Accounting & Information Assurance

The Quirk in the IRS’s Tuition-Reporting Rules

When the Internal Revenue Service tries to be user-friendly, things can sometimes backfire. Perhaps you could call it the law of unintended consequences or maybe a case of something not well thought out. Nevertheless, Smith School lecturer Samuel Handwerger and MS in Accounting student David Hao Li, writing for Smith Brain Trust, explain why college-tuition-paying tax filers should be extra careful when claiming that tax credit – at least for one more year. Read more...

The Trouble with Trump’s Executive Order on New Regulations

An executive order to ban new regulations is not atypical of new administrations. It is pretty common and it usually doesn't last for long. However, with the way this ban was written, it may not only ban the Department of Treasury from writing regulations, but it may also ban the Internal Revenue Service from writing notices, rulings and procedural documents. This is not a good thing for taxpayers or the IRS. And if the ban lasts a long time, it could be crippling. Read more...

Seven Ways to Trigger an IRS Audit

Could the tax deduction you take on mortgage interest actually result in a tax audit from the IRS? How about the early withdrawal you made from your retirement account last year, or the charitable donation you made? Smith School lecturer Samuel Handwerger warns that the deductions you plan to take this year could put your income-tax return squarely in the crosshairs of an IRS auditor. Handwerger says there are at least seven audit priorities for the Internal Revenue Service this tax year. Read more...

Cybersecurity Forum Tackles Democracy Hacking

The recent Department of Homeland Security designation of state election assets as U.S. critical infrastructure – if it stands -- is a key to mitigating cyber threats to American democracy, said a researcher during the Forum on Financial Information Systems and Cybersecurity: A Public Policy Perspective on Jan. 11, 2017 at the University of Maryland. The designation means state governments can ask DHS for help to secure election infrastructure including voter registration databases, voting machines and other systems that manage the election process and report and display results on behalf of state and local governments.

In Era of Trump, Investors Grapple with Tweet Risk

When President-elect Donald Trump took to Twitter to criticize Lockheed Martin for the price tag on the F-35 fighter jet, he sent the defense contractor's shares into a minor tailspin. A similar thing happened weeks earlier, when he tweeted a rebuke of Boeing for the price of the new Air Force One. With the Oval Office soon to be occupied by a Tweet-prolific commander-in-chief, investors are grappling with a new market force: Tweet risk. It's what happens when Trump unleashes a seemingly out-of-the-blue Twitter takedown and investors react. Experts from the Smith School explain the risks and potential opportunities for investors. Read more...

Congrats to New Smith Alumni!

On Dec. 21, 2016, over 800 students graduated from the University of Maryland’s Robert H. Smith School of Business with PhD, MS, MBA, and BS degrees. The commencement ceremony was held at the Xfinity Center on the university’s College Park campus. You can watch the entire ceremony online.

12 Big Things That Will Shape Business in 2017

It's nearly New Year.It's almost a new year, and across the University of Maryland's Robert H. Smith School of Business, some prognosticating has begun. We asked a group of professors to look ahead at the trends and developments we might see in the next 12 months. They turned their focus to the stock market, tax policy, Amazon, McDonald's, finance, real estate, Obamacare and more. Here's what they said. Read more...

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