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5 Money-Saving Ideas for Back-to-School Shopping

5 Money-Saving Ideas for Back-to-School Shopping thumbnail

Just when you’ve finished spending a bunch on swimsuits and stuff for grilling out, summer’s over and it’s time for the kids the head back to school. How did this happen? Here are some ways to cut expenses while shopping for all those inevitable, seemingly never-ending things that the season demands. Create a Budget This might seem like a no-brainer, but it’s worth mentioning and well worth it before you enter headlong and breathless into the frenzy of a superstore. Make a list of the things you need before you leave the house, then let your fingers do the walking and check prices online. If all this seems daunting, never… Read More

The Rise of Biometrics Security and Why You Should Take Precaution

The Rise of Biometrics Security and Why You Should Take Precaution thumbnail

Biometric technology has been on the rise as it promises to make the authentication process more secure and convenient. Unlike passwords and key cards, biometrics are something you will always have, can’t share and can’t forget. This makes the biometric approach convenient and at the same time it has lower password management costs. Biometrics also are said to be difficult to steal or hack; difficult, but not impossible. Any technology can have loopholes that can be exploited, and that’s why you need to understand it well and take precautions if you decide to use this approach. The use of biometrics is not new, but its increased presence in the public… Read More

The Five Key IRS Rules of Taxation for Lawsuit Settlements

The Five Key IRS Rules of Taxation for Lawsuit Settlements thumbnail

Coming out on the winning side of a lawsuit as a plaintiff can be a gratifying feeling, especially if there is a financial settlement involved. There is likely a sense of both relief and vindication. Unfortunately, far too often people are in for a shock when they realize that they must pay taxes on the award. You can even be taxed on your attorney fees! However, a little tax planning can go a long way, especially if you do it before the settlement is finalized and the award is substantial. Below are the five key rules to know so you can make the right move. The Origin of the Claim… Read More

How Will Tariff Developments Impact the Stock Market Going Forward?

How Will Tariff Developments Impact the Stock Market Going Forward? thumbnail

According to an Aug. 13 press release from the office of the United States Trade Representative (USTR), there will be a 10 percent tariff levied against $300 billion of Chinese imports effective Sept. 1. The same press release announced a modification, after hearing from the public and business owners, exempting some of the $300 billion in Chinese imports from the 10 percent tariff until Dec. 15. Items Subject to the 10 Percent Tariff on Sept. 1 Highlights from the USTR’s list include select types of coffee, fruit, vegetables, insects and bees. Along with dairy products, livestock such as sheep, horses and goats are subject to the 10 percent tariff. Items… Read More

Payroll Management Tips

Payroll Management Tips thumbnail

When it comes to an employer’s responsibility for non-exempt workers, according to the U.S. Department of Labor, there are many requirements businesses must follow related to payroll. In one example, there are strict regulations on what information employers must document for each non-exempt worker. While there’s no requirement on how the information is recorded, there are three main categories. Personal details: This should include the employee’s name, complete address, Social Security number, date of birth and gender. Job details: This must include the worker’s job description and hours clocked in each day and week. Pay details: The employee’s hourly wage based on straight time, and how employees are compensated –… Read More

Lost Inheritance: How To Find a Deceased Parent’s Assets

Lost Inheritance: How To Find a Deceased Parent's Assets thumbnail

If you have a relative who recently died and left you in charge of his or her finances, you are not alone. You probably have colleagues at work in the same boat. A neighbor or two (or 10) and even your millennial yoga teacher might very well be working through a quagmire of wills, probates and assets nobody can find. You are definitely not the only one. The internet has made it much easier to keep track of our checking, savings and investment accounts. But the elder generation generally missed out on the convenience of dashboard consolidation and app trackers. What most of them leave behind are file cabinets full… Read More

Extending Medicaid Funding, the Debt Limit, Membership into the American Legion, and Support For 9-11 Victims, Law Enforcement Officers, and Breastfeeding Moms

Extending Medicaid Funding, the Debt Limit, Membership into the American Legion, and Support For 9-11 Victims, Law Enforcement Officers, and Breastfeeding Moms thumbnail

Sustaining Excellence in Medicaid Act of 2019 (HR 3253) – This bill authorizes appropriations through fiscal year 2024 and makes changes to several Medicaid programs and funding mechanisms. Some of the provisions include allowing state Medicaid fraud control units to review complaints regarding noninstitutionalized patients; temporarily extending Medicaid eligibility to protect against spousal poverty for recipients of home and community-based services; repealing the requirement for drug manufacturers to include the prices of authorized generic drugs when determining the average manufacturer price (AMP) of brand name drugs; and excluding manufacturers from the definition of “wholesalers” for purposes of rebate calculations. The legislation was sponsored by Rep. Debbie Dingell (D-MI). It was… Read More

How the Accountant Role has Morphed with Technology, and What New Skills are Necessary

How the Accountant Role has Morphed with Technology, and What New Skills are Necessary thumbnail

Accountants are no strangers to inventions. Known inventions such as the abacus, calculators and computers have helped complete tasks quickly and in less time. However, today’s technology is complex and is reshaping the world of accounting. Such new technologies include big data, cloud computing, artificial intelligence, block chain, payment systems, mobility and social collaboration, among many others. How Technology has Changed the Accounting Industry Accounting, a traditional field, has not been immune to technological innovations. Initially, an accounting department would rely on IT leaders to make its technology decisions. Today, CFOs are increasingly taking part in decision making when it comes to the implementation of new technologies. These changes are… Read More

3 Big Tax Issues to Look Out for in Your Estate Plan

3 Big Tax Issues to Look Out for in Your Estate Plan thumbnail

There are three big tax issues that can derail an otherwise well-executed estate plan. These include Family Limited Partnerships, Revocable Trust Swap Powers and Trust Situs. Below we explore the pitfalls with each issue. Fixing FLPs Family Limited Partnerships (FLP) are often created to hold investments or business assets in order to leverage a valuation discount, exert control and provide asset protection. First, to understand the valuation discount, take the example in which an FLP owned a family business valued at $10 million. A straight 25 percent interest in this business would therefore be worth $2.5 million. However, due to valuation discounts for a non-controlling interest that would not be… Read More

How Will the July 17, 2019 Beige Book Impact the Economy?

How Will the July 17, 2019 Beige Book Impact the Economy? thumbnail

The Federal Open Market Committee (FOMC) recently met at the close of July, bringing to light many questions on the Federal Reserve’s future monetary policy. While there was much speculation that the Fed would lower the federal funds rate at its most recent meeting, there are many factors impacting this decision. One relevant factor is the Beige Book. Understanding what the Beige Book is and how it’s factored into the FOMC’s decisions gives us a better understanding of our economy.    What is the Beige Book? According to the Board of Governors of the Federal Reserve System, one survey of the U.S. economy is done through the Beige Book. Put… Read More