% offered online advice. Companies interested in implementing financial education programs for their own employees can find free resources at wlife.org, the website for the Workplace Leaders in Financial Education Awards, a program co-sponsored by the AICPA and SHRM.
The AICPA got a nice shout out from The Accountant for our strong presence on social media. The article noted that AICPA is the most popular professional accounting body on Twitter and LinkedIn with 94,506 (and growing!) people who either follow AICPA or are members of various social media pages. In other social media news, Stacie Saunders’ blog post on AICPA Insights was referenced in a post by AccountingWEB titled ‘QR Codes Provide New Way To Market Your Practice.’ The author noted that she had learned some new information about QR codes after reading Stacie’s blog post.
Melissa Labant from the AICPA’s Tax Team spoke to Eileen Ambrose of the Baltimore Sun about tax moves people should consider before the end of the year. Labant advised that for any damage to property not covered by insurance, you can deduct losses on your federal return, noting that the IRS has a formula to calculate losses, and the amount that exceeds 10 percent of adjusted gross income can be deducted on an itemized return. Feeling generous? This is a particularly good year for high-income households to make charitable donations, Labant says. Previously, charitable deductions were reduced as income went up, but this year there is no phase-out for high earners.