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Generation Z: Ambitious, optimistic It may seem soon, but those born from the mid-1990s to mid-2000s are just beginning to enter the workforce. What are they looking for in careers, and how do they feel about their futures? EY surveyed more than 1,600 of its interns to find answers. The interns revealed: They are confident and optimistic. Sixty-three percent feel they will be better off financially and happier at work than their parents. Thirty-one percent believe that higher career happiness is because employers now have a strong understanding of their employees’ needs. They expect their work to evolve. Gen Z workers understand that new technologies will significant affect their work, and a majority believe technology will not decrease the number of available
To educate taxpayers, the IRS has a new webpage: “Pay As You Go, So You Won’t Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Estimated Tax Penalty.” The webpage offers tips for taxpayers on how they can avoid the penalty, such as checking their withholding amounts or paying at least 90 percent of their total tax liability during the year. Find it at tinyurl.com/IRSPayAsYouGo.
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They aren’t only chasing the money. Only 1 percent of respondents said they prioritize money the most when looking for an employer. Instead, they look for the potential for career growth (84 percent) and flexibility (50 percent). They also believe that job satisfaction is just as important as financial stability. They look up to young managers. Sixtyseven percent would prefer a millennial manager over a Gen X or Baby Boomer manager.
The American Institute of CPAs (AICPA) is on a mission to enhance audit quality. The Enhancing Audit Quality (EAQ) initiative, launched in 2014, focuses on the helping firms improve and enhance critical audit- and assurance-related activities. In a 2017 report highlighting its progress, the AICPA focused on five key accomplishments:
Approximately 10 million taxpayers are assessed an estimated tax penalty each year, according to the U.S. Internal Revenue Service (IRS). While average penalty was only $130 in 2015, the number of taxpayers receiving the penalty is growing; there was a 40 percent increase from 2010 to 2015.
DISCLOSURES
They don’t mind diversity. Eighty-four percent say they work well with people from different backgrounds and cultures.
Tracking audit quality
IRS OFFERS ‘PAY AS YOU GO’
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jobs. Two-thirds think that new technology will help them increase productivity.
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1. Peer review: The Peer Review Enhanced Oversight Program and peer review improvements 2. Documentation: Awareness campaign and documentation toolkit 3. Single audits: Awareness on single audit quality issues 4. Employee benefit plan audits: Reporting simplification 5. Quality control: Quality control standards and toolkit Check out the full report at tinyurl.com/EAQ2017report.
DISCLOSURES.VSCPA.COM
