February 2019 | Decker, Farrell & McCoy, LLP

5 Tips for First-Time Tax Filers

Filing taxes for the first time can be overwhelming. But if you have the right tools and advice before you start, it won’t be. Here are a few critical things to know before you begin, which will make the seemingly daunting process much easier.Start Prepping EarlyEven though the deadline to file a tax return is April 15, you’ll want to start as soon as you can. You’ll need time to gather all of your important documents like a W-2 from each employer and, if you’re a contractor, your 1099 forms. [...]

Service2Client2019-02-01T12:00:07-08:00February 1st, 2019|

Automated Workflow Tools

We often read about how technological advances such as artificial intelligence will someday be used for customer-facing jobs – even eliminating the human touch. However, small firms that rely on trust and personal relationships are not likely to benefit from these innovations. Nonetheless, technology – when used effectively – can enhance a firm’s efficiency and free up resources so that more human time is spent on customer interaction. Used in combination, technology and personal relationships can improve a company’s bottom line.One of the best ways to use technology is to [...]

Service2Client2019-02-01T12:00:06-08:00February 1st, 2019|

When Is A Loan Not A Loan?

With the sweeping new tax legislation in 2018 capturing everyone’s attention, other changes have taken a back seat. There were several Tax Court cases in 2018 that rendered important decisions impacting how things work – one of which was Povolny Group, Inc. v. Commissioner, T.C. Memo 2018-37.The Povolny Group decision centers on a common issue where an individual uses his corporation like a personal pocketbook, transferring money in and out without any formality.Facts of the Case James Povolny joined his spouses' company (LLC) as a minority owner. Later in 2002, he [...]

Service2Client2019-02-01T12:00:05-08:00February 1st, 2019|

How Will Domestic and Global Policy Impact Oil Prices in 2019?

With the Federal Reserve raising rates in 2018 and speculation of doing so again in 2019, combined with projected oil production cuts by Russia and Saudi Arabia, it is likely that these and other global events will impact world energy markets in 2019.Looking at how international markets have priced crude oil in 2018’s fourth quarter, there's a lot to speculate on where prices will go in 2019. During the final quarter of 2018, oil prices hit a 48-month high of $86 per barrel. Yet, by the end of December, the [...]

Service2Client2019-02-01T12:00:04-08:00February 1st, 2019|

How Businesses Can Effectively Manage Seasonal Sales

When it comes to businesses dealing with seasonal sales, making payroll and other financial obligations can be stressful on budgets. However, one way to deal with fluctuating sales and cash flow problems is to see if invoice factoring is appropriate to meet year-round needs.Invoice FactoringOne way for businesses dependent on seasonal sales is to have better financial predictability and available resources, as the Journal of Accountancy explains. Businesses can accomplish this by selling their accounts receivables through factoring.Companies looking to increase cash flow during the slow sales season can benefit [...]

Service2Client2019-02-01T12:00:03-08:00February 1st, 2019|

New Proposals for Government Programs

The Tax Cuts and Jobs Act delivered a wealth of benefits for taxpayers at every income level, but none more so than for the very rich. The net result of huge tax breaks for both high-income and corporate taxpayers is that the government now has much reduced tax revenues coming in to help pay for government programs. It comes as no surprise then that prior to the November 2018 midterm elections, Republican leaders in Congress were calling for cuts to government “entitlement” programs, such as Medicare and Social Security.While the [...]

Service2Client2019-02-01T12:00:02-08:00February 1st, 2019|

Congress at Work: Reimbursing Unpaid Federal Workers, Fact-Based Policy Making and Fighting Human Trafficking

Government Employee Fair Treatment Act of 2019 (S. 24) – This bill was introduced by Sen. Ben Cardin (D-MD) on Jan. 3 and signed into law on Jan. 19. It requires federal employees who are furloughed or working without pay to be compensated for the time of the government shutdown. Workers are to be paid as soon as possible after the government is reopened, irrespective of pay schedules.Foundations for Evidence-Based Policymaking Act of 2017 (H.R. 4174) – This legislation mandates that agencies of the federal government use available scientific data, [...]

Service2Client2019-02-01T12:00:01-08:00February 1st, 2019|