Twenty-two percent of 15-year-olds in the US were unable to reach baseline levels of financial literacy in a recent study. However, those who had bank accounts tended to score significantly higher on the assessment.
IRS no longer accepting checks in payment for certain ruling requests
The Internal Revenue Service will no longer accept checks in payment for certain ruling requests beginning June 15; taxpayers will be required to use the Pay.gov system instead. This new rule applies to private letter rulings, closing agreements and certain other types of rulings
Fake Financial News Affecting Decision Making
A new survey reveals fake financial news is affecting Americans’ ability to make retirement, investment and health care decisions. Even worse, Americans feel that fake news will be more prevalent in the future. The AICPA National CPA Financial Literacy Commission has tips to help keep Americans from falling into the fake news trap.