Advisory

A new report by the Consumer Financial Protection Bureau has found the majority of debit card overdraft fees are incurred on transactions of $24 or less and that the majority of overdrafts are repaid within three days. Put in lending terms, if a consumer borrowed $24 for three days and paid the median overdraft fee of $34, such a loan would carry a 17,000 percent annual percentage rate (APR).

From food trucks to online retailers, a growing number of mainstream businesses are accepting virtual currencies, such as Bitcoin, as a payment method. But as the popularity of digital cash rises, states are beginning to look at ways to regulate its use.

A weekly roundup of professionals in the tax and accounting profession that have changed jobs and/or been promoted.

Whatever you may think of Millennials, they are natural born savers. A new report from the Transamerica Center for Retirement Studies shows that since many of these workers entered the workforce at about the same time as the Great Recession, they've been more proactive in saving for perilous employment times.

The accounting and tax advisory firm WeiserMazars LLP, has acquired pmpm Consulting Group Inc., a national health care consulting firm specializing in providing managed care services including network development, contracting, credentialing, regulatory monitoring, oversight and compliance audits to payers and providers.

A new report from PwC US and the Investor Responsibility Research Center Institute (IRRCi) indicates that while companies must disclose significant cyber risks, those disclosures rarely provide differentiated or actionable information. The report examines key cybersecurity threats to corporations and provides information to investors struggling to evaluate investment risk, business mitigation strategies and the quality of corporate board oversight.

As new and alternative funding sources target small businesses and increasingly penetrate the U.S. market, less than three percent of U.S. microbusiness owners report using government loans (2.7%), small business loans (2.4%) or crowd-funding (1.9%) to fund their business, according to the Sam’s Club/Gallup Microbusiness Tracker.

An in-depth academic analysis of trends and characteristics of restatements to public company financial statements in the United States in the 10-year period following the Sarbanes-Oxley Act (SOX) reveals a substantial drop in the number and severity of restatements.