The AICPA and its members continue to be at the forefront of the financial literacy movement with free programs, resources and thousands of CPAs across all 50 states volunteering to help Americans with their financial understanding.
They say money can’t buy love, but it can buy heartbreak. Love and finances are exceedingly complex subjects, so it makes sense that it only gets more complicated when you combine them. With Valentine’s Day just around the corner, the AICPA® Financial Literacy Commission encourages Americans to give their loved ones the gift of an honest talk about money.
Nearly three in four (73%) married or cohabitating Americans say financial decisions have caused tension in their relationships. Of these, nearly half (47%) admit that this tension has negatively affected intimacy with their partner. This is all according to a recent AICPA survey The Harris Poll conducted on behalf of the American Institute of CPAs® (AICPA).
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Your personal identification (ID) is just that, personal. Unfortunately, in today’s world, your ID could get compromised with everyday activities such as ordering food online or signing up for a new music service. To observe Data Privacy Day, the AICPA® Financial Literacy Commission encourages you to take a few steps to find out where your ID has been — and make sure it’s safe and secure.
It might surprise you to learn that most Americans feel that it’s inevitable that their information will be stolen. Three in five (60%) say that it’s likely that ID theft will lead to a financial loss in the next year. The good news is that they recognize this as a real threat. The bad news is that many still don’t incorporate measures to protect their financial information, even with a significant increase in their online shopping since the start of the pandemic. This is all according to a recent AICPA survey The Harris Poll conducted on behalf of the American Institute of CPAs® (AICPA).
Continue reading "It’s Data Privacy Day. Where has your ID been?" »
Paying taxes is probably low on the list of things that give Americans a warm-and-fuzzy feeling. But getting hit with a surprise tax bill when filing? That makes 34% of Americans feel concerned, 33% frustrated, 32% disappointed and 28% angry, according to a recent AICPA survey conducted by the Harris Poll.
Assuring the correct amount of taxes are withheld from your paycheck can go a long way toward preventing an unexpected tax bill – and the negative emotions that come along with it.
The Tax Cuts and Jobs Act (TCJA) made changes to withholding in early 2018, and those changes were reflected in 2019 in a redesigned IRS Form W-4. Still, nearly half — 45% of tax-filing Americans — have no idea when they last updated their withholding.
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It’s understandable that as most Americans focus on the COVID-19 pandemic, the risk of natural disasters may not be top of mind. However, with the upcoming Atlantic hurricane season expected to be more active than usual and tens of millions of Americans in a more financially precarious position over the last couple of months, it’s more important than ever to prepare. Recently published AICPA data found that 6 in 10 Americans (60%) say it is likely a natural disaster will impact them in the next three to five years. And while many Americans have taken at least one step to prepare, there are still more ways to help protect their finances and their families should disaster strike.
Neal Stern, CPA, member of the AICPA’s National CPA Financial Literacy Commission, spoke with AICPA Insights about emergency preparedness and the AICPA survey results.
Continue reading "AICPA survey highlights gaps in Americans’ disaster prep" »
The federal government is in the process of delivering cash to many U.S. citizens to help stimulate the economy, providing tax credits to individuals of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child.
For those struggling to pay bills or who have lost their jobs, these payments can help them stay afloat during these extraordinary times. But it’s also a potential windfall for scammers, who are continually trying to find new ways to steal from unsuspecting individuals.
“Scammers prey on people’s emotions and weaknesses,” said Howard Silverstone, CPA and American Institute of CPAs (AICPA) Forensic and Litigation Services Fraud Task Force member. “Right now, people haven’t been going to work every day. They’re home with the kids. They’re stressed. They may have lost their jobs. They need that money. Scammers know this and are preying on it.”
Continue reading "Don’t get scammed out of your stimulus check" »