Blog Archives | Page 4 of 26 | Decker, Farrell & McCoy, LLP

The IRS is Auditing Fewer Returns than Ever

Blog, Tax and Financial News

The IRS is Auditing Fewer Returns than Ever

One of the perennial fears of taxpayers is getting audited by the IRS. Financially, few scenarios strike such fear into the heart of taxpayers. However, taxpayers can probably breathe a sigh of relief – at least for now. This is because the rate at which the IRS is initiating audits of individual taxpayers is dropping like a stone.Decline in Audit RatesThe rate at which the IRS is auditing individual taxpayers has declined overall between the years of 2010 and 2019 (2020 data is too new and 2021 returns are still [...]

Service2Client2026-09-29T08:52:57-08:00July 1st, 2022|

Measuring the Margins

Blog, General Business News

Measuring the Margins

Corporate profits, according to the Bureau of Economic Analysis, grew by $20.4 billion in the final quarter of 2021, a 0.7 percent increase. For the first quarter of 2022, corporate profits fell by 2.3 percent or $66.4 billion. On an annualized basis, corporate profits fell 5.2 percent in 2022, but grew 25 percent in 2021. With the economy facing inflation, the uncertainty of the Russia/Ukraine conflict, and the world working its way out of the COVID-19 pandemic, economic uncertainty abounds. For companies, measuring margins is one way to evaluate performance [...]

Service2Client2026-09-29T08:52:58-08:00July 1st, 2022|

How to Drive and Get the Best Fuel Efficiency

Blog, Tip of the Month

How to Drive and Get the Best Fuel Efficiency

We’re all feeling the pain at the pump. Unless you decide to walk, bike or take public transportation, you might feel stuck. But all is not lost. Here are some fuel-efficient driving techniques that can help you save hundreds of dollars in fuel each year.Don’t Drive Too FastOf course, when you’re on the highway, you must maintain a certain speed. However, cars, vans and pickups are typically the most fuel-efficient when driving between 50 and 80 mph. If you go any faster, you’ll use more gas. Consider this: When you’re [...]

Service2Client2026-09-29T08:52:58-08:00July 1st, 2022|

Big Data Storage: What You Need to Know

Blog, What's New in Technology

Big Data Storage: What You Need to Know

Today, businesses have to grapple with vast amounts of data from different sources, including emails, mailing lists, customer orders, system logs, mobile apps, social media networks, etc. This data is crucial to businesses in various ways. When analyzed, a business can identify operational issues, personalize the customer experience and manage supply chains – all contributing to better decision-making.However, big data also has challenges, especially regarding its storage due to size and other factors such as collection speed, processing, retrieval and format. This becomes more complicated as the data keeps growing [...]

Service2Client2026-09-29T08:52:59-08:00July 1st, 2022|

Protecting SCOTUS, Veterans in Special Circumstances, Disaster Victims, Potential Firearm Victims, and America’s Water Resources

Blog, Congress at Work

Protecting SCOTUS, Veterans in Special Circumstances, Disaster Victims, Potential Firearm Victims, and America’s Water Resources

Supreme Court Police Parity Act of 2022 (S 4160) – In response to potential threats and protests outside the homes of Supreme Court judges following a leak of their preliminary judgement on a case related to Roe vs. Wade, this bill authorizes extra security for the justices and their families. Specifically, Supreme Court justices and their families would be provided with security detail similar to that of other top government officials and families in the executive branch (e.g., the president and vice president) and legislative branch (e.g., Speaker of the [...]

Service2Client2026-09-29T08:52:59-08:00July 1st, 2022|

Tax Break for Commercial Real Estate Investors

COVID-19 impacted the economy dramatically and commercial real estate was no exception in terms of decreased values. Often, the real property could no longer service the debt used to finance it. This debt restructuring and resulting debt forgiveness can result in taxable income.Taxable Income and Debt CancellationIf you have a $80,000 loan and the bank reduced the amount you owe down to $50,000, then you have an economic benefit of $30,000, which should be treated as taxable income. This is indeed how cancellation of debt is treated, but there are [...]

Service2Client2026-09-29T08:52:59-08:00June 1st, 2022|

How to Calculate the Cash Conversion Cycle

The Cash Conversion Cycle, also known as the Net Operating Cycle, answers the question, “How many days does it take a company to pay for and generate cash from the sales of its inventory?” However, before an analysis like this can take place, it’s important to consider the company’s primary line of business.If the company sells software, it's more challenging to measure performance if it generates revenue primarily on intellectual property – by developing computer code and licensing its use to clients. For online marketplaces, especially those that make the [...]

Service2Client2026-09-29T08:52:59-08:00June 1st, 2022|

Tips to Save on A/C This Summer

You love summer, don’t you? School’s out and BBQs are on. But what you probably don’t love are those higher air conditioning bills. Here are some tried-and-true ways to help lower the cost of keeping cool.Change Air FiltersMake sure you switch out your filters before those sizzling summer temps arrive, then once a month after that. When filters are dirty, they block the airflow, which causes your air conditioner to work harder when cooling your home. You’ll not only lower your bills by five to 15 percent, but you will [...]

Service2Client2026-09-29T08:53:03-08:00June 1st, 2022|

Ways Technology Can Improve Business Cash Flow

Cash flow awareness is vital in running the day-to-day activities of a business. Keeping track of the inflows and outflows helps a company make better plans and decisions, such as the right time to expand. Cash flow knowledge reveals where a business is spending money and can protect business relations, among other benefits. However, tracking cash flow is a challenge for many businesses.To avoid business failure due to poor cash flow management, business owners are investing in software applications to help manage cash flow challenges. Modern technology enables access to [...]

Service2Client2026-09-29T08:53:05-08:00June 1st, 2022|

Rushing Baby Formula supplies, Helping Ukraine and Punishing Russia

To amend the Child Nutrition Act of 1966 to establish waiver authority to address certain emergencies, disasters and supply chain disruptions, and for other purposes. (HR 7791) – In response to the recent nationwide shortage of infant formula, Congress passed a bill authorizing $28 million to fund emergency supplies and to address the potential for future shortages due to emergencies, disasters or supply chain disruptions. The bill was introduced by Rep. Jahana Hayes (D-CT) on May 17. It passed in the House on May 18 and unanimously in the Senate [...]

Service2Client2026-09-29T08:53:05-08:00June 1st, 2022|